Well, it is more paperwork… but it is important! Queensland legislation requires sellers of units to disclose certain matters to buyers. The amount of disclosure that is required will depend on whether the property you are purchasing is completed, or if it is to be completed at some stage after the contract has been signed.
What’s the change? Last year, the Australian Taxation office brought in new requirements for property sellers to assist with the collection of foreign resident’s tax liabilities. On 1 July 2017, the requirements changed so that more sellers are required to obtain clearance certificates prior to settlement. Do I need an ATO Clearance certificate? Only if
When you sign a contract to purchase a house or unit, one of the first things your solicitor will tell you to do is – take out insurance. But what kind of insurance do you need? And why is it so important? It is easy to think – After all, I don’t own the property
What is a body corporate special levy? The normal body corporate levies payable by unit owners are the Administrative Fund levies for the everyday running costs of the body corporate, and the Sinking Fund levies which are saved for future capital works on the building which comprises the Community Titles Scheme. To use business terminology,
If you ever buy or transfer two or more properties in one arrangement, this article is for you. Most people in the property market know of transfer duty (formerly known as stamp duty). It is the tax payable on most property transactions. Duty is calculated based on the purchase price of the property or the
What is a title deed? A title deed, most commonly known as a certificate of title, is a paper record showing the current owner and title particulars of a property. Pre-1994, a paper title deed existed for every property in Queensland. Since 1994 the Queensland Land Titles Register has been electronic and paperless, and certificates
Sellers need to avoid giving buyers an easy “out” of the sale contract. One of the most common of these is if an encumbrance on the property, such as an easement, is not disclosed to the buyer in the contract. The seller has an obligation to make the buyer aware of all easements related to
When you are purchasing property in Queensland, there is a lot to think about! Usually, your main concern will be making sure that you can get finance approval and organise searches and the building and pest inspections. Conditions such as finance and building and pest are critical. This means that, as buyer, you must notify
Drownings in home swimming pools are a tragic and all too common occurrence. Pool safety laws have reduced the number of drownings, and are an important factor in the sale of properties with pools. As conveyancing experts, we advise buyers and sellers of their responsibilities and ensure that the contract proceeds smoothly in this area.
It is pretty normal for property lawyers to see a rush of Contracts in late November or early December, in anticipation of Christmas. Quite simply, it is very convenient to use the Christmas break as an opportunity to move. But what happens if the finance date or the time for settlement falls over Christmas or