Tag Archives | Brisbane Property Agent Safety Tips

Inspect Before You Settle

Your legal representative will advise you to undertake a pre-settlement inspection and so too will your agent. The Pre-Settlement of Final Inspection is an important step in the purchasing process. Once settlement occurs you have no legal recourse, hence the importance of making certain that your new property is handed over in an appropriate state.

Undertaking a thorough final inspection is of vital importance. Look for inclusions, conditions of carpet, walls, and any other chattels indicated in the contract. Otherwise misunderstandings can occur. Window coverings can be changed and replaced with ones of inferior quality for example. This can also be done with light fittings, dishwashers, BBQ’s and the like.

Tips for undertaking a final inspection:

  • Before entering the contract, be sure to understand exact inclusions and include them on the contract.
  • Ask if there are any “exclusions” and have them noted on the contract. Perhaps a light fitting that matches a bedspread for example.
  • Take detailed notes on the inclusions and keep photos from advertisements to refer to.
  • When the final inspection approaches, review notes, photos and any questions that may have arisen.
  • Have the final inspection on the morning of the settlement wherever possible.
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Understand Your Contract and Save Future Hassles

Understanding and negotiating suitable terms of contract is an important step in the purchase process when buying property. Buyers should be aware of all inclusions and any easements or covenants on affecting the property and proposed settlement or completion dates.

Ensuring that the contract accurately reflects the purchaser and seller and defines the correct property is of vital importance and will eliminate the need for costly changes to the agreement at a later date.

It may seem trivial, but entering a contract that contains a simple error such as an incorrect spelling of a name – where it doesn’t match other identification documents such as drivers’ licenses or birth certificates – can in fact create undue stress and issues down the track.

Similarly, where a contract doesn’t specify a complete list of inclusions, problems can occur upon settlement when items that the purchaser assumed were included are in fact no longer with the property.

Your solicitor or conveyancer should undertake thorough searches on your proposed purchase and make sure that you can “perform” within the terms of the contract.

Your legal representative should ensure the following:

  • Any land tax adjustments.
  • That completion dates are suitable to the purchaser, particularly if they are selling another property in order to buy.
  • Inclusions match the buyers’ expectations.
  • Any release of deposit clauses are accurate and workable.
  • Development consents where the building has undertaken recent additions.
  • Drainage and sewerage diagrams.
  • A survey of the building ensuring that it does not encroach on an adjoining allotment.
  • Confirmation of vacant possession if required.

Your legal representative will be well-versed with the contract and will understand all the clauses that affect your purchase. You need to liaise with them in terms of the inclusions, your expectations and suitable settlement time.

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Keeping Watch – How to Spot an Illegal Drug Lab

The Commonwealth Government has developed new national guidelines on remediating sites used to manufacture illicit drugs. The Clandestine Drug Laboratory Remediation Guidelines provide a step-by-step process to determine whether a site is contaminated, and assist in making a decision about how it should be cleaned.

Some key indicators of clandestine laboratory activity may include:

  • Blacked-out windows;
  • Evidence of chemical supplies or chemical waste on premises;
  • Strong chemical smells coming from premises;
  • Frequent visitors at irregular times; and
  • Excessive ventilation or security measures.

To view the guidelines visit the Australian Government, Attorney-General’s Department at http://www.ag.gov.au

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Landlord or Tenant – Who’s Responsible? Digital TV Antennas for Rental Properties

The Australian Federal Government is preparing to shut down analogue television broadcasts in favour of digital. So what are the legal obligations a lessor must meet to ensure the rental property’s antenna can pick up digital signals? The answer to this question is not clear cut.

Under the Residential Tenancies and Rooming Accommodation Act 2008 lessors must ensure the premises and inclusions are maintained “in good repair”. What this means is that if lessors have provided a television antenna that receives transmissions at the start of the tenancy, then that should be maintained throughout the entire occupancy. This however does not necessarily mean that the lessor must automatically upgrade systems or include enhancements such as cable installations.

According to the Australian Federal Government’s digital ready website – www.digitalready.gov.au, many existing antennas will be able to receive digital transmissions without any problem. In some cases, an antenna will need to be upgraded because the new digital channels are in a new frequency band or because the antenna is older or not in good condition.

For existing tenancies, if an antenna cannot receive digital signals and the analogue service is to be turned off, the most appropriate option is for the parties involved to negotiate about the enhancement or replacement of the antenna.

Ultimately, if no agreement can be reached and a tenant considers there has been a breach of the agreement, then they can apply for dispute resolution assistance and if unresolved an application can be made to the Queensland Civil and Administrative Tribunal for a decision about the matter.

For more information, click here.

Source: www.rta.gov.com.au

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The Latest Data on the Real Estate Market for Brisbane and Across the Nation

Hi,

The media constantly make suggestions as the market conditions, I have included a link here to the latest Herron Todd White real estate market report so you can find out the facts! They provide unbiased information and include a reminder as the end of financial year approaches to consider getting your Tax Depreciation Schedules done on any income producing properties – and it may also pay to consider if you should be getting an insurance valuation (including any plant and machinery) for particularly rural and commercial operations.

It is always a good read.

http://www.htw.com.au/Month_in_Review/Month-In-Review-June-2011.pdf

Enjoy

Christina

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