What is transfer duty? Transfer duty, formerly known as stamp duty, is a state government tax payable on most transactions related to property. It is calculated based on the purchase price of the property or the value of the property; whichever is higher. For residential property, transfer duty is payable in the following circumstances: Purchasing
Special Conditions and certainty – not so straight forward
I often see people assuming that conveyancing contracts are all standard and everything will work out fine. It is only when things go wrong and everyone is running for the exits that the paperwork suddenly assumes central importance. Special conditions and contract law have developed over hundreds of years, and the basic principles are good
Foreign buyers look out – From 1 October 2016 you will pay a big increase to Transfer Duty
The Queensland Treasurer has announced that from 1 October 2016, foreign buyers will pay substantial additional transfer duty for purchases of residential real estate in Queensland. The increase is 3% of the value or price paid, which is roughly a doubling of the amount of duty which must be paid. The increase in duty also
HELP – I’m buying property, what do I need to look for in my Contract?
Buying or selling property is a big commitment, and getting a Contract from an agent can be daunting. However, worries usually stem from not knowing what to look out for. We always strongly recommend sellers and buyers have their solicitor check the Contract before it is signed. Occasionally, the smallest of errors can have a
First Home Buyers in Australia – Increase to the First Home Owner’s Grant
The new ‘Queensland First Home Owner’s Grant’ has increased from $15,000.00 to $20,000.00 for a limited time. This is great news for all First Home Buyers looking to purchase property within Queensland. Does the increased grant apply to my Contract? The increase to $20,000.00 applies to Contracts dated on or after 1 July 2016 until
Contracts subject to Finance – what do I need to do?
A finance condition is the most common condition in contracts for the sale and purchase of land, whether residential or commercial. However, the finance condition is also the condition that trips clients up the most and delays settlement the most. In this article, I will step through what you need to do to give you
Settlements – taking the hassle out of the big day
Buying a property, whether as your home or as an investment, is exciting times. However as settlement gets closer, clients often start wondering – what do they need to do? Do they need to turn up to settlement? Do I need to turn up to settlement? Unless very unusual circumstances exist for your sale or
Due Diligence – making sure that you are happy!
A due diligence clause is a not-so-common clause that buyer’s sometimes request to be put in a contract. They come in many and varied forms. However, they are not well understood and can often make sellers or agent nervous. So what does it mean? What is a due diligence clause? As a general rule, due
Building and Pest Conditions – what do I need to look out for?
A building and pest special condition is a very common condition in contracts for a house, unit or commercial property. Particularly if the property or unit is not brand new. Buyer’s invariably like to check that the building is structurally sound and has no hidden, and potentially costly, issues. But what happens if the buyer is
Contracts by email – when do pre-contract negotiations become a binding deal?
I am often asked about property contracts which are entered into by email. Are they valid? Must they be followed with a “real” paper contract? Are my emails going to bind me into anything I am not sure of? Negotiating a contract – when does it become binding? Often, buyers, sellers and agents spend a