With many conveyancing companies, the final price can really stack up. Depending on how complicated the process is, where your property is located, and property price, it could well reach thousands of dollars. Many conveyancing companies charge an hourly rate, so the longer the process takes, the more you’ll pay. In the case of negotiations being required, you can also expect the price to go up. At Ownit Conveyancing, we offer cheap conveyancing in Queensland through a fixed fee guarantee. This means the price we agree with you at the start is all you’ll pay*. No hidden extra fees for things ..read more

Since the increase in the popularity of the PEXA platform, and particularly since the mandated use of electronic workspaces for most transactions in Queensland, we are often seeing the place for settlement in the standard contract left blank or completed only with the word ‘PEXA’ or similar.  This can be problematic as the place for settlement is relevant to the definition of ‘Business Day’, particularly in respect of a public holiday in the ‘Place for Settlement’.  Although the majority of public holidays are statewide, special public holidays for certain cities, towns or business ..read more

When does a foreign person need to seek approval from the Foreign Investment Review Board (FIRB) for a proposed purchase?   Foreign persons must have received foreign investment approval before they acquire an interest in residential real estate. An interest in residential real estate can include:   signing an unconditional contract agreeing to purchase a dwelling (or a share of a dwelling);   a security interest under a real property mortgage;   an option that provides the right to purchase a property at an agreed price at some time in the future (suc ..read more

  The Register of Foreign Ownership of Australian Assets  A new register will be administered by the ATO (the Registrar) from 1 July 2023, replacing the existing Residential Land Register, Agricultural Land Register and Water Register.   This new register (like its predecessors) will not be publicly available.   The purpose of the new register is to note the interests of foreign persons in any Australian land (irrespective of whether FIRB approval is required).  Other interests required to be registered such as leases of five years or more, interesting in min ..read more

New leases for Queensland properties, entered into on and from 1 September 2023 will attract the implementation of new Minimum Housing Standards.   Rental properties will be required to be safe, secure and functional as the Minimum Housing Standards require:  the premises to be weatherproof and structurally sound;  fixtures and fittings to be in good repair and not likely to cause injury to a person;  locks (on windows and doors);  the premises to be free of vermin, damp and mould;  privacy coverings;  adequate plumbing and drainage; and   fu ..read more

A tenanted property is often a selling point to potential Buyers which means that investors will often make enquiries about the tenancy and desire that it remain in place after settlement. The notation of the tenancy on the QLD contract (on page 4 of the REIQ contract) would then be done in the usual manner.   The reason for the notation on the contract of the tenancy is that it is an encumbrance on the property, limiting the rights of the registered owner. Additionally, the Seller is required to provide vacant possession to the buyer at settlement, subject to the tenancies. If ..read more

The question of whether a Deed of Rescission is required in QLD really is an extension of whether an amendment to the contract, if made, could be seen to be a transfer of an interest.  An example of where a Deed of Rescission would be required would be where a buyer, following advice from an accountant for example, decides to instead purchase the property in a company name rather than personally (as noted on the contract). Simply amending the contract, changing the name to reflect this, would trigger the implementation of transfer duty a second time as there has been a transfer of intere ..read more

Choosing the correct ownership structure when purchasing a property is extremely important to consider prior to signing a contract.   The purchasing entity can be an individual or a company. This may be in its own right, or as the trustee of a Trust (such as a Family Trust) or Self-Managed Super Fund.  We strongly recommend seeking advice from financial or tax advisors prior to entering any contract to ensure that the right decision is made. Not doing so at all, may mean that opportunities to minimise taxation may be lost and rectification (by transfer to the correct entity aft ..read more

When we think of 30 June, we typically think of accountants and doing our tax returns however, for property owners, this is an important date in respect of Land Tax.   The liability to pay Land Tax arises on the Registered Owner as at midnight, 30 June each year. Some may be familiar with Land Tax following the news-worthy recent proposed changes by the Queensland government to Land Tax calculations from earlier in the year (which were subsequently abandoned).     We raise the issue of Land Tax at this time of year as, investors looking to sell their properties ..read more

Queensland’s Attorney-General, Shannon Fentiman has announced, following consultations and surveys late last year, that changes will be made to legislation to prevent property developers invoking a ‘sunset clause’ to terminate ‘off the plan’ contracts for land unless specific situations apply.  This includes:  with the written consent of the buyer; or  under an order of the Supreme Court; or  in another situation prescribed by regulation.  Last year, consumers and property developers were invited to complete an online survey and provide written submissions.  We ..read more