Conveyancing Gold Coast From $499 inc GST

There are a number of problems that can occur in a conveyancing. By hiring a lawyer they will help you to navigate around these problems to give you a smooth experience. Some of the more common problems that can occur are:

1. Your bank not being ready for settlement. This will usually be because they need further paperwork and have long processing times for the paperwork once received. It is important that you give your bank what they need when they ask to avoid this.
2. The contract needing to be amended. This can be because the details on the contract were not completed correctly when signed. Substantial amendments can even require a new contract to be signed and the old to be terminated altogether. If you want to avoid this, you would be best to retain your lawyer before signing the contract and have your contract reviewed by your lawyer before you sign.
3. There are problems in the property before settlement. This usually occurs from the seller moving out and the purchaser noticing issues that they previously did not notice. A seller can avoid this by being careful when they move their items out and by looking through the property themselves for anything concerning before the purchaser does a pre-settlement inspection.
4. Your settlement does not happen when expected. This can be for a number of reasons including cheques not being ready at the time of settlement or there is an issue with documents provided at settlement. Purchasers should expect to move in at 5pm on the day of settlement in most cases, even if settlement is meant to occur earlier just in case there are delays. Ideally, a purchaser should organise their move in for a day or two after settlement to be extra safe. Sellers should always make sure they are out before the settlement time however as delays do not always happen.
5. Issues may show up on your search results. Depending on the issue you may need to decide if you still want to purchase the property or further work may be required in order for the property to settle. The best way to protect yourself from issues on searches is to order them early on in the matter.

A review of a Contract by a lawyer or property solicitor will help you to understand your rights and obligations under the Contract and will also provide you with recommendations on how to make the Contract one that is in your favour. Purchasers should obtain a contract review to make sure they have rights to terminate when they want them, that all terms are included in the Contract as they need them and to know what they should do before signing the Contract. Sellers should obtain a Contract Review to make sure they have given the right disclosure to the purchaser, the purchaser has limited rights to terminate the contract and the purchaser cannot require anything unusual from the seller before settlement. If you choose to proceed with signing a Contract without a review it can result in you incurring significant costs in the future or the Contract terminating when you do not want it to. You should protect yourself by having a lawyer review your Contract before you sign.

There are a number of factors that can impact your application for finance, some of which we set out below:

• Firstly, do you have a big enough deposit for the bank? If you do not have enough of your own money to put into the purchase you may not be able to get finance or you may need mortgage insurance to obtain finance.
• Secondly, is the property valued the same as you are purchasing it as? If the property valuation comes back too low the bank may not provide you with finance approval.
• Thirdly, how are you purchasing the property? Banks view individuals differently from companies and trusts. Each have their own requirements and can impact the likelihood you will get finance approval.
• Lastly, do you meet the banks lending requirements? Each bank will have different criteria on who they can lend to and how much dependant on your income. Make sure you check with your broker early on to make sure you are likely to obtain finance approval.

It is always best to get your own valuation for the property so you know what a reasonable price will be to purchase or sell the property. If you do not get your own valuation you may be stabbing in the dark and find your over purchase or under sell the property.

Gold Coast properties are subject to what is called Local Law 17. This Local Law places an obligation on lot owners to manage and maintain waterfront structures such as revetment walls, pontoons, jetties or marina berths. Where a property is adjacent to waterfront structures you should conduct a search of the council records to see if those structures are council approved. You should also make sure that the structures themselves are sound and in good condition. Where the property is on a coastline you should also consider obtaining a coastal management search to determine if the area is within the coastal management control district or an erosion prone area. You can obtain this search for free at: https://www.qld.gov.au/environment/coasts-waterways/plans/hazards/about Also, do not forget to check out if the property you are purchasing is currently council approved with a building records search and if the property is flood affected with a flood search.

Body Corporates will have different requirements for what pets can live in the property and what you have to do to get approval for those pets. In most cases you will be allowed to have pets but the question then is what kind of pet. Some Body Corporates will restrict large pets or only allow indoor pets. To find out what the Body Corporate allows, you can do a search of the Community Management Statement to get a copy of the Body Corporate Bylaws detailing what they will and will not allow or you can ask the Body Corporate directly. Make sure you have approval for taking a pet to a new property before you settle a Contract. If need be, you can get your Lawyer to provide you with the wording for a special condition to go into the Contract to allow you to make sure you get approval before settlement.

Most Body Corporate properties will include Building and Public Liability Insurance as part of their standard levies. You should make sure you are happy with the amounts insured by the Body Corporate and that it is sufficient coverage for the property you are purchasing. Where you need further insurance coverage, you can ask the Body Corporate to update their coverage or obtain your own supplementary coverage. You should always make sure to obtain contents insurance on the chattels and fixtures included in the property as the Body Corporate in most cases will not include coverage for these items as part of their insurance.

When you become a landlord there are a few things you should know.

1. You will need landlord insurance to cover the property for damage by the tenant.
2. Bond is held by the Residential Tenancies Authority and to gain access to it you will need to submit an application to them.
3. Someone will need to manage the tenancy during the course of the investment. You should look at using a property manager to assist you with the ins and outs of the tenancy.
4. You should make sure the tenancy is financially viable for you by speaking to your financial adviser or accountant.
5. Make sure you understand the agreement with the tenant and what you will need to do throughout the investment.

Any rent paid and tenancy documents will be transferred as part of the property settlement. Your lawyer will organise this for you at settlement.

You should speak to the property manager who is looking after the tenancy to confirm if the tenants are regular rent payers, pay on time, and look after the property. In addition to this you should ask for a copy of the rental ledger to confirm how often the tenant pays as well. You can never be 100% sure the tenant is going to be a good tenant. But by taking these steps you will at least know if they have a history of paying their rent on time.

When selling a Body Corporate property you will need to include a disclosure to the purchaser about certain matters in relation to the Body Corporate including interest and contribution schedule entitlements, the details for the secretary of the body corporate, the amount of annual contributions to the Body Corporate, and provide other information to the purchaser about matters that could cost them money after settlement. This disclosure is known as a Section 206 Disclosure Statement and can be prepared by the Body Corporate or a lawyer before you provide the contract to the purchaser. It is important that the disclosure statement is signed and all the information is correct in the statement before it is provided to the purchaser. It also must be provided to the purchaser before or with the Contract. If you fail to provide sufficient disclosure of Body Corporate matters you may give the buyer a right to terminate the Contract.

All pools in Queensland should have a current pool safety certificate. When you sell the property if you do not have a current pool safety certificate then you have a few options:

1. You can insert a special condition in the contract saying you will obtain the pool safety certificate at your cost before settlement as well as give the purchaser a ‘Notice of No Pool Safety Certificate'.
2. You can give the purchaser a ‘Notice of No Pool Safety Certificate' with the contract which may then give the purchaser a right to conduct a pool safety inspection and if they themselves are unable to obtain the pool safety certificate by the pool safety inspection date the purchaser will have a right to terminate the contract and receive their deposit back.
3. You can insert a special condition in the Contract requiring the purchaser to obtain a pool safety certificate themselves after settlement and provide them with a ‘Notice of No Pool Safety Certificate'.

You should check the costs of making your pool compliant if required before you decide which option you would like to take.

If you are separating from your partner it is not a requirement to have a Family Court Order or Binding Financial Agreement before you sell. It is however highly recommended that you obtain one of these documents when you are separating from your partner so any decisions regarding the separation are legally binding on both parties. Your lawyer should take instructions separately from both parties when you are separating so you will need to make sure you both know how you want the funds disbursed and are able to agree on all matters in relation to the sale.

If you are an owner builder you will need to give disclosure to a purchaser about works on the property before they sign the Contract. Where this is not done, you will personally be giving the purchaser an implied warranty on the works if any defective workmanship appears.

Yes you can purchase property in Queensland as a foreign person however there are a couple of things you should know first.

1. You will need to obtain Foreign Investments Review Board approval before settlement for your purchase. Ideally you should start applying for this approval before you sign the Contract or make your Contract subject to you receiving the approval.
2. You will have to pay Additional Foreign Acquirer Duty (‘AFAD') on top of your transfer duty. As of 1 July 2018 the AFAD amount is 7% of the purchase price.
3. You will need to complete an Identity Annexure for your stamp duty.
4. You will need to provide sufficient identification and visa details (where applicable) to your lawyer.

Yes you can purchase as an undisclosed Trust in Queensland. When doing this the Trustee will hold the property in their personal name and the title will not reflect the Trust at all. Before deciding if you want to purchase as an undisclosed Trust, you should speak to your financial advisor or account to confirm the taxation implications of this.

It is almost always better to use the same Lawyer for a purchase and sale that needs to settle on the same day. They can advise you regarding both matters, deal with issues more efficiently and make sure you are best protected from a wholistic perspective. If you choose not to use the same Lawyer there can be delays in resolving issues which can result in the settlement itself being delayed.

Many off-the-plan developers will include a clause in their contracts requiring land tax to be adjusted at settlement. This adjustment amount can be in the hundreds, or sometimes even in the thousands, of dollars at settlement. Under a normal residential contract there is no requirement to adjust for land tax at settlement. Where possible you should request for the condition requiring land tax to be adjusted to be removed entirely from the contract and for it to be replaced with a clause requiring the seller to pay all land tax at settlement. A best lawyer can help you with negotiating this change and providing the new condition wording. Where the developer still requires land tax to be adjusted, you should see if they will instead cap the amount you need to pay at settlement and include this in the contract. Most developers will agree to a cap of a couple of hundred dollars if requested.

Capital Gains Tax (‘CGT') is a tax on profit made by selling certain types of assets. Real property is considered an asset that CGT will apply to and the Australian Taxation Office (‘ATO') even requires the CGT amount to be withhold at settlement if you are a foreign person. Where the market value of a property is $750,000.00 or more the seller will need to provide a clearance certificate from the ATO to avoid the CGT amount from being withheld.

Heritage searches help to determine if the property or land is part of a World Heritage or Cultural Heritage listing. Where a property is heritage listed there will be certain requirements in relation to how the land may be used or changed which can affect your use and enjoyment of the property. If the building on the property was built in the early 20th century or earlier, or if it's on a particularly picturesque lot, then you should consider obtaining a heritage search.

You can do a paid search of the heritage register to confirm if the property is heritage listed and your lawyer can assist you with this. In addition, there are some free heritage searches you can do including:

World Heritage Listing:
http://www.environment.gov.au/heritage/places/world-heritage-list

National Heritage Listing:
http://www.environment.gov.au/heritage/places/national-heritage-list

ATSI Cultural Heritage Register and Database:
https://www.datsip.qld.gov.au/people-communities/aboriginal-torres-straitislander-cultural-heritage/cultural-heritage-database-register

If your property is close to a Main Road, Rail or Airport you should undertake a Transport Noise Corridor search in order to determine if the property will have requirements or be substantially impacted by the transport noise. Where the property has noise requirements, it can affect how you use and enjoy your property.

There is no legal right for you to have the view from your property protected unless the adjoining owners enter into an agreement with you to not interfere with your view. If a view is very important to you, you should check with the agent as to whether an agreement can be reached with neighbouring lots to protect your view. If not, you will not be able to prevent your neighbours from obstructing your view from the property in the future.