Thu, 9 Nov 17
A question that pops up every so often is what are the obligations of the seller when selling a house which has a somewhat murky or mysterious past? It goes without saying that properties hold many stories within their walls, hence the colloquial âif the walls could speakâ, however as a buyer in Queensland there are no specific requirements in relation to the seller or selling agents disclosure about âpsychologically stigmatised propertyâ and it is generally caveator emptor or âbuyer bewareâ. âPsychologically stigmatised propertyâ results when non-physical defects to the property (i.e. no defect on the title of the property, or to any physical aspect of the property) cause psychological/emotional, religious, moral or other discomfort to a buyer.
AFAD â ADDITIONAL FOREIGN AQUIRERS DUTY â WHAT THIS MEANS FOR NEW ZEALANDERS PURCHASING PROPERTY IN AUSTRALIA
Fri, 8 Sep 17
Since the 1st October 2016 residential conveyancing transactions for which the liability for transfer duty (stamp duty) has arisen, and where the subject property is classed as âAdditional foreign acquirer dutyâ (âAFADâ) residential landâ, then if the purchaser falls within the meaning prescribed in the Duties Act 2001 as a âforeign acquirerâ, then it is important to be aware that AFAD may also be applicable.
Fri, 8 Sep 17
Following on from a recent article we published regarding cheap âwill kitsâ, we often find that clients are also compromising one of the largest purchases they will make in their lifetime, being the purchase of their first home or real estate, all for the sake of saving a small amount of money. We find that many people try to âdo it themselvesâ to save money and before long they are floundering and need urgent assistance from a law firm, where unfortunately, they have already compromised their position by acting for themselves and have unwittingly breached the contract. Breaches of contract can result in significant financial loss and is not a matter to be taken lightly.
Sat, 8 Jul 17
One of the questions that we are posed by many of our clients, time and time again, is âwhy canât we just use one of those $20 will kits from the newsagent?â. In fact, in our experience many people are hesitant to pay for a lawyer to prepare their will properly, instead preferring just to âdo it themselvesâ. However, there are many fundamental problems with this course of action â and the least of our concerns as lawyers is the loss of a couple of hundred dollars in fees because you âchose do it yourselfâ.
Sat, 8 Jul 17
Further to our recent article regarding the shakeup to conveyancing transactions as a result of the 2017 budget, a new piece of legislation has come into effect on 1 July 2017 which directly affects all real estate agents and buyers/sellers, where the market value of a property is over $750,000. Although the aim of the legislation is to ensure that foreign residents selling property valued above $750,000 donât short-change the Government with respect to paying tax on the sale of the asset, the legislation will encompass all transactions over that threshold regardless of whether the seller is a foreign person or not. Thus, it is important for all real estate agents, sellers and buyers alike to be aware of this change in statutory requirements, moving forward.
Thu, 1 Jun 17
As a result of the 2017 budget, it would appear that from 1 July 2018, any buyers purchasing new residential property or land within a subdivision will have the onus placed on them to collect the GST from the purchaser and pay it to the ATO. This change will necessarily require developers to amend their existing contracts to reflect the upcoming changes, and to protect their positions with respect to property transactions. The driving force behind these changes appear to be evidence of developers who have claimed input tax credits on transactions, but then failed to remit the GST to the ATO, and increases in businesses which are wound up by the ATO with outstanding GST liabilities. Further, as a result of instigating these measures, it has been estimated that there will be an increase of approximately $660 million dollars in GST revenue raised, indicating a further incentive for the changes to be enacted and implemented by the Government to support our economy.