If you’ve found your perfect new QLD home or investment property, and it has a ‘sitting tenant’ (meaning there is currently a tenant/s residing there who will be staying there when the property becomes yours) – you may be wondering how this may affect the amount of stamp duty (transfer duty) you’ll be [...]
Feeling the call to move to the Sunshine state? Conveyancing processes and rules can differ quite dramatically from state-to-state. Here's a list of things every buyer looking to purchase in Queensland should know: In QLD, property purchase contracts are “buyer beware” – in other words, it is up to incoming buyer to do [...]
When purchasing a property in Queensland, an amount of transfer duty (aka. stamp duty) must be paid to the government. The amount is based on the purchase price on the contract. The good news is there are certain situations when you may qualify for a concession. Are you buying your first [...]
From 1 October 2019 paper Certificates of Title (sometimes called "The Deed") issued in Queensland will no longer have any legal effect, as the electronic title held by the Titles Office will be the true record of ownership. From this date, you may either keep your Paper Certificate of Title for historical purposes or [...]
One of the most important things buyers often overlook is the importance of insuring the property you are buying immediately after signing the contract. You need to do this even though you will not be the owner of the property until settlement is completed, which may be several weeks away. Why? In Queensland, [...]
There have recently been changes to legislation, which now places a responsibility on the buyer to withhold the GST amount from the contract price and pay the GST directly to the Australian Taxation Office (ATO). These changes affect transactions that involve new residential premises or potential residential land, and in some cases, long [...]
In his bestselling book “The Barefoot Investor”, Scott Pape says: Make sure you cough up and get good legal advice before you sign anything. An experienced conveyancer is worth their weight in gold (Page 129). Like in most industries, there is no shortage of cut-price Conveyancers seeking to lure clients in with an unmatchable [...]
In Queensland, a statutory cool-off period is available to buyers purchasing residential property. This gives a buyer up to 5 business days, from receiving a fully executed copy of the contract, to terminate the contract for any reason. If the buyer elects to terminate the contract by cooling off, then the seller may charge the [...]
If you are buying residential property in Queensland, and your contract is subject to you completing building and/or pest inspections on the property, here are some things you need to be aware of: You need to organise your inspections promptly. In QLD, ‘time is of the essence’ meaning the deadlines that are in the [...]
Short answer…no – only under certain circumstances. When you may be able to amend a name… In QLD once a property contract is fully executed by the buyer/seller and dated, the name of the parties cannot be changed. It may be possible for minor changes be made such as: Correcting misspelled names: Name spelling must be [...]
