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PURCHASING A HOME: THINGS TO KNOW, THINGS TO REMEMBER
While you may engage in specific searches that could uncover potential drawbacks related to the Property, it’s important to note that termination might not always be an option. Seeking legal advice prior to entering into a contract not only provides you with a comprehensive understanding of the contract’s terms and your strict obligations but also […]
PURCHASING A HOME: THINGS TO KNOW, THINGS TO REMEMBER
While you may engage in specific searches that could uncover potential drawbacks related to the Property, it’s important to note that termination might not always be an option. Seeking legal advice prior to entering into a contract not only provides you with a comprehensive understanding of the contract’s terms and your strict obligations but also enables you to consider any unique circumstances or conditions that may apply to your specific property or situation.
When buying residential property in Queensland, the standard contract used is typically provided by the Real Estate Institute Queensland (REIQ). Additionally, there exists an opportunity to include ‘special conditions’, such as the below within a contract.
Due Diligence
A due diligence clause provides a broader scope for a buyer to terminate if you are not satisfied with the result of particular property searches. As mentioned above, undertaking certain inquiries may reveal detrimental impacts on the Property making wish to terminate, however without a special condition, you will not always be able to.
Tenancy Conditions
Particularly for people wishing to utilise the first home or home concession on stamp duty, there are strict rules around tenancies and when you are required to move into the property. If the property has a tenancy it is important to seek legal advice to ensure a condition is included to manage this.
Pet Conditions for Body Corporate
For owners or future owners of pets purchasing units or townhouses, it may be necessary to include a clause making the contract subject to approval of the Body Corporate to allow you to have your pet.
Ways to Buy and Sell
The process of buying or selling can take many forms due to depending on what option is most suitable to you. Here at Aylward Game Solicitors we specialise in more complex sale and purchase agreements such as buying property within a Self-Managed Superannuation Fund, Vendor Finance Arrangements and Put & Call Options.
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Trust Aylward Game Solicitors to Navigate Your Legal Challenges
SMSF Property
There is a marked increase in the number of investment properties being purchased within a Self-Managed Superannuation Fund. Using an SMSF can increase your property investment options significantly as well as provide CGT benefits.
Vendor Finance
Vendor finance property offers an alternative path to property ownership in the Australian real estate market. Its accessibility, flexibility, and potential for higher sale prices make it an attractive option for both buyers and sellers.
Put & Call Options
Put and call options are used so parties can enter into an agreement to sell or purchase real property in the future for a particular price. The options delay the formation of the contract whilst still effectively committing the parties to the transaction, which can provide both practical and tax benefits.
Get Ahead with Expert Legal Guidance
Trust Aylward Game Solicitors to Navigate Your Legal Challenges
It is vital to ensure that these transactions are undertaken correctly; otherwise, the advantages of using these structures may be lost. Contact our office to learn more about whether these options are suitable for you.
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