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Conveyancing & Property Law

Our experienced conveyancing and property team delivers proactive advice and personal service for a range of transactions. We liaise with all relevant parties (accountants, financial professionals, brokers, etc.) to deliver as comprehensive and seamless a transaction as possible for our clients. We can help with:

  • Residential Conveyancing
  • Commercial Property Sales and Acquisitions
  • Business Sales and Acquisitions
  • Commercial and Retail Shop Leases
  • Limited Recourse Borrowing Arrangements & SMSF Transfers
  • Family Transfers and other Property Matters

Buying and Selling Residential Property in Queensland

We can assist with all aspects of your residential conveyancing transaction.

If you are buying, we recommend conducting due diligence and having us review the contract before signing it to ensure that all necessary information and obligations are properly addressed.

Apart from some exceptions (for example, auction sales), a cooling-off period of five business days applies for purchasers of residential property in Queensland. This allows a buyer to withdraw from the contract within five business days of receiving a copy signed by both parties. If exercising these cooling-off rights, 0.25% of the purchase price is forfeited. The cooling-off period is often used for a buyer to seek legal advice, confirm that finance can be obtained, or have pest/building inspections carried out, however subject to finance or pest/building inspection clauses might already be included as conditions in the contract.

If you are selling your property, the agent usually prepares the contract which outlines the terms and conditions of the sale, the deposit, the settlement date, and any special conditions. Certain disclosures must be made in the contract – as each property is different, you should obtain advice specific to your property and circumstances.

Commercial Property Sales & Acquisitions

A commercial property is one intended for business purposes, as opposed to a residential property used as a dwelling. Commercial property includes office space, industrial buildings, vacant land, and retail shops. While similar to a residential conveyancing transaction, commercial property often involves greater risk and additional considerations, such as comprehensive due diligence, using the right ownership structure, the implication of GST and other taxation matters.

Commercial and Retail Shop Leases

A commercial lease governs the relationship between a landlord and tenant regarding the tenant’s right to occupy premises to carry out its business operations. It is a serious legal and financial undertaking for both parties and accordingly, the arrangements should be reviewed by an experienced lawyer.

For premises defined as ‘retail’, the leasing arrangements will be regulated under the relevant retail leasing legislation in that jurisdiction, and the landlord will have specific disclosure obligations.

Leasing disputes typically arise because the lease agreement is ambiguous or does not contain provisions to deal with the many contingencies that can arise during the term of the lease. In other cases, the parties simply don’t understand their rights and responsibilities under the lease. A well-drafted commercial lease with clear terms puts the parties on the same page at the beginning of the relationship and helps avoid leasing disputes down the track. We can assist with drafting, reviewing, and negotiating the terms of a proposed lease agreement as well as lease renewals, transfers and assignments.

Buying Property through your Self-Managed Superannuation Fund (SMSF)

An SMSF is permitted to borrow money to buy certain investment property subject to strict rules and regulations through a limited recourse borrowing arrangement. Under this arrangement, the lender holds the property as security and any existing or other assets held by the SMSF cannot be used for additional security. The property must support the SMSF’s investment strategy in building wealth for retirement – it must meet the sole purpose test which precludes certain property choices.

The SMSF must establish a ‘bare trust’, a special purpose trust created to hold the property on trust for the SMSF. The bare trust is the registered owner of the property until the loan is repaid, after which ownership reverts to the trustee of the SMSF.

Buying property through an SMSF can be a viable investment strategy, however is a complex process. Any proposed transaction must meet the fund’s financial objectives and comply with the various rules under superannuation and taxation laws. Getting advice and guidance from qualified professionals is critical to ensure the transaction is correctly structured and avoids pitfalls.

If you need help, contact one of our lawyers at [email protected] or call 07 3839 7555.