As discussed in our previous Article “Buyer Alert! New GST Withholding Laws for Buyers and Developers of New Residential Property” new GST withholding rules came into force on 1 July 2018. The Real Estate Institution Queensland (REIQ) Contract has been updated to reflect these changes and a new section titled “GST WITHHOLDING OBLIGATIONS” has been…
Buying a new property is an exciting time, whether it’s your very first purchase or yet another in a string of purchases. Generally, a property settlement takes 30 days before you can officially take ownership of the new house or apartment, but there is one key point that often spreads confusion; particularly among first time…
In our Previous Article ATO Property Update For GST we introduced the new set of rules affecting Buyers and Developers of new residential premises and new residential subdivisions which will be in place as of 1 July 2018. The new laws will require the General Services Tax (GST) amount payable on the purchase price of new…
If you’re a first time home buyer or seller, likely you’ve heard of a conveyancing solicitor, but may be unfamiliar with the exact role this legal representative plays in the process. As a buyer, you’ve likely dealt with your fair share of real estate agents, been to many open home inspections, finally found a property…
As Brisbane legal property experts in law, we get asked a lot of questions about property and conveyancing. Please see a few of our commonly asked questions with regards to Brisbane Conveyancing listed below: 1. The difference between Joint Tenants and Tenants in Common https://www.aylwardgame.com.au/joint-tenants-tenants-common-difference/ 2. Can you really buy without Banks? https://www.aylwardgame.com.au/can-you-really-buy-without-banks/ 3. What…
The provisions of the Foreign Acquisitions and Takeovers Act 1975 (Commonwealth) (“Act”) and Foreign Acquisitions and Takeovers Regulation 2015 (Commonwealth) (“Regulation”) apply strict rules to foreign persons purchasing a residential real estate in Australia or investment for property in Australia. A summary of some of the key issues follows. Residential Real Estate Generally Under Australia’s…
Joint Tenants or Tenants in Common is a widely misunderstood concept and is often confusing to buyers when they are deciding on which of these options best suits their needs. Understanding the difference between Joint Tenants and Tenants in Common is extremely important considering the legal implications that can arise with either option. Let's look…
The Conveyancing process is about to get a whole lot simpler. In 2014, the national government implemented a national conveyancing system via Property Exchange Australia or PEXA, an online property exchange system that allows property transactions to go paperless. With PEXA being integrated into most of Australia's major states, the future of online settlements providing…
Introduction There are essentially four stages that cover the breadth of the conveyancing process: Pre-Contractual; Conditional; Unconditional; and Settlement/Post Settlement . Each of these stages offers its own risks. Settlement/Post Settlement The importance of this stage, which covers the settlement process and the following period, is often overlooked and matters can "slip through the cracks"…
