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Showing posts from November, 2021

What Are The Pros And Cons Of Vendor Finance?

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What is Vendor Finance? A buyer may need a loan to purchase the house. There are different kinds of loans, like bank loans. But these loans require payment proof or a guarantor. It is not possible for people with a low pay rate. So, when a seller arranges money for the buyer, it is called vendor finance. This money is returned in installments at specific intervals of time. Purchase vendor finance homes is a completely different method. We take a look at  what it means and the pros and cons of Vendor finance. It is advised to take expert advice before asking for vendor finance. As  there are some risks in these kinds of loans . So, before signing any agreement, ask the experts. Aylward Game is one of the old vendor finance advising companies. They can assist you in your property purchase.   Risks of Vendor Finance? You may look for vendor finance if you don’t fit on the merit of a bank loan or any other financial assistance. Vendor finance is often good, but it can be...

Director ID : The New Requirement for Company Directors in Australia

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  This article aims to analyze the recent decision of the  Australian Securities & Investment Commission  (ASIC) requiring all company directors in Australia to obtain a new director identification number (director ID). What Is Director ID? In short, it is a unique identifier given to a company director who has verified his/her identity with ASIC. What is the main reason behind the director ID? It is designed to prevent the use of false or fraudulent director identities/activities.  Once the director’s ID gets recorded in a new database to be administered and operated by the Australian Taxation Office,  it will further provide additional measures to trace and hold a director accountable for his/her directorship duties. Who is required to apply and obtain the director ID? The new requirement applies to all directors and acting directors who are registered in Australia under  the Corporations Act 2001  (Cth), as well as registered foreign companies. ...

Everything You Need To Know About Legal Contracts

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  The Contract includes a number of technical and legal contracts terms that have been considered by the Courts and may be specific to Queensland conveyancing.   Contracts can change the meaning of words and phrases from what they may ordinarily mean which can lead to misunderstanding, miscommunication, and loss.   We, therefore, provide the below explanation.  Please contact us if you are unsure of any of the Contract’s terms. Nature of Contract The lot you intend to buy will not exist at the time that you enter into the Contract which makes this transaction different from the conveyance of an existing lot.  You should be aware of the following: The standard REIQ contract is not suitable for the sale of Lots “off the plan” and instead an “off the plan” form of legal contracts and disclosure statement has been prepared by the Seller’s solicitors for the sale of the Lot.  If this is not the case, we have outlined this in our Contract and Property Report...

Important Information – Settlement Steps

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  Pre-settlement Inspection Unless we tell you otherwise, your Contract will entitle you to undertake a pre-settlement steps inspection of the Property. We suggest you make arrangements with the Seller to undertake that inspection.  You may wish to engage a consultant to assist you to undertake the inspection and, among other things, check that the Property has been finished in accordance with the agreed specifications. Settlement Notice We will lodge a Form 23 Settlement Notice on the title before settlement. This helps protect your interest in the Property by preventing the registration of any conflicting interest (such as a mortgage or transfer to an unrelated third party,  but not a caveat or a writ of execution) until the earlier of: Two months after we lodge the notice; or Your transfer and all related documents are lodged; or It is withdrawn. Transfer Documents Title to the Property will be transferred to you after settlement when transfer documents are registered ...

Electronic Conveyancing ( E-conveyancing) – If Applicable

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  What is Electronic Conveyancing (E-Conveyancing)? Electronic Conveyancing (E-conveyancing) allows for an “electronic” settlement of a conveyancing transaction through an online exchange known as  PEXA .  The system will operate across Australia and is supported by legislation in Queensland. The system does not cover all aspects of the conveyancing process but does allow for the preparation and signing of documents and their lodgement in the Land Titles Office as well as the completion of financial transactions involved in a conveyance (such as settlement money transfer and transfer duty payment) to occur electronically.  Traditionally, each of these steps is handled by a paper process where printed documents would be signed by parties, and documents and cheques for settlement funds are physically exchanged at settlement. The main advantage of an electronic settlement process is efficiency.  Not only does the process make it unnecessary to attend a physica...

Joint Tenants vs Tenants in Common

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  There are 2 Alternative ways to own  Property in Australia : Joint Tenants vs Tenants in Common In a Joint Tenancy, all of the owners own the entire property. If one of them dies, the survivor(s) remain the owner of the property – it does not matter what any Will might say until there is only 1 registered owner. In a Tenancy in Common, each owner has a defined share – 50%, 30%, etc. If an owner dies then their share in the property passes accordingly to the terms of their Will, or if they do not have a Will, according to the rules about intestacy. (Joint Tenants v Tenants in Common) If you don’t know what your ownership details are, we can do a Title Search and find out for you. It is possible to change from one type of ownership arrangement to the other, although there could be some stamp duty to be paid depending on your individual circumstances. You will need to make your own arrangements for connecting electricity, gas, telephone, internet, pay-TV services, and other uti...