Conveyancing

“ In the legal profession the term ‘costs’ refers to the fees and other expenses a practitioner charges a client for their professional services and other payments that arise out of the provision of legal services, including disbursements such as court fees. Costs are one of the most heavily ... ”

“ Conveyancing Protocol Queensland Law Society’s Knowledge Centre ”

“ Purchase of Real Property (QLD) Reference manual – 1001 Conveyancing Answers (QLD) ”

“ The Conveyancing Protocol There is no obligation to use the Conveyancing Protocol as a requirement for coverage under a Lexon insurance policy. A practice will still be insured if it did not make a bona fide attempt to use and comply with the Conveyancing Protocol as designated by Lexon at the ... ”

“ See the detailed commentary A brief explanation of the transition to E-conveyancing for information on transactions that can be completed electronically and the full timeline for implementation. Many transactions can be completed electronically in Queensland however, they are yet to release a ... ”

“ The requirement for buyers to withhold the GST and remit it to the commissioner on taxable supplies of certain real property under subdivision 14-E Schedule 1 of the Taxation Administration Act 1953 came into force on 1 July 2018. Subdivision 14-E applies to all contracts that settle after 1 July ... ”

“ In practice, contracts are often entered into by an exchange of faxed or emailed contracts. Often the contract includes a special condition consenting to this process. ”

“ Application of the Property Occupations Act 2014 The provisions of the Property Occupations Act 2014 apply to contracts formed on or after December 2014. The Act imposes obligations concerning pre-contractual disclosure and warnings. ”

“ The contract for the sale of land is only as good as the title of the seller: this is the basis of the Torrens system. Under section 182 of the Land Title Act 1994, upon registration of an instrument that is expressed to transfer title to or create an interest in a lot, that interest: (a) is ... ”

“ This is often an area which leads to dispute. Care should be taken to ensure that all inclusions are stated and any items that a buyer might consider to be included, but aren't, are shown as exclusions. Typically disputes arise over such items as birdbaths, large entrance pots, water features, ... ”

“ Goods and services tax GST property tool ”

“ The REIQ Standard Contract is designed to minimise the need for any alterations and additions to the contract, however, it is common to add some special conditions when negotiating a contract. The standard special conditions provided in the Guide cover the everyday sale and ought to be readily ... ”

“ It is to be appreciated that once the contract is formed by acceptance of the highest bid there is no opportunity to change or amend the contract as there is on a negotiated sale. The contract therefore needs to be as complete as possible. Usually interested buyers will be loath to spend much on ... ”

“ Many years ago, when the availability of finance was restricted, this was a common means of selling residential property. Although rarely encountered anymore it remains necessary to understand the mechanism. An instalment contract describes the payment of the purchase price over a period of time ... ”

“ Nothing is more frustrating to a solicitor than to receive a contract four inches thick with innumerable titles, plans, disclosures, information sheets, community statements and so on. Making the process simple for a buyer assists in the success of the project. A simple one-sheet explanation of ... ”

“ Under the Property Occupations Act (POA) there is no prescribed procedure for presenting a signed contract to a buyer. The buyer and the seller will be bound to a contract under ordinary common law principles - that is, if the buyer has signed first, when the seller has communicated acceptance, ... ”

“ A contract for the sale of land must be in writing and signed by the parties or their duly authorized agents. The authority does not need to be in writing but in practice the other party is unlikely to be satisfied that the agent has authority without some writing. Witnessing is not a legal ... ”

“ Assuming the Property Occupations Act (POA) requirements were followed, the statutory cooling-off period commences 5 business days starting on the day the buyer receives a copy of the relevant contract from the seller or, if the buyer receives the contract on a day other than on a business day, the ... ”

“ The risk of the property passes from 5 pm on the business day after the contract date, however note the application of section 63 and 64 of the Property Law Act 1974 that provide: s 63 ”

“ In the normal course of events settlement will be effected by 4pm on the day nominated for settlement or pursuant to a notice given under a special condition relating to registration of a subdivision or other contingency. Under the standard contract, time is of the essence. ”

“ Historically, a duplicate copy of the registered title has been issued by land titles and exchanged from seller to buyer as part of the settlement process. Following settlement of electronic transactions duplicate titles will no longer be issued. From 1 October 2019, paper CTs no longer have any ... ”

“ For electronic settlements, transfers are completed electronically in the workspace and signed in accordance with the client authority. For paper settlement, transfers must be prepared by the buyer and submitted to the seller within a reasonable time to allow the seller to sign them before ... ”

“ The requirement for buyers to withhold the GST and remit it to the commissioner on taxable supplies of certain real property under subdivision 14-E Schedule 1 of the Taxation Administration Act 1953 came into force on 1 July 2018. Subdivision 14-E applies to all contracts that settle after 1 July ... ”

“ In the normal course of events settlement will be effected on the day nominated in the contract or pursuant to a notice given under a special condition relating to registration of a subdivision or other contingency. Time is of the essence, however, where a seller fails to complete, there is little ... ”

“ At times a guarantee will have been given securing the debt. This is particularly so with a company seller. Ensure a release of the guarantee is obtained at settlement. ”

“ In making adjustments care needs to be taken to identify the status of all rates and charges applicable to the property as fixing mistakes after settlement might find little cooperation from those not affected detrimentally. Ensure the correct deposit amount is allowed being nothing if paid by ... ”

“ Having satisfied the discharging mortgagee's requirements and agreed rate adjustments cheque directions are given to the buyer's solicitor. If the property is new residential premises or potential residential property ensure a cheque is drawn for any liability under subdivision 14-E Schedule 1 ... ”

“ See the detailed commentary A brief explanation of the transition to E-conveyancing for information on transactions that can be completed electronically and the full timeline for implementation. Many transactions can be completed electronically in Queensland however, they are yet to release a ... ”

“ A Client Authorisation enables the client to authorise a solicitor or conveyancer to act on their behalf for an electronic transaction. Although the authorisation is similar to a power of attorney, legislation specifically states a client authorisation is not a power of attorney. When transacting ... ”

“ At times a guarantee will have been given securing the debt. This is particularly so with a company seller. Ensure a release of the guarantee is obtained at settlement. ”

“ In making adjustments care needs to be taken to identify the status of all rates and charges applicable to the property as fixing mistakes after settlement might find little cooperation from those not affected detrimentally. Ensure the correct deposit amount is allowed being nothing if paid by ... ”

“ Electing to use PEXA to carry out a settlement will require changes to the usual conveyancing process, including: Digital signing of documents on behalf of the client – To use PEXA, a lawyer or conveyancer is required to digitally sign the transfer and to release settlement monies on behalf of ... ”

“ In reporting and accounting to the client it is often difficult for them to understand how rate adjustments work. The precedent explanatory sheet goes a long way to solving this problem. When finalising a matter it is important to terminate the retainer. This informs the client in writing that all ... ”