Archive for the 'Residential' Category

18 April 2018

Can I list my unit on Airbnb?

A recent decision in NSW has made it for difficult for body corporates to stop apartment owners from renting out their property on Airbnb. In the case of Estens v Owners Corporation SP 11825 [2017] NSWCATCD 52, the NSW Civil and Administrative Tribunal found that body corporate by-laws which prohibit short term letting breached the […]

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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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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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24 November 2016

Settlement figures and adjustments

Buyers can often become confused when they receive settlement figures or a settlement statement in the lead up to settlement. It is common for buyers to misread the settlement figures and think that they are being hit with the seller’s outstanding rates or water bill. This article aims to take the mystery out of settlement […]

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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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20 September 2016

Save $’000s in Transfer Duty – Claim the Home Concession or First Home Concession

What is transfer duty? Transfer duty, formerly known as stamp duty, is a state government tax payable on most transactions related to property. It is calculated based on the purchase price of the property or the value of the property; whichever is higher. For residential property, transfer duty is payable in the following circumstances: Purchasing […]

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6 September 2016

Foreign buyers look out – From 1 October 2016 you will pay a big increase to Transfer Duty

The Queensland Treasurer has announced that from 1 October 2016, foreign buyers will pay substantial additional transfer duty for purchases of residential real estate in Queensland. The increase is 3% of the value or price paid, which is roughly a doubling of the amount of duty which must be paid. The increase in duty also […]

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11 August 2016

First Home Buyers in Australia – Increase to the First Home Owner’s Grant

The new ‘Queensland First Home Owner’s Grant’ has increased from $15,000.00 to $20,000.00 for a limited time. This is great news for all First Home Buyers looking to purchase property within Queensland. Does the increased grant apply to my Contract? The increase to $20,000.00 applies to Contracts dated on or after 1 July 2016 until […]

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10 June 2016

What Buyers and Sellers need to know about terminating in the Cooling-Off Period

Under residential land and house or unit contracts, buyers are entitled to a cooling-off period under the Property Occupations Act 2014. The right to terminate under cooling-off is not new, but is also not well understood. Many buyers think that they will be automatically stung with the termination penalty if they “cool off”. In fact, […]

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