Blog

Why Do I Need A Will?

Without a validly executed will, your wishes on where your assets go will not be met upon your death. Having a will ensure that your assets go to the right persons and that your family is taken care of when you die. If you die without a valid will, you are said to have died intestate. This means that your assets will be distributed according to the formula given by the laws of intestacy [….]

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Launch of E-Conveyancing

E-Conveyancing will soon allow Banks, Conveyancers and Conveyancing Solicitors to carry out conveyancing transactions online. The e-conveyancing platform will also allow the parties to lodge Land registry documents online and to settle the funds onlline.

The first launch in Australia took place in Victoria, with the first successful discharge of mortgage being completed on Tuesday, 18 June 2013 […]

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Buyers Warning Statement – Form 30C

Under Property Agents and Motor Dealers Act (PAMDA) of 2000, beginning October 1, 2010, all residential property buyers in Queensland must sign a form called a Warning Statement or Form 30c. This is required to be attached to the proposed contract and signed before entering the contract of sale […]

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Time is of The Essence – What Does It Mean?

“Time is of the essence” is a legal term which means that dates written in the contracts are critical dates which must be followed, observed and strictly complied with.

Failure to tend to such matters before the critical dates may give rise to significant adverse consequences. One example would be failure to effect settlement on the settlement date. On the settlement date, the buyer is presumed to be able and willing to settle the purchase. Otherwise, he becomes a party in default  […]

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What To Do After A Buyer Signs The Sales Contract

After signing the sales contract, , it is essential that the buyer communicates with his chosen solicitor and provide him a copy of the signed contract. Sellers usually require buyers to pay the deposit after the contract has been signed. One business day after the contract is signed, the cooling period starts, within which the buyer may terminate the contract for any reason  […]

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Conditional v Unconditional Contracts

Typical pre-conditions to a sale include obtaining: building and pest inspections, finance approval, Pool Safety Inspection certificate, pre-settlement notice, etc. For instance, if the contract is subject to satisfactory building and pest inspection reports, the buyer must take all reasonable steps to obtain the reports.  The buyer must seek a building inspector [….]

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Queensland Home Owner Stamp Duty Concession

From 1 July 2012, the Queensland Government reinstated the transfer duty home concession for home owner occupier buyers, which was previously abolished in August 2011.

The home concession applies to purchasers who are buying a property to occupy as their principal place of residence. It provides for a concessional rate of 1% for up the $350,000 of the purchase price, thereafter, the normal stamp duty rate applies [….]

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7 Tips to Buying Off the Plan Properties

Here are 7 Important Tips you need to consider before you sign your Contract:

1. Research your developer.

It is wise to read about previous projects of the developer. It will give you a good idea of the developer’s reputation if you research whether some of the projects failed and the cause of failure. Ask some of your friends if they have had experiences with the developer [….]

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Important Considerations when buying off the plan properties

Stamp Duty
Stamp duty concession is required to be paid within 12 months after contract date or unconditional date, whichever comes later. The amount will depend on the purchase price.

Buyers have the notion of lower stamp duty in all off the plan purchases. This is not always true. Vendors usually give purchasers incorrect stamp duty benefits in order to secure purchases. A word of caution in purchasing off the plan properties is to never trust initial stamp duty value provided [….]

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Risks Involved in Buying off the plan properties

The most risky aspect of purchasing off the plan property is that you will be buying an unseen property. Further, off the plan contracts cannot be cancelled just because the purchaser changes his mind. The contract becomes binding and enforceable once both parties have signed it.

The purchaser will have to rely on the information disclosed by the vendor and the contract itself […..]