Defective Goods & Unfair Contracts
As we are approaching the peak season for consumer spending, the Australian Competition & Consumer Commission has recently been promoting awareness of your legal rights when dealing with retailers.
Today's article brings to your attention some of these public statements made by the ACCC which you need to keep in mind when making a purchase.
Moving Home: Same-day Settlements.
When you decide to move your home from your current address to a new premises, it's common to try and sell your existing home, and buy the new home at the same time - and to settle the 2 Contracts on the same day
You may have successfully bought and sold on the same day before - and if it all went smoothly, you'd think it's common-place and the normal thing to do.
We've been waiting for 25 years, but it appears that the Queensland government may finally be about to improve the embarrassingly poor quality of Contracts for the sale of real estate.
The Commercial and Property Law Research Centre at the Queensland University of Technology is a specialist network of researchers with a vision of reforming legal and regulatory frameworks in the commercial and property law sector. The public can make submissions regarding their report up to 10 November 2017.
The Current Situation
The current process requires a Buyer to sign a Contract without the Seller disclosing the most fundamental of information which would directly impact upon whether (i) the Buyer would want to buy the property, and, (ii) at what price the Buyer would be prepared to pay for the property.
Asset Protection: But Who From? One afternoon, Gary was driving home from work. As he approached his house, he noticed a pile of material on the footpath outside his property. The sort of scene you see after a flood, when all your water damaged furniture is dragged onto the footpath ready to be transported to the local tip!
Earlier this year, I mentioned that if a New Zealand citizen intended to buy a Queensland property, it would be a good idea to obtain legal advice (before signing any contract) regarding the amount of transfer duty that might be payable.
At the Property Law Conference held in Brisbane last week, the Office of State Revenue clarified their approach to the treatment of New Zealand citizens.
One of the great advantages of having a SMSF is that the fund is able to buy your business premises, and then to lease the property to yourself (or the entity that conducts your business). If you (or a company or trust that you control) already own your business premises, you can sell the property to your SMSF – but only after obtaining professional advice & following the rules.
When you borrow money from a bank, they tend to be very pedantic. They go to great effort to verify your identity, scrutinise your assets, liabilities & income, and then prepare large & comprehensive loan documents. And yet despite these well established systems, sometimes it goes wrong & the banks lose - in today's example a $3,800,000 loss! When they lose, the bank examines what went wrong, & then refine their systems even more. Don't be surprised if your bank is even more pedantic than the last time you dealt with them.
Life can change in an instant when your future plans are pulled from under your feet! A relationship breakdown requires you to reconsider your plans & restructure your life. Whilst unwelcome, it is the perfect time to make changes to improve your life & protect your future. This is part 2 of a 2 part series.