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Understanding what items stay with a property and what can be taken by the seller is a crucial aspect of any real estate transaction. The distinction between chattels and fixtures often leads to confusion, but it's a key factor that can significantly impact both the buyer and seller. Whether you're preparing to buy or sell a home, knowing the difference and ensuring clarity in the contract can prevent potential disputes and ensure a smoother transaction.

Why is it important to review the Reference Schedule of the Contract?

The Reference Schedule of the Contract contains important details specific to your agreement. It's important to review it carefully to ensure all information is correct and if you notice any inaccuracies, inform relevant parties as soon as possible.

When purchasing a property with an existing tenant, it's essential to understand the rights and responsibilities that transfer to you as the new owner. The presence of a tenant impacts various aspects of property ownership, from when you can take possession to how rental agreements are managed. Properly navigating these factors can help ensure a smooth transition and avoid potential legal or financial issues after settlement.

Stamp duty, also known as Transfer Duty, is a crucial tax to understand when purchasing property in Queensland. This state tax applies to various property transactions and can significantly impact the overall cost of buying a property. In this article, we'll explore what stamp duty is, how it's calculated, and the key considerations for Buyers, including potential exemptions, concessions, and additional duties for foreign Buyers. Understanding these factors can help you navigate the property market more effectively and avoid unexpected costs. 

Purchasers of residential property in New South Wales have a right to rescind the contract for any reason within a limited time, known as a Cooling off Period.

How does combustible cladding affect my sale?

If your property has combustible cladding, you may be required to undertake costly rectification works. This is particularly relevant for units or buildings affected by the Cladding Regulations. 

When purchasing a property, it is important for Purchasers to understand the parties’ responsibilities and risks concerning the property.

‍What obligations might come with the Property requiring additional expenses or actions?

There may be obligations that come with the Property requiring you to spend money or grant easements, such as:

Ensuring pool safety is a critical responsibility for property owners in Queensland. The state has specific regulations and standards in place to protect residents, especially young children, from pool-related accidents. It’s important to understand the obligations that pool owners must adhere to, including obtaining necessary certificates, maintaining safety standards, and understanding the potential consequences of non-compliance. By familiarising yourself with these regulations, you can help ensure that your pool is both safe and legally compliant.

What does it mean if the property is sold subject to lease?

If the contract of sale is subject to lease, it means any tenant occupying the premises will remain after settlement is complete, continuing to pay rent to the new owner. The new owner will be unable to move into the property until the tenancy agreement period ends or the tenancy is lawfully terminated. All terms contained in the tenancy agreement will apply to you from settlement date onwards.