Tag Search - 'Gold Coast Solicitor'
Wed, 13 Apr 16
When purchasing real property with another person (or several others), you will need to instruct your solicitor how you wish to hold the property after settlement. Broadly, you can hold the property either as âJoint Tenantsâ or as âTenants in Commonâ, however within these two options, there are many different configurations which can be tailored to individual circumstances. There are many reasons why one type of holding may suit you better than the other including personal living circumstances, family circumstances, financial or tax reasons, future plans and even health circumstances all impacting the decision. Generally, a tenancy in common is the only holding which allows you absolute control over who will receive your share upon death. When a tenant in common dies, their share of the property passes in accordance with their instructions as set out in their will (subject to any family provision claim) or otherwise under the rules of intestacy. It is imperative if you hold any property as a tenant in common that you have a valid and enforceable will, which specifies the person or the organisation which is to receive the benefit of your share of the property.
LAND OWNERS - HAVE YOU RECENTLY RECEIVED YOUR UPDATED LAND VALUATION NOTICE FROM THE DEPARTMENT OF NATURAL RESOURCES AND MINES?
Wed, 16 Mar 16
Land valuations are issued annually by the Valuer-General in accordance with the Land Valuation Act 2010, and cover all rateable properties in Queensland. Issued prior to 31st March each year, the valuations are chiefly used to assess and calculate the council rates applicable for the property, however they are also used for the calculation of state land tax and land rental (for leasehold land). In order to determine the land value, many factors are considered by the valuer, including but not limited to: â¢ Taking into account the general status of the property market; â¢ Peruse the sales history and examine any observable trends in each particular land use category (for example, residential, commercial, industrial and rural);
Fri, 15 Jan 16
In the past, a cunning way to settle a matter was to send a cheque to a debtor for a reduced amount with an enclosing letter expressing that the cheque was tendered on a full and final settlement basis. In cashing the cheque the debtor accepted these terms and their rights to further action in the matter were extinguished.
Thu, 19 Nov 15
All of us realise the importance of pool safety, especially given that drowning is the lead cause of deaths for children aged between one to four years. Accordingly, all pool owners in Queensland will be required to comply with the current pool safety standard (QDC MP 3.4 and the Australian Standard (AS) 1926-2007 Parts 1 and 2 as modified by the QDC) from 30 November 2015, or risk facing significant financial penalties of up to $19,437 for individuals and $97,185 for corporations. Although the current pool safety standard (standard) was introduced back in December 2010, many pool owners have not yet been affected by the changes because the standard was designed to be phased in over a number of years. The pool safety standard provided a grace period for pool owners to delay compliance with the current safety standard until the 30th November 2015, provided they did not sell or lease the property prior to that date (in which case the current safety standard was required to be complied with earlier).
Thu, 19 Nov 15
The property team at Affinity Lawyers have noticed an increasing number of clients enquiring about, or entering into contracts for the âpurchaseâ of property in retirement villages. While the purchase of a unit in a retirement village may seem like a simple, straight-forward process, in reality it is quite complex. These types of transactions are covered by multiple pieces of intricate legislation, and there are many pitfalls which purchasers may be unaware of until after settlement, when it is too late.
Thu, 12 Mar 15
If you believe you have beneficial ownership of a house (or part of a house), or you are contemplating providing funds to a family member for the purchase of a house (without becoming a registered owner on title) it is a good idea to obtain legal advice in respect of your position and to ensure that your interests are protected. A situation which occurs commonly within families is when one family member makes a substantial contribution towards the purchase of a property, but for various reasons, is not recorded on the title of the property as being a registered owner.
Thu, 22 Jan 15
The Gold Coast is abuzz with start of year auction activity, launching this weekend. While there will be many bargains to be had, it is important that common sense and caution are still applied to purchases at auction. While purchasing residential property at an auction is a common way for property to be purchased in Queensland, it is extremely important that you are fully aware of the auction process, your rights and obligations before signing on that dotted line. Many people are unaware that if a property is purchased at an auction, then no 'cooling off' period is applicable (a statutory timeframe which allows buyers to 'change their mind' about purchasing the property), and there will be no finance, building and pest or other conditions applicable to the contract unless they were negotiated and inserted into the contract prior to the successful bid at auction.
Tue, 11 Nov 14
After much speculation about a commencement date, it has now been announced that the Property Occupations Act 2014 will come into force on the 1st December 2014. The introduction of the Property Occupations Act 2014 (âPOAâ) is an effort to simplify the often complicated process of residential conveyancing and attempt to reduce the red-tape associated with conveyancing transactions. The POA will repeal the Property Agents and Motor Dealers Act (PAMDA), and simplify the process whilst still maintaining a high degree of protection for consumers.
Tue, 9 Sep 14
The term 'Buyer Beware' is well known in the conveyancing world, but how often have you heard the term 'Seller Beware' being raised? It is a warning that perhaps should be considered more often by Real Estate agents when acting for sellers. In relation to the sale of land, the modern position reflects the historical position that discovering faults in a property rests with the Buyer, hence the term 'Buyer Beware'. In Australia, this has been the initial position for many years. For example, in the 1987 case of Kadissi v Jankovic, the Buyer uncovered significant cracking in the external walls of a dwelling. As a result of the cracking, the buyer attempted to terminate the contract and have their deposit returned. Unfortunately, relief was not granted to them by the Court even though extensive engineering work which had been carried out on the property to stop the foundation movement had not been disclosed by the Seller.