In this segment we explain the importance of understanding how risk works when buying a property in Qld. Under the REIQ contract the risk in the property shifts from the seller to the buyer the date after the contract date. Why is this important and why should buyers care? We have recently had clients sign a contract without us checking it first. The result: they signed a contract that had a tenant in the property and unknowingly assumed all risk in that property extending to the tenant, as soon as they were bound to that contract. Why would any buyer place themselves in a position of risk like this? Most if not al buyers are completely unaware of this provison in the REIQ contract that has been there for years. And agents are not telling buyers or at least alerting them to perhaps changing the contract so the risk stays with the seller. Needless to say, the buyers were horrified to find out that they were potentially liable or liable from the contract date for properties that had a tenant. And waht about those properties that have occupiers under an Air BNB arrangement? These arrangements should be disclosed by sellers before buyers sign a contract and most times they are not. Thus a buyer unassumingly signs a contract and accepts the risk in that property without knowing that the property has one or several air bnb occupiers until settlement. If we get to check the contract before you sign we can ask the relevant questions and get the contract changed to suit the circumstances. Buyers, do not sign a contract until it is checked by an experienced property lawyer.
https://www.youtube.com/watch?v=zRk3rJ7WaQE
Despina firmly believes that being in the privileged position of a solicitor that she gives back to the community when she can. This has been transcended into her weekly radio show 'Talking Law' that is broadcast on the Gold Coast each Thursday on 104.1FM Gold Coast/Tweed & 103.5FM Northern Rivers and has been going strong now since 2020. Despina talks about various hot topics at local, state and federal level, and answers the questions that ordinary Australians want to hear. And the best part, it is free. Despina is not paid for her time on air and she enjoys the fact she can give back to the community in this manner. Knowledge is power and her radio show is very much about empowering the ordinary Australian with information that they should be aware of to help them in every day life. Despina has a very big following on air and online with a facebook community page for the radio station and is always happy to talk with listeners off air.
All episodes of Talking Law with Despina are uploaded on the Priala Legal website and onto our YouTube channel here: https://www.youtube.com/channel/UCWmG7z-wIbsHY9KhFfrrWwQ in case you missed it live. We are now up to 255 episodes!!!
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Catch us live on Radio 97 every Thursday morning at 8:30am (7.30am during Daylight Saving from October to March) on 104.1FM Gold Coast & 103.5FM Northern Rivers. Part of the Australia wide Super Radio Network across the country.
If you have any question you would like answered please contact us and we will do our best to answer them for you.
DISCLAIMER: The information discussed within the Talking Law videos is general in nature only and is not intended to be comprehensive, nor does it constitute legal or other advice in anyway, and should not be relied upon as such. The information is intended only to provide a summary and general overview on matters of interest and it is not intended to be comprehensive. You should seek legal or other professional advice before acting or relying on any of the content herein.
Posted By Despina Priala
Despina Priala has practised in property and commercial law on the Gold Coast for over 25 years and has extensive experience in this area.
Updated : 24th March 2023 | Words : 280 | Views : 134
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