Significant changes to the REIQ House and Land Contracts are being implemented from 20 January 2022. The REIQ Contracts are one of the most common contracts when buying or selling a house or land in QLD.
A lot of people enter into building contracts without obtaining professional legal advice. However, the property market and building and development industry is currently experiencing a boom which has not been seen in years and there are issues arising for those building.
From 1 July 2018 the government introduced a new GST withholding system when purchasing new residential property or potential residential land. These changes have been made in an effort to prevent property developers who are selling these types of properties from failing to pay the GST collected on the sale to the Australian Taxation Office (ATO).
At the end of November, the Australian Government announced that the HomeBuilder program would be extended with some changes. Applications now can be submitted up to 14th April 2021 (inclusive) which is quickly approaching. If you qualify for the criteria, there is still time to get in before deadline to take advantage of this program and apply for the grant.
Purchasing real estate isn’t as simple as buying a bag or a pair of shoes. It involves a complicated legal process that is likely to take longer than what you may expect. However, you can make this a seamless and efficient process by getting professional help from a qualified conveyancer in Cairns.
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