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Conveyancing
Attention first home Buyers! How a 5% deposit can get you a slice of the property pie
Attention first home Buyers! How a 5% deposit can get you a slice of the property pie

At the recent Federal Election, Prime Minister Scott Morrison announced the introduction of the First Home Loan Deposit Scheme which will allow first home buyers break into the property market with as little as a 5% deposit of the value of a home. The scheme also looks to scrap the requirement of Lenders Mortgage Insurance (LMI). If you’re thinking of buying your first home in the New Year, you’ll need to get in quick as this Scheme will be offered on a ‘first in, best dressed’ basis. This Scheme will be available to:- Only the first 10,000 first home buyers around Australia; Singles who earn less than $125,000.00 annually; or Couples who earn less than $200,000.00 combined annually. This Scheme can also be used in conjunction with the First Home Super Saver Scheme. The Super Saver Scheme allows home buyers to withdraw voluntary superannuation contributions they have made to their super fund, and to put this money towards a deposit on a property. For example, you can withdraw from your superfund if you have made voluntary super contributions of up to $15,000 per financial year and take advantage of the 5% deposit Scheme. The limit you can withdraw is $30,000 for singles and $60,000 for couples. The Scheme also sets out to put a ‘cap’ on the value of the property. A statement released on the Liberal Party’s website said “The value of homes that can be purchased under the scheme will be determined on a regional basis, reflecting the different property markets across Australia”. You will need to check the property price cap in your area: State/Territory Capital City and Regional Centres Rest of State NSW $700,000.00 $450,000.00 VIC $600,000.00 $375,000.00 QLD $475,000.00 $400,000.00 WA $400,000.00 $300,000.00 SA $400,000.00 $250,000.00 TAS $400,000.00 $300,000.00 ACT $500,000.00 - NT $375,000.00 - Applications  are now open and can be made online through the National Housing Finance and Investment Corporation. You can visit https://www.nhfic.gov.au/what-we-do/fhlds/how-to-apply/ to find out how to apply. The major bank lenders which will be opening applications for the First Home Loan Deposit Scheme, include the National Australia Bank and the Commonwealth Bank of Australia. You can access the following link for a full list of non-major lenders participating in the scheme here.

Conveyancing
Digital Conveyancing - PEXA
Digital Conveyancing - PEXA

Connolly Suthers has held a strong reputation in North Queensland for over 120 years by combining extensively trained and experienced legal practitioners with state-of-the-art communications and technology so it's no surprise that we have jumped onboard with Property Exchange Australia - PEXA. No matter where our clients are we can provide them with an e-Conveyancing platform minimising paper processes and allowing transactions to be executed anywhere in the world. Put simply, e-Conveyancing refers to settling a conveyancing transaction through an electronic lodgement network operator and replaces the need to physically attend settlement by allowing Land Registries, financial institutions and practitioners to transact together online. Of course, we still carry out our normal conveyancing process but we believe it's important to provide our clients with the flexibility of having a digital option.  The benefits of transacting electronically are pretty great. For example, you get your money faster – unlike settling around a table and swapping cheques and documents, the settlement funds are paid into your account and cleared instantly. There are fees involved to transact within PEXA which are payable by both the Seller and the Buyer to a transaction. Contact us to find out more about the costs involved in transacting in PEXA. Settling through an electronic platform has revolutionsed property conveyancing as we know it.

Conveyancing
Queensland Conveyancing FAQs
Queensland Conveyancing FAQs

So you’ve found the perfect home, you’ve signed the Contract and now you’re navigating the legal minefield. Buying your first home can be a daunting and exciting experience, and along the way many questions pop up about the Standard Terms and Conditions of the Contract. Here, we answer some of the most frequently asked questions during the conveyancing process.

Property Law,Conveyancing
Mortgagee in Possession Sales: Bargain or Bust?
Mortgagee in Possession Sales: Bargain or Bust?

Unfortunately, due to an accident, illness or sudden change in life circumstances, a homeowner may be placed in a position where they can longer meet their mortgage repayments. When default occurs, the bank will take possession of and re-sell the property to recover its losses. These types of sales are called mortgagee in possession sales. For purchasers who are in the right market at the right time, a mortgagee in possession sale may present itself as a great opportunity. However, they can also be ‘risky’ purchases. We answer some of the most common questions asked by purchasers when buying from a bank.

Property Law,Conveyancing
The first home vacant land concession – can you claim it and what happens after you claim it?
The first home vacant land concession – can you claim it and what happens after you claim it?

You can claim a first home vacant land concession if: You buy vacant land valued less than $400,000 You are at least 18 years of age You have never held an interest in residential land anywhere in the world You will build your first home on the land You will only build 1 home on the land No building, or part of a building is situated on the land when you buy it You haven’t received a first home vacant land concession before

Property Law,Conveyancing
Minimum heights for residential rooms and spaces – What are the rules and when should I be concerned?
Minimum heights for residential rooms and spaces – What are the rules and when should I be concerned?

Let us set the scene. Mary has decided to buy an investment property. It is a Queenslander that has been raised, it contains 3 bedrooms upstairs, one below as well as a large rumpus area. Mary has done her sums and she can get a nice return on this house if she rents it out. Mary’s building inspector takes a look at the ground level of the property and measures the distance between the floor and the ceiling. Mary wonders why the inspector does this… Why measure A room or space must be of a height that does not unduly interfere with its intended function. The objective is to safeguard the occupants from injury or loss of amenity caused by inadequate height of a room or space.

Property Law,Conveyancing
What is land tax and why is it so important to get a land tax search?
What is land tax and why is it so important to get a land tax search?

Land Tax is a tax payable to the Queensland Government and is calculated on land owned at midnight on the 30th of June each year. Most Queenslanders are not liable for land tax because the value of their land is not high enough. Also, a family home is exempt from land tax. However, should you meet the relevant thresholds as you expand your portfolio, you will be liable to pay land tax. You can find out if a Seller has a land tax liability by performing a “land tax clearance search”. The search will reveal the amount of land tax payable or if there is no land tax payable then the Queensland Government will issue a Clearance Certificate. If you do not do the search and if the seller hasn’t paid their land tax liability on the property you’re buying, their debt may transfer to you. The Queensland Government cannot later recover unpaid land tax from a purchaser who obtains a Clearance Certificate which at the time said that no land tax was payable. If you wish to make an enquiry with our Property Law team you can contact us on (07) 4771 5664 or email law@connollysuthers.com.au 

Conveyancing
Townsville Mobile Conveyancing
Townsville Mobile Conveyancing

Are you selling your home to embark on the next chapter of your life? Perhaps you’re buying or selling investment properties. Or perhaps you’re ready to take the keys to your very own dream home. If you are, you’ll know that buying or selling can be one of the most exciting things you’ll ever do, but the journey can sometimes be a little daunting when it comes to the legalities, contracts and finer details. It’s important to get the right professional help and advice to guide you through, but when you’re busy dealing with your own day-to-day life it can be hard to find the time to tee up meetings with agents and solicitors. The good news is, one part of the process just got a lot easier thanks to Townsville Mobile Conveyancing. We provide a stress-free, ‘to-your-door’ conveyancing service any day, any time that suits you. That’s right. No more trying to tee up meetings at the lawyer’s office. No more trying to find a park in the city or a babysitter for the kids or giving up your lunch break to go through legal documents. No more stepping out of your comfort zone, because Townsville Mobile Conveyancing will meet you in the comfort of your own home… or wherever else you’d like to meet.

Conveyancing
Purchasing a pram is like buying the perfect house!
Purchasing a pram is like buying the perfect house!

As a property lawyer and first time mum (as of March) I have come to the realisation that purchasing a pram is like buying the perfect house. I am looking for style and functionality. I want a baby transport system equipped with all of the additional features. Pram envy – it’s a ‘thing’. Similarly, when you buy a house, you want 4 bedrooms, the open plan living area, the chef’s kitchen with the butler’s pantry and the built in coffee-machine… the list goes on. After completing the list of wants, the list of needs is drawn up, and here I discover that I probably don’t need the built-in coffee machine (although some would suggest otherwise) and I could also do without the limited edition matching nursery backpack. If you are lucky enough to tick all of your boxes – well done. However, often a sacrifice has to be made between the perfect property, the perfect location and the needs of everyone who will live in it. Buying a property is a huge commitment which requires a lot of planning and consideration. I suppose ‘daddy’ does not want to push a pram in stampede pink.   Connolly Suthers are here to help you on your journey. Contact our Conveyancing team today on 4771 5664. 

Conveyancing
Who keeps the dishwasher?
Who keeps the dishwasher?

Both a buyer and seller have an opportunity to leave out certain fixtures from a sale and also add in certain chattels. Generally, fixtures pass with the land. If you picked the house up, turned it upside down and gave it a good shake – what would fall out? In most homes, a fridge, a microwave and a dishwasher would. A free-standing dishwasher is a chattel. If you are selling the house and want to keep your dishwasher, don’t write it in the contract. If you are making an offer to purchase a house and would like to keep the dishwasher then you should write it in the ‘included chattels’ section of the contract.   Where the dishwasher is fully integrated (that is, built-in to the kitchen and hidden behind a cupboard) this type of dishwasher has the characteristics of a fixture.   Buyers - don’t get caught out when you complete your pre-settlement inspection and notice a large gap where a shiny appliance used to stand. Write it in the contract, or get ready for some serious hand washing.

Conveyancing
Building and pest inspections – what you can do, can’t do and shouldn’t do!
Building and pest inspections – what you can do, can’t do and shouldn’t do!

When signing a contract to buy a property a buyer will generally make the contract subject to a building and pest inspection which is activated by inserting an inspection date in the reference schedule of the contract. So let’s assume you are buying a property, have signed a contract and the inspection condition is activated. The next step is to engage the services of a licensed inspector who will perform the inspection and then provide you with a report on the findings. You should attend the inspection with the inspector. Why? Because sometimes reports are difficult to understand, and it is best to physically see the problem rather than it being described to you in a 20 page report. You can’t do other inspections, such as an electrical inspection, unless you specifically include a special condition in the contract which allows you to do so. You can terminate the contract if, acting reasonably, the inspectors report is unsatisfactory. This means that you have to have a good reason to terminate the contract. For example, you cannot terminate because of a few cracked tiles on the porch.   You need to remember, that even if you find issues with the property, the Seller is under no obligation to fix them. The inspection reports can be used to negotiate either a reduction in the purchase price or seek to have the seller fix the issues before settlement. Failing to inform a seller of the outcome of the inspection condition will entitle a Seller to terminate the contract. Properties are never ‘trouble-free’ but at least by completing an inspection you can get a fair idea of what you may be in for!

Property Law,Conveyancing
When a Cyclone Strikes, who is at Risk?
When a Cyclone Strikes, who is at Risk?

Picture this... You have signed a contract to purchase a beautiful house on the beach, your bank has approved your finance application and your Building and Pest reports were glowing. The day before settlement you are watching the news: a category 5 cyclone is making its way towards the coast – right towards the property you intend on purchasing.  At best, the house is going to cop some damage; at worst, it will be completely destroyed.  Given the recent weather events, Tropical Cyclone Owen in North Queensland, a common enquiry we receive is: who is going to pay for the damage, the Buyer or the Seller? The standard terms of the typical REIQ Contract for Houses and Residential Land provide that the property is at the Buyer’s risk from 5:00pm the day after the Contract Date. If the storm comes, the Buyer is liable for any damage to the property that may occur from the day after the contract is formed. It is for this reason that you should always insure the property that you intend on purchasing as soon as possible after signing the contract. Don’t leave it too late, no insurance company will insure your property once a cyclone or severe storm is forecasted. If you find yourself experiencing the above situation as a Seller, you are not off the hook. Although the Buyer is at risk for the most part, it is extremely important that you maintain insurance over any dwelling on your property until settlement. This is because once a dwelling house is so destroyed or damaged as to be unfit for occupation, the Buyer may rescind (take back) the contract. That leaves you with a destroyed house and no contract. With an adequate insurance policy, you will at least be entitled to the benefits. Whether you are buying or selling, insure your property. You can never be too careful! If you have any questions regarding your property or one that you are looking to purchase, call our property law team on (07) 4771 5664 or email law@connollysuthers.com.au. 

Conveyancing
5 Conveyancing Steps for Buying a Property Qld
5 Conveyancing Steps for Buying a Property Qld

Conveyancing is the process of transferring the legal title of property from one entity to another.  For the most of us, this means buying or selling a home. The process of buying a home can be confusing and we wish to make this process as clear to you as possible. We have explained the entire purchasing process step by step. Step 1: Making an offer So you have found a property that you love and can afford. It is now time to approach the Seller or their agent to make an offer. Generally, a contract is prepared by the real estate agent and presented to the Buyer. It is during this time that you should consider engaging a lawyer to act on your behalf. It is at this point a lawyer can advise on the terms of the contract, your obligations, and whether or not you require any special conditions. The real estate agent will usually deliver the contract signed by the Buyer to the Seller, who will decide whether or not they accept the Buyer’s offer to purchase.  If they accept the offer, the seller will sign the contract and the conveyancing process will begin. 

Conveyancing
First Home Buyers Rejoice
First Home Buyers Rejoice

As a recent first home owner myself, I understand that purchasing your first home may seem daunting and out of reach. The Queensland Government currently offers two great incentives to those of you who are thinking of purchasing, or building, your first home. Queensland First Home Owners’ Grant (only for NEW homes) As of 1 July 2016 (and for the next 12 months) the Queensland First Home Owners’ Grant (formerly known as the Great Start Grant) has increased from $15,000.00 to $20,000.00. The grant was introduced by the Queensland state government to help first home owners get into their new first home sooner. The increased grant of $20,000.00 only applies to building contracts entered into from 1 July 2016. It will not apply to contracts entered into before 1 July 2016, nor will it apply to contracts made for the purpose of replacing prior contracts entered into before 1 July 2016, for the intention of obtaining the higher grant.

Property Law,Conveyancing
Conveyancer or Conveyancing Lawyer?
Conveyancer or Conveyancing Lawyer?

So you're interested in buying property? That's great, but now who do you turn to in making sure those dreaded ‘I s’ are dotted and ‘T s’ are crossed?  You have two options: A Conveyancer or a Property Lawyer. You might be thinking “what's the difference between them and what will each of them cost me?” But are you really comparing apples with apples? First of all, there are quite a number of differences between the two. Firstly, a Property Lawyer will perform all of the functions of a Conveyancer that are involved in a property transfer, no matter which part of the transaction you’re completing.