Standard REIQ Contract
A cooling off period of 5 business days applies, during which time you can change your mind about purchasing the property and (with the giving of proper notice) withdraw from the contract.
Ensure your full and correct name is shown. The name as shown on your birth certificate (or driver’s license) is to be used. Do not use abbreviations or nick-names.
Claiming PPR
When buying a home to live in you are entitled to claim a Principal Place of Residence concession whereby you pay stamp duty at a lesser rate. In order to qualify for this concession you must sign a declaration and in that declaration are one or two points which are often overlooked by buyers.
Property Occupations Bill
The current Act which governs Real Estate Agents in the sale of residential property (Property Agents and Motor Dealers Act) is on its last legs and a new Act, to be named The Property Occupations Act will, when passed by Government, then govern real estate agents and the selling of residential property in Queensland.
Home Buyers Warning (OSR are Checking)
We recently had a case where a client bought a unit in the inner city some seven years ago. She claimed First Home Owner status thus receiving the First Home Owners grant (as it was back then) as well as a concession on Stamp Duty. The Contract was subject to a Tenancy which expired 3 months after settlement date. At the end of the Tenancy the Tenant negotiated another 3 month lease. The Tenant subsequently moved out and our client moved in and thought everything was fine. The client later sold the unit in 2010. In 2011 the client received notice from the Office of State Revenue demanding that they pay additional Stamp Duty, penalties, and interest of some $12,000.00 because she did not comply with the requirements for either the First Home Owners Grant or Stamp Duty concession.
Going Guarantor
I can recount dozen’s of cases where I have seen parents who have had to sell their home or lose their nest egg because they had gone Guarantor for a child in a failed business venture. Invariably, the first notice that the Guarantor has of there being a problem is when they are notified by the bank. Most borrower’s are too embarrassed (or thoughtless) to approach the Guarantor to let them know that there may be a problem.
Trees: A Common Problem
The new Act came into effect late last year (2011) and it introduces new responsibilities and rights in relation to trees. The Act introduces the new expression of “tree keeper”. The tree keeper is the person who is responsible to maintain the tree and ensuring that it does not become a nuisance.
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