Under residential land and house or unit contracts, buyers are entitled to a cooling-off period under the Property Occupations Act 2014. The right to terminate under cooling-off is not new, but is also not well understood. Many buyers think that they will be automatically stung with the termination penalty if they “cool off”. In fact,
Buying property with a Self-managed superannuation fund (SMSF) – what is a limited recourse borrowing arrangement?
Borrowing money to buy property through an SMSF is not new, but is often not well understood. Where an SMSF borrows to buy property, it must be done through what is known as a ‘limited recourse borrowing arrangement’. What is a Limited Recourse Borrowing Arrangement? A SMSF is prohibited from borrowing money and granting security
‘Non-refundable’ deposits and instalment contracts – the devil in the detail
In some contracts, a deposit paid by a Buyer is expressed to be ‘non-refundable’. A ‘non-refundable’ deposit can make a contract an instalment contract with unintended consequences. What is an Instalment contract? In most land contracts in Queensland, the Buyer will pay a deposit that is held by the ‘stakeholder’ (usually the agent or Seller’s
How you can lose your property sale
Much has been written in recent times about the ability of auction bidders, who after winning an auction bid have a change of heart. Some “experts” have suggested that they should refuse to sign a Contract and walk away. In my view this is dangerous advice because in most parts of Australia auctioneers may be
Landlord Promises – Don’t get caught out!
What are pre-lease promises and what can happen? Promises made by landlords and leasing agents during lease negotiations can later provide a tenant with legal rights, even if the promise did not form part of the actual lease document. The landlord can later be forced to deliver on the promise or be liable to pay
Agent’s Commissions – Cross the t’s and dot the i’s or else!
I was very interested in the result of a recent court appeal by a Bribie Island home seller, Michael Millar. The agent who introduced the ultimate buyer to the property was ordered to refund to the seller a commission of $7,700.00. The setup On 1 December 2014, the infamous Property Agents and Motor Dealers Act
Property Acquisition in Queensland – Part 2
Last week Sajen Legal posted Part One of the Two Part series on Property Acquisition in Queensland. The following is Part Two of the blog post, however if you would like to read Property Acquisition in Queensland Part One, please click here. Below is an overview of the remaining steps to be taken when buying a property in
Property Acquisition in Queensland – Part 1
Buying a property is one of the biggest financial decisions we ever make. Once you find the right property, what then? Below is an overview of the steps to be taken when buying a property in Queensland. Please note that this is Part One of Two for Property Acquisition in Queensland. The steps to be
Getting into Property Development – The decisions you need to make before taking action
Where do you start with property development? Many people outside the property industry would like to get ahead by successfully developing property, but don’t know where to start. With proper planning and the right property, taking the step into property development can be rewarding in the long term, as well as leveraging your equity in
Lending to family or friends – Protect yourself!
Recently on my regular volunteer duty night at Suncoast Community Legal Service, I heard a very sad story involving a client’s family and money. What are the problems with lending money to family and friends? With the best intentions, Dad had lent his son several hundred thousand dollars to buy a house. The son had