Purchasing or Selling property can be an overwhelming experience, particularly if it is your first residential transaction. Even more daunting is being handed a contract from an agent and being asked to sign on the dotted line when a purchaser or seller has little or no experience in what to look for in a contract. […]
From January 1, there are a raft of changes coming to welfare, health, education, housing, gay marriage and many other living expenses. This is what’s coming and how it may affect you and your family across Australia. WELFARE $10 million will be set aside for treatment services for job seekers affected by proposed drug testing […]
Making the decision to purchase a property, particularly an investment property will be one of the most important purchases you will make. Whilst purchasing and owning an investment property can be a very rewarding experience, there are key items to consider when you make the decision to start your investment journey: Location, Location, Location Consider […]
UPDATE! The First Homeowners Grant has been extended, but only for a limited time! If you are looking at purchasing your first property, now is the time to act as the First Homeowners Grant has been extended to 31 December 2017 June 30 2018. First home buyer’s approved for the Grant will receive $20,000.00 towards the […]
When the housing market is down and properties are plentiful, qualified buyers are clearly in the driver’s seat, but when things turn around, the balance of power shifts dramatically. If you are buying into a strong housing market, you will need to be a smart negotiator to do well, and that starts with shopping smart and determining a fair price for the property you want.
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” […]
The importance of this stage, which occurs after all contractual conditions have been met but prior to settlement, cannot be understated as there is now a binding unconditional contract in place and failure to settle as provided in the contract will expose you to liability.
As a matter of law, this is an example of a “condition precedent” as the condition must be met, unless its failure to be met is excused, before performance under a contract becomes due and before any contractual duty exists.
The importance of this stage, which occurs before the signing of contract, is often overlooked with inexperienced property buyers signing the “standard” Real Estate Institute of Queensland (REIQ) contract without reading the document fully.
Your solicitor will generally attend settlement on your behalf and will manage all aspects including the exchange of: settlement cheques; releases of security interests (Mortgages and Personal Property Security Register entries); and transfer documentation.