by Andrew Lind on January 29, 2010
Firstly I am only going to speak about Queensland contracts although some of the issues I raise may also be relevant in other States.
Generally the contract will be prepared by the Real Estate agent, who remember, is usually the agent for the seller (not the buyer) and who has a significant vested interest (their commission) in locking you into the purchase with no escape hatch.
Real Estate Agents are generally great at what they do, but they are not lawyers. How the blanks are completed on the standard contract can make a significant difference to whether your interests are protected or not.
Here are some examples.
Building & Pest Inspection
You must give yourself time not just to get the inspection and the report done but also get the building record information from the relevant local authority to ensure that the house and other alterations were approved and passed all their relevant inspections. In Brisbane you can get these in a matter of days (if you are prepared to pay handsomely for a Fast Track search) but on the Gold Coast forget getting them out of Council inside 3-4 weeks.
Finance
“Finance Amount” should not be completed “Sufficient to Complete” as what does this mean? Better is, “Amount chosen by Buyer.” “Financier” should not be completed “Any bank or financial institution”. How many finance applications are you then required to make? Better is, “As chosen by Buyer.”
Settlement Date
I see it all the time, “… days from the Contract Date or as agreed”. Remember the Seller is not obliged to agree and it usually doesn’t matter what the agent has said about what the Seller will agree to as what you about to sign is all that is being agreed to.
Anyway, I hope I have answered the question and given you a couple of good reasons to invest some money with your solicitor in getting the document right that is going to commit you to a lot of money.
Our expert property and conveyancing solicitors can help for Brisbane Conveyancing, Gold Coast Conveyancing and Conveyancing right accorss Queensland.
Find out more about what our Brisbane Solicitors and Gold Coast Solicitors can do for you by visiting the Corney and Lind web site and checking out our Legal Resource Centre. Its Free.
by Dave Cheng on November 25, 2009
Pazcuff Pty Ltd v Farmilo & Ors [2009] QSC 230 
This recent Supreme Court decision (August of 2009) determined that the purchaser was able to terminate the contracts of sale as a result of the sellers’ failure to provide disclosure statements signed by the sellers (or person specifically authorised by the sellers to do so), before the contracts were entered into, as required under s 206 of the Body Corporate and Community Management Act 1997 (the Act).
s 206 of the Act provides:
- “(1) The seller of a lot included in a community titles scheme … must give a person (the buyer) who proposes to buy a lot, before the buyer enters into a contract to buy the lot, a disclosure statement.
- (2) …
- (3) The disclosure statement must be signed by the seller or a person authorised by the seller …”
The disclosure statements were simply not signed and provided to the purchaser with the executed contracts under cover of the seller’s solicitors letterhead. The Court said that was not good enough under s206 of the Act.
Conveyancing is not simple. Much attention to detail is required and mistakes are very costly. Engaging our expert, experienced and careful Property Lawyers and Conveyancing Solicitors makes good sense.
by Graham Corney on November 13, 2009
The time for comments on the draft report by the Productivity Commission on the contribution of the not for profit sector expires on 24 November 2009.
The draft report is a comprehensive document of 510 pages (without supporting material) and covers a wide range of factors that impact on the not-for-profit sector generally. It is one of a raft of such examinations of the sector either currently in place such as the Federal Government’s Taxation Review headed by Dr Ken Henry or recently completed such as the report released last December by the Senate Standing Committee on Economics into Disclosure regimes for charities and not-for-profit organisations.
The terms of reference for the this review require the Commission to have regard to Dr.Henry’s review and the report of the Inquiry into the Definition of Charities and other organisations commissioned in 2002 but not to examine in detail the matters covered by those reviews.
Non profit sector participants can expect to see far reaching implications emerge in the foreseeable future for the way they currently operate and are urged to seriously consider the draft report.
The Corney & Lind Lawyers Not for Profit and Charity Lawyers will continue to monitor the developments in the sector and will keep you informed. Our Non Profit and Charity Law specialist knowledge is widely recognised.
Go to the draft report.
by Jessily Webb on October 29, 2009
What is a Will?
A Will is a legal document which details your wishes regarding the distribution of your assets and belongings after you die. A Will can appoint a guardian for your children if they are under 18 years old when you die. It also allows you to appoint an executor to distribute your assets according to your wishes.
Why do I need a Will?
If you want your assets and belongings to be distributed in a particular way upon your death, you must have a Will. That is, if you want your spouse, children or relatives to receive your property after you die, you must have a Will.
Some of the reasons why you may consider having a Will include:
- it allows you have a say on how your assets and belongings will be distributed;
- it allows your assets to be transferred smoothly on your death;
- if you have children, it provides security for your children’s future;
- if you have children under 18, it allows you to nominate a guardian.
What happens if I die without a Will?
If you die without a Will:
- your assets will be distributed according to the laws of intestacy. In Qld these are contained in the Succession Act;
- you will have no say on who administers your estate upon your death; and
- you will have no say on who is appointed as guardian of your children if they are under 18 years of age when you die.
Can I prepare my own Will?
You can prepare your own Will, however, you run the risk that if you do not comply with the formal requirements and the relevant law relating to Wills, your loved ones may be left with costly legal proceedings.
Do I have to review and update my Will?
You should review and update your will as your circumstances will change over time.
You may consider updating your will if:
- you have a child/children;
- you have a grandchild/grandchildren;
- you marry or divorce;
- your spouse or partner dies;
- death of the executor or beneficiary;
- home or property changes.
More information abour making a Will.
by Andrew Lind on September 7, 2009
We have now opened new larger offices on the Gold Coast at Hope Island.
Details:
Suite 7, Level 1, Harbour Point
Santa Barbara Road,
Hope island QLD
See Map
The office is in the Marina Shopping Village (adjacent to the Bi-Lo Centre) less than 4km from the M1 just off Hope Island Road, easy to find and close to Helensvale, Oxenford, Sanctuary Cove, Coomera and Upper Coomera. From the M1 follow the signs to Sanctuary Cove.
Our Gold Coast office provides our full range of legal services including Not for Profit Law, Business Law, Property, Conveyancing, Leasing, Estate and Sucession Planning, Wills, Enduring Powers of Attorney, Probate, Intellectual Property, Employment Law and Litigation. See our main web site for more detail www.corneyandlind.com.au
Ph: (07) 5510 9999
