PROPERTY LAW

Standard searches include title searches, local council records, state land registry information, flood reports, contaminated land checks, building approvals, and body corporate information (for units). These searches reveal crucial information that might affect your decision to proceed with a property transaction.

Easements grant specific rights to others over your property, such as access ways, drainage, or service lines. They may restrict building locations or property use. We identify existing easements during due diligence and explain their practical impact on your ownership rights and development plans.

A property Title is the official record of land ownership maintained by the Queensland Titles Registry. It shows the registered owner(s), the property’s unique identifier (lot and plan number), land dimensions, and any registered interests affecting the property such as mortgages, easements, covenants, and caveats. The Title also indicates the type of ownership (freehold, leasehold, or native title) and, for units, details about the community titles scheme. A comprehensive Title search during conveyancing reveals this critical information about the property you’re buying or selling.

PEXA (Property Exchange Australia) is an electronic platform that enables online property settlements in Queensland. Unlike traditional paper-based settlements that require physical attendance, PEXA settlements occur digitally through a secure online workspace where lawyers, conveyancers, and financial institutions collaborate to complete the transaction. The system handles funds transfers, document lodgment, and registration of title transfers electronically.

In Queensland, residential property purchases typically include a 5-business-day cooling-off period after contract exchange. Commercial properties generally don’t have statutory cooling-off periods unless specifically negotiated. Understanding these differences is essential when planning settlement timeframes.

It’s advisable to arrange insurance coverage from the contract date rather than wait until settlement. In Queensland, risk typically passes to the buyer at 5:00 PM the next business day after contract signing. This means you could be responsible for property damage even before you take possession. Most contracts require the property to be handed over in the same condition as when the contract was signed, with exceptions for fair wear and tear. Having appropriate insurance in place protects your interests during this pre-settlement period.

Off-the-plan purchases involve contracting for a property that hasn’t been built or titled yet. These transactions require specific contract provisions addressing construction timeframes, sunset clauses, changes to plans/specifications, and deposit protections.

Making your contract conditional protects you by allowing you to terminate if specific conditions aren’t met. Common conditions include finance approval, building and pest inspections, and the sale of an existing property. While conditional contracts give you more security, they may make your offer less attractive in competitive situations.

Deposit requirements are negotiable and specified in your contract. Typically, buyers pay an initial deposit (often 0.25% of the purchase price) when signing the contract, with the balance (usually up to 10% total) due when the contract becomes unconditional or by a specified date. The deposit is generally held in a trust account until settlement. Different payment structures may apply for off-the-plan purchases or auction properties where the full deposit is usually required on the day.

Chattels are movable items of personal property that aren’t permanently attached to the land or building. Common examples include furniture, appliances, and garden ornaments. In contrast, fixtures are items attached to the property that are intended to become part of it, such as built-in cabinetry, light fittings, and dishwashers. Your contract should clearly identify which chattels are included in the sale to avoid disputes at settlement. Generally, fixtures transfer with the property while chattels don’t unless specifically included.

The name on your contract determines legal ownership and can have significant taxation, asset protection, and estate planning implications. Options include individual names, joint tenants, tenants in common (with specified shares), company names, or trust entities. The appropriate choice depends on your specific circumstances, including tax position, relationship status, and asset protection needs.

Land tax is a state tax levied on landowners based on the total taxable value of land holdings above certain thresholds. In Queensland, it applies to investment properties, vacant land, and commercial properties but generally excludes your principal place of residence. Different rates apply to individuals, companies, and trusts, with higher rates for foreign owners. Land tax considerations are particularly important for property investors and developers as they impact overall investment returns.

The settlement involves final property inspections, financial adjustments (rates, taxes, body corporate fees), mortgage discharges, loan settlements, transfer document lodgment, and key handover.

Stamp duty (called Transfer Duty in Queensland) is a one-off state government property-transfer tax. The amount and any available concessions and exemptions vary from state to state and on the purchaser’s circumstances. To work out how much you will have to pay in Queensland, check out the Transfer Duty Calculator website at https://qro.qld.gov.au/duties/transfer-duty/calculate/transfer-duty-estimator/

SMSF property purchases involve specific compliance requirements, including correct fund structure, limited recourse borrowing arrangements if financing is needed, arm’s length transactions, and sole purpose considerations.