Author: Tom Wood

22 May 2017

How do I extend the date for Settlement under my Contract?

In Queensland property conveyancing, dates are crucial and essential terms of the contract. In the real world, it is very common for dates to be varied by agreement between the parties. However, there are traps for the unwary! FC Lawyers are experts in smoothly handling extensions and taking the worry out of it. We take […]

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24 January 2017

Call Options, Put Options – What are Option Agreements?

Option Agreements, also referred to as buy/sell agreements or put and call option agreements, provide a party with the right, but not a definite obligation to buy a property or asset. They have a wide variety of uses, including for real property, businesses or business assets and as tools for succession planning. This article focuses […]

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18 January 2017

Paying Your Deposit under a Land Contract – when, where, who, what, how?

When you are purchasing property in Queensland, there is a lot to think about! Usually, your main concern will be making sure that you can get finance approval and organise searches and the building and pest inspections. Conditions such as finance and building and pest are critical. This means that, as buyer, you must notify […]

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16 December 2016

What happens to Contract Dates over Christmas/New Year?

It is pretty normal for property lawyers to see a rush of Contracts in late November or early December, in anticipation of Christmas. Quite simply, it is very convenient to use the Christmas break as an opportunity to move. But what happens if the finance date or the time for settlement falls over Christmas or […]

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30 November 2016

Transfer Duty Exemptions – Do I pay duty if I transfer property to my spouse?

As a general rule, transfer duty (formerly known as stamp duty), is payable on all property transfers in Queensland. However, there are various concessions and exemptions that are available in certain situations. As a matter of public policy, transfer duty is not always imposed if someone is transferring an interest in property to their spouse. […]

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9 November 2016

Can I change the Buyer on my Contract after it’s been signed?

What do I do if I am buying, and I want to change the person(s) or entities listed as buyer in the Contract? If you enter into a Contract of Sale only to find out later that you need to add your partner, add another company name, remove yourself or add another person all together […]

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2 November 2016

When do I need Foreign Investment Review Board (FIRB) Approval?

I often have people come to me from near and far and from all different walks of life. They are often looking to live and work in Australia, or just want to get into our property investment market. Whatever their situation, I have found that the requirements for Foreign Investment Review Board Approval (“FIRB Approval”) […]

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27 October 2016

Purchasing Property as Joint Tenants or Tenants in Common – what is the difference?

I often get blank faces when I ask clients whether they are purchasing their property as joint tenants or tenants in common. However, you cannot avoid this question if you are looking to buy property with another person; whether they are your spouse, family members, friend or business partner. Understanding the difference between joint tenants […]

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22 September 2016

Retail Shop Lease Landlords and Tenants – Changes coming from 25 November

A business’s lease is often crucial to the success of the business. For landlords, compliance with retail lease legislation is important for the validity of the lease and therefore the value of the building. Queensland State Parliament has passed legislation amending the Retail Shop Leases Act 1994 (Qld) (the “Act”). These changes will take effect […]

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13 September 2016

Trustee Resolutions – Tips and Traps

The trustee of a trust or superannuation fund must document certain decisions. This obligation arises under their trust or superannuation fund deed, or because of trust, superannuation or tax legislation. Unfortunately, it is often the case that even basic decisions are not appropriately documented. This can have disastrous legal and financial consequences that are not […]

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