The updated REIQ contracts address the GST withholding changes, facilitate the electronic signing of contracts and update references to legislation and notice clauses.
From 1 July 2018 there will be changes to how GST is paid on the settlement of 'new residential premises' or 'potential residential land subdivisions'. Where these laws apply, the purchaser will be liable to the ATO for the GST component of the purchase price, so it's important you understand when the law applies and what your obligations are.
It is becoming increasingly common for real estate agents to include a special conditions requiring the buyer to pay the balance commission at settlement when the deposit doesn't cover the agent's full commission. However, unless the terms satisfy specific and narrow elements, they are not worth the paper they're written on, they're completely unenforceable.
Many real estate agents believe that, so long as they do not intentionally mislead buyers and are upfront with disclaimers about information they are providing or representations they are making, the disclaimers protect them. As always, its not that simple.
Because contracts in Queensland are generally pretty short (usually only 30 days) it isn't common for Buyer's to take early possession. That being said, if you find yourself in the situation, you're going to thank your past self for reading this.
More and more buyers and sellers are signing their property contract electronically, with DocuSign being the most common tool being used. If not done properly there can be serious consequences including the contract being void.
To welcome in the new year, on 15 January 2018 My Move Conveyancing expanded its legal services and re-branded to better align with its new offering.
If you are selling a property worth $750,000 or more, the Buyer may be required to pay 12.5% (or a lesser amount) of the purchase price to the ATO unless you comply with new laws. Failure to do so can have serious consequences.
If you are buying a property worth $750,000 or more, you may be required to pay 12.5% (or a lesser amount) of the purchase price to ATO unless the Seller complies with new laws. Failure to do so can have serious consequences.