Queensland, Australia's "Sunshine State", has a superior geographical location, abundant natural resources and a good investment environment. In recent years, China-Kunming relations have developed healthily and economic and trade cooperation has been deepened.

Australia's "Sunshine State"Queenland Grade location, abundant natural resources, good investment environment, and developed mining, agriculture and tourism industries. In recent years, China-Kunming relations have developed healthily and economic and trade cooperation has been deepened. More and more Chinese-funded enterprises have come to Queensland to carry out investment and trade business. Queensland has become one of the hot spots for China's investment in Australia.

Due to the lack of Chinese information introducing the investment environment and laws and regulations of Queensland, Chinese investors lack the necessary understanding of Queensland's investment situation and have encountered many problems in the process of business expansion and investment selection. As the target of investment, real estate transactions account for the most, their relevant legal information is also the most concerned by Chinese investors. It should be noted that the real estate transactions referred to in this article are mainly second-hand housing transactions .

In order to enable Chinese investors, especially Australian new immigrants and real estate buyers, to better understand the relevant investment legal environment in Queensland, this article will summarize and summarize the relevant investment legal environment in Queensland (Queensland) "1974 7-year property rights law" , "1994 Land Law" and "1975 Foreign Acquisition and Takeover Law" , and summarize the Queensland real estate transaction laws through the following key points of the regulations listed below. is mainly the following chapters :

1. Queensland real estate transaction legal guidelines (1) – Top 10 "problems" clauses in real estate contracts
2. Queensland Real Estate Transaction Legal Guide (2) – Real Estate Transaction Process (Part 1)
3. Queensland Real Estate Transaction Legal Guide (3) – Real Estate Transaction Process (Part 2)
4. Queensland Real Estate Transaction Legal Guide (4) – Main Taxation and (First) Property Subsidy

It should be pointed out that the current Australian investment environment is constantly changing, and there are differences among investors in their own background, investment field or direction selection, this article only provides general reference for readers and does not intend to provide any case legal advice. The content is protected by the author himself and the author and the column platform expressly do not bear any responsibility for the consequences caused by relying on any content in this article.

The following share with you " Australian Queensland Real Estate Transaction Legal Guide (1) Top Ten "Problems" Terms in Real Estate Investment Contract "

1. Reader FAQ : Lawyer Lin, I don't have an Australian green card, and the agent said that I can also buy Australian real estate. Is it true?

Interpretation of key terms – FIRB:

The Foreign Investment Review Board (FIRB) stipulates that if a person who does not have Australian nationality or permanent residence wants to buy a property in Australia, he or she needs to submit an application to the Foreign Investment Committee (from July 1, 2017, the minimum application fee is 5,500 Australian dollars/per property purchase). Only after the application is approved can you engage in property purchase.

If the property attribute is distinguished by property attributes, the Foreign Investment Committee stipulates the property purchase behavior of overseas people as follows:

1. New house (pre-existing house):

• Take residential houses as an example. Foreigners can only purchase brand new properties, that is, pre-purchase houses or properties that have been built but have never been sold;
• can choose to live in for yourself or choose to invest;
• has nothing to do with the visa status;
• can be exempted without application in some cases, common such as the buyer is a New Zealand citizen, the buyer's spouse is an Australian citizen, the buyer and his spouse purchase residential houses in a common way, the developer's project has been pre-approved by the Foreign Investment Committee, etc.

1. Second-hand house:

• If the buyer has a temporary residence status in Australia, that is, a visa that lives in Australia and holds allows the buyer to live in Australia for more than 12 consecutive months, he can purchase a second-hand house for self-occupation purposes, but he still needs to apply to the Foreign Investment Committee and obtain approval;
• At the same time, the temporary residence visa owner must also meet the following conditions:
• The property must and only be used for self-occupation purposes;
• The property must be used for self-occupation purposes;
• At the same time, the property must be used for self-occupation purposes;
• The property must be used for self-occupation purposes; l11
• No part of the property can be rented out;
• This property must be sold within 3 months after the property is no longer used as the main residence;
• When the visa expires or changes are made, or if it does not live in this house, or if the house is sold, it must notify the Foreign Investment Committee;
• If the Foreign Investment Committee requires any supporting documents to review the home purchase application, it must cooperate to submit it.

1. Reader FAQ : My wife doesn’t let me buy this property anymore, but I signed the contract the day before yesterday! What to do?

Interpretation of key terms – Cooling-off period:

• When the buyer and seller sign the contract and the buyer or his lawyer receives the signed contract, according to the law, the buyer enjoys a contract cooling-off period of 5 working days (the auction often does not have a cooling-off period).
• During this period, the buyer can terminate the contract at any time, but the seller can ask the buyer to pay a fine equivalent to 25% of the contract target amount.

1. Reader FAQ : Lawyer Lin, this house buying contract is too long! They are all in English, just like a heavenly book! How to read it?

key terms interpretation – standard contract terms:

• The most common contract in Queensland housing transactions is the REIQ contract, which has been double reviewed by the Queensland Bar Association and the Real Estate Association. However, this does not mean that all procedures for using a standard contract will be simplified.
• In fact, if the buyer does not hire a lawyer, he needs to read the terms of the contract very carefully and understand clearly the various possible situations. If the buyer fails to perform the terms of the contract in accordance with the actual performance of the contract, it may lead to the termination of the contract by the seller. The time specified in the contract is crucial to the execution of the contract.

1. Reader FAQ : I have a friend who signed a house purchase contract two weeks ago, but the flood last weekend was a bit flooded the wooden pillars on the first floor. The buyer asked the seller to repair it, but the seller was unwilling to beat him to death. What should I do?

Interpretation of key terms – Risk transfer:

• REIQ standard contract stipulates that the liability risk of a house is transferred from the seller to the buyer from 5 pm on the first working day after the contract is signed. If the house is damaged after that, in case of natural disasters, fires, or other accidents, even if the transaction has not been fully completed, the losses will be borne by the buyer.
• The buyer needs to arrange appropriate insurance as soon as possible after the contract is signed to protect his rights and interests, otherwise it may cause unnecessary economic losses. If the buyer needs to make a loan from the bank, most banks will also require the buyer to purchase home insurance first. If you purchase an apartment or a one-piece villa, which has the involvement of owners' committee, the owners' committee will purchase common housing insurance.

1. Reader FAQ : If the loan cannot be downloaded or I am not satisfied with the loan amount, can I cancel this house purchase contract?

key terms interpretation – loan terms:

• REIQ standard contract stipulates that house purchase and sale can be based on the buyer's successful loan approval from the "loan bank" before the expiration of the "loan date", and the loan conditions satisfy the buyer, provided that the three items "loan amount", "loan bank" and "loan date" in the contract must be filled in correctly. In other words, if the buyer still fails to get a satisfactory loan after hard work, the contract can be terminated on this ground.
• contract also requires the buyer to do his best to arrange the loan. If the buyer does not arrange the loan, or is unreasonable when deciding whether the loan terms are satisfied, it will be considered a default. In this case, the seller will be able to confiscate the entire deposit and may also claim compensation for the losses caused. If the buyer cannot obtain loan approval before the loan date, the seller may be notified to terminate the contract.
• Before confirming the successful loan from the seller, the buyer must carefully read the terms on the loan contract and make sure that all loan conditions are acceptable. Once the loan is confirmed to be successful, but the bank is unable to provide the loan in the end, resulting in the inability to close the transaction on time, the buyer may lose all the contract deposit and be asked to compensate the losses caused to the seller.

1. Reader FAQ : Through the construction and pest inspection report, if I find that there are very serious termites in this house, can I cancel the house purchase contract?

Interpretation of key terms – Construction and pest inspection terms:

• REIQ Contract stipulates that the contract can be based on the buyer’s satisfactory written housing inspection and pest inspection report. Like the loan terms, both "inspection time", "house inspector" and "pest inspector" must be filled in correctly, otherwise this clause will not take effect.
• Similarly, the buyer must try his best to arrange an inspection and get a report. If the buyer does not arrange an inspection, or is unrealistic when judging whether the inspection results are satisfactory, it will be considered a breach of contract. If the buyer still feels that the report results cannot satisfy it under reasonable consideration, he or she can submit a termination of the contract to the seller. This requirement must also be made before 5 pm on the day of the inspection specified in the contract.

1. Reader FAQ : The seller gave me some promises on the phone yesterday. How can I avoid him from denying it?

Interpretation of key terms – Special terms:

• The terms reached by oral commitment are difficult to obtain evidence, so it is difficult to protect the buyer. Therefore, we recommend that any terms be concluded in writing to the contract.
• REIQ Contracts can be attached with special terms. But when writing special terms, you must be very careful not to cause the contract to be unclear. If special terms are included, it is recommended that you consult a lawyer who will draft the terms as you wish to ensure your best interests.

1. Reader FAQ : This property has a swimming pool, but it seems that it has not been taken care of for a long time. How can we prove that this swimming pool can still be used safely?

Interpretation of key terms – Swimming Pool Safety Certificate:

• Before reaching the contract, the seller is obliged to provide the buyer with an disclosure statement indicating whether the property contains a swimming pool and whether the swimming pool has a swimming pool safety certificate.
• If the seller cannot determine whether the swimming pool can be used safely, the seller is obliged to ask a licensed swimming pool inspector to conduct a pool safety inspection to ensure that the pool complies with safety regulations such as signs, guardrails and building codes.

1. Reader FAQ : Lawyer Lin, what investigation can you do to protect me from being deceived in this real estate transaction?

Interpretation of key terms – Various surveys:

• During the period after the contract is signed and before the transaction is completed, the buyer should arrange various necessary investigations to ensure his rights on this property. Generally, you need to go to the Titles Office for investigation, including house ownership investigation and planning drawing investigation.
• Property investigation can determine the mortgage loan registered on this property, as well as the existence of any obstacles (such as others' right of way or ancillary buildings, etc.), and can also check whether the number on the contract is correct. The buyer should also obtain the drawings of the land to be purchased by the property office to ensure that the land registered with the government is indeed what he is going to buy, and that the area on the contract is not written incorrectly.
• buyer can also ask the government to conduct the following investigation to the government:
• how much municipal fees are required for this property, whether there are any arrears of fees; how much water fees are there in
• , and if necessary, you can arrange a special water meter survey;
• What is the government-standard purpose of this plot;
• sewage drainage design drawings of the house;
• whether there is a record of flooding;
• construction report records and trial approval records that have been submitted to the government by
• .
• The buyer also needs to investigate with the government's local tax department whether the current homeowner needs to pay local tax on the property. Additionally, the transportation planning department can tell buyers whether the government has plans to requisition the land now or in the future.
• According to the location of the property and its characteristics, some customers may need to do some special investigations: measurement of the boundary of the
• plot; investigation by the Queensland railway department; investigation by the
• company investigation to determine whether there are company debts, etc.; investigation by the
• environmental protection department to determine whether the plot has been contaminated; investigation by the
• high-voltage wire survey; investigation by the
• cultural heritage survey; investigation by the
• management company, etc.

1. Reader FAQ : After the house is delivered, is there any red book similar to China given me to prove that I am the owner?

Interpretation of key terms – Property transfer file:

• Transfer file is an important document that provides government departments with detailed information on housing purchase and sale. After the buyer pays stamp duty, he must stamp the stamp duty paid on the transfer document.
• If you entrust a lawyer to handle the house purchase and sale, the lawyer will handle the procedures for you and pay stamp duty on your behalf. If you choose to complete the transaction process yourself, you need to pay stamp duty at the Office Of State Revenue and stamp the transfer document. After the transaction is completed, the buyer or the buyer's loan bank needs to submit an application for transfer registration to the property office, register the buyer as the owner of the property, and register the loan bank as the mortgage owner.
• After registration, the property rights office will inform the corresponding government departments of the changes in the property rights of the house, such as the municipal government and the state finance and taxation departments. If the property you purchased is a property managed by a management company such as a one-piece villa or a city apartment, you also need to fill out the corresponding form and notify the management company of the property rights change.
• The government department will not actively provide the entity's property rights certificate, and the owner needs to apply for it on his own initiative. However, owners can find proof of property ownership through Title Search.

Statement: "Legal Column" is for general reference only and does not intend to provide any case legal advice. The content is protected by the author himself and the author and the column platform expressly do not assume any responsibility for any consequences caused by relying on any content in this article or taking no action.

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