Legal Articles
New GST on residential property

The stress to settle Buying and selling property can be a stressful exercise for even the most experienced property mogul. As time is of the essence in standard property transactions throughout Queensland, it is a requirement that contractual deadlines be met as they fall due. Perhaps the most stressful deadline is being in a position to settle on the settlement date, as there may be severe consequences for failing to do so. This stress can be further compounded when you are unable to settle in time as a result of various problems arising which are out of your control. This… Continue Reading

House plans with keys on top and a sold logo

What does  off-the-plan mean? So, you are thinking of buying a property ‘off-the-plan’. It could be that you are looking at buying a duplex, townhouse or unit where the building is yet to be constructed (or is under construction). It may be that a large block of land is yet to be subdivided into smaller blocks, including the block you are looking at buying. In either instance, the title to the lot being purchased will not have been created at the time you enter into the contract. In other words, buying ‘off-the-plan’ means the lot (or property) you intend to… Continue Reading

hand holding pen as they sign a contract of sale

When preparing legal documents or entering into a contact it is crucial that the parties’ names are complete, spelt correctly and match their legal identification such as a passport, drivers licence or birth certificate. In this article we explain the importance of using your name correctly for the purpose of property transactions.

fair overseas tax

The latest Federal budget proposed a number of amendments to the capital gains tax regime. A particular focus of these changes are directed to addressing housing affordability in Australia while also seeking to improve compliance by foreign investors of their tax obligations. These amendments built upon regulations introduced in last year’s budget. The current regulations apply where two requirements are met: Relevant Asset: There must be a transfer of a Relevant Asset. Currently for an asset to be considered a Relevant Asset it must be some form of a real property interest with a market value of $2 million or… Continue Reading

contract

When you purchase property with another person, your solicitor will ask you: Joint Tenants or Tenants in Common? The purpose of this article is to explain the difference between these terms and how your decision can affect you in the future, particularly from an estate planning perspective. Joint Tenants Joint tenancy is a concept where each owner of a property holds the exact same (and equal) interest as all of the other owners. All joint tenants are therefore entitled to an equal share of profits if the property is rented or sold. Similarly, all joint tenants are equally responsible for… Continue Reading

commercial lease

A question which is often asked when parties enter into a commercial lease is whether the lease should be registered on title to the property. This article summarises the advantages and disadvantages associated with registration of leases. Advantages of Commercial Lease Registration The principal benefit of registration of a commercial lease is, it provides the tenant “indefeasible” possession to the premises pursuant to law and in accordance with the terms of the lease. What this means is that the tenant’s interest in the premises will be protected from events which may affect title to the property, such as if the… Continue Reading

Gold Coast Canal at Budds Beach

With over 400 kilometres of constructed canal frontage on the Gold Coast and an ever increasing number of recreational water users, the potential exists for conflict between waterfront property owners and people using the adjacent waterways. Any waterfront property owners or regular water users reading this could probably relate a relevant story. The writer has personally observed an upset waterfront property owner throwing rocks at a kayak fisherman, fishing in the adjacent canal, encouraging him in an enthusiastic fashion to “get off his water”. So who owns the water? Like most things, this is a subjective question. However, the starting… Continue Reading

contract

On 1 December 2014, the Property Occupations Act 2014 (Qld) and the Land Sales and Other Legislation Amendment Act 2014 (Qld) commenced which enacted various changes to pre-existing and off-the-plan residential property purchases. The principal changes are: 1. Real Estate Agent Commissions Perhaps the most interesting change to the industry is the deregulation of agent commissions. Under the previous legislation, the maximum commission a real estate agent could charge with respect to a purchase or sale of residential property was calculated as a percentage of the sale price stated in the Contract (5% of the first $18,000.00 and 2.5% of… Continue Reading

Buying A Property

Purchasing a home or an investment property on the Gold Coast (or anywhere for that matter) can be both an exhilarating and stressful experience for the parties involved. Our Property Lawyers have put together this list of helpful tips to consider before you sign on the dotted line which will hopefully save you from the stresses involved with buying a property: Before you sign a contract, make sure the purchasing entity is correctly described. Talk to your banker or accountant before you sign a contract to make sure the purchasing entity is correctly described. In particular, if you’re obtaining finance,… Continue Reading

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