10May
24Jan
Changes To REIQ Contracts
New Changes To REIQ Contract Terms
Maybe you are buying or selling a house this year; maybe you are an agent or conveyancer. In any case, it is important to note that as of 20 January 2022, several changes have been made to the standard Contract for Houses and Residential Land (new 17th ed) and the Contract for Residential Lots in a Community Titles Scheme new 13th ed). The changes released by the Queensland Law Society and
16Aug
Understanding Wills – What is a Will?
What is a will?
It is commonly asked what is a will. A will is a document which expresses how and to whom the property of an individual (the testator) will be distributed after their death. It is prudent to engage a solicitor and give clear instructions regarding how and to whom your property will be distributed after your death to ensure the validity of your will. Under a will, a trustee holds property on trust for the nominated beneficiaries and an...
08Feb
Will Mandatory Meth-Testing of Rentals become Law in Queensland?
Mandatory Testing
A New South Wales woman has been forced to vacate her house after learning that the dwelling was found to contain residue of methamphetamine. The drug commonly known as ‘ice’. After being ill for months, she was horrified to learn that her house contained residue of the drug and that all of her possessions were contaminated as a result. This unfortunate personal story highlights important questions regarding not only the feasibility and likelihood of mandatory meth-testing at the cost...
18May
Olsen Lawyers Conveyancing Searches Guide
Searches conducted during a conveyance will ensure that good title is transferred to you upon settlement. This means you will be aware of any financial or other encumbrance and can act on this before settlement. This will ensure you aren’t taking over any of the previous owners’ unpaid debts and can use the property in line with your intended purpose. Example 1 – you purchase an existing house with a view to building a pool in the back yard, but failed...
17Apr
How do the lockout laws affect your premises?
Under the Tackling Alcohol-Fuelled Violence Legislation Amendment Act 2016 (Qld) in conjunction with the Liquor Act 1992 (Qld), licensed premises in Queensland must abide by strict licensing laws. This new legislation was designed to minimise alcohol-related violence in “Safe Night Precincts” (“SNPs”). These precincts are key entertainment areas as defined by Tackling Alcohol-Fuelled Violence Legislation Amendment Act 2016 (Qld) s 173P (2). What this means for you Does your premises fall within an SNP area? As at March 2018, there are 15...
08Mar
Buying at Auction: The Pros & Cons
Most purchases involving residential real estate in Queensland are governed by the Real Estate Institute of Queensland’s (REIQ) Standard Conditions, including provisions protecting the Buyer’s right to termination. However, when purchasing under auction conditions, these standard safeguards can unwittingly be reduced or even removed. Here are the pros and cons of purchasing under auction, and what you need to know and be armed with when you go along to auction day. Buyer’s basic termination rights under REIQ Standard Conditions Cooling-Off Period...
04Jul
Foreign Resident Capital Gains Tax Withholding
Foreign Resident Capital Gains Tax Withholding
One of the measures taken by the Australian government in the recent budget to balance the books was to crack down on foreign buyers avoiding capital gains tax (CGT) on the sale of real property. To this end, the foreign resident capital gains tax withholding (FRCGW) scheme has been adjusted in the following key areas: The purchase price of real property caught by FRCGW has been reduced to $750,000 from $2 million; and The...
03Apr
Why do I need an enduring power of attorney as well as a will?
What is an enduring power of attorney?
An enduring power of attorney (EPOA) is a formal document which gives another person the authority to make personal and/or financial decisions on your behalf. The main difference between a EPOA and a General Power of Attorney is that an EPOA will “endure” and continue to be valid in the event you lose capacity.Why do I need one?
Olsen Lawyers recommends having an EPOA in addition to your will. This ensures someone you trust has the...
06Mar
Duty Concessions For Home/First Home Owners Explained
When buying property in Queensland you must pay stamp duty, which is calculated according to the value of the property. If you intend to use the property as your home or are acquiring the residence as your first home you may be eligible to claim a concession that reduces the amount of stamp duty you have to pay.
