Real estate contracts and electronic signatures

Real estate contract electronic signatures

Whether you are a property investor, buyer’s agent, or real estate agent at some point you have likely had to deal with the scramble of finding a printer and scanner in the middle of nowhere to execute a real estate contract that is time critical.

Fortunately technology solutions have progressed considerably in online document management and electronic signatures over the prior few years. To the extent that if you can receive a mobile signal, seamless curation and execution of real estate contracts can easily be achieved over mobile devices within minutes, not hours. 

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How to check if a buyer’s agent is licensed?

Buyer's agent licence

When engaging the services of a buyer’s agent you should ensure they, or the buyer’s agency, are licensed to act on your behalf in the state or territory you are purchasing property in. There are different licensing requirements in all states and territories, and there have been instances of agents acting outside legislation by representing buyer’s in jurisdictions where they don’t hold a licence. (more…)

Are buyer’s agents fees tax deductible?

Are buyer's agents fees tax deductible

With the ATO paying more attention to property investors we thought it prudent to cover one of the most common questions posed to us here at BAG, are buyer’s agents fees tax deductible? In short it depends on the services rendered that compose the buyer’s agent fees.

The most common service that clients wish to know whether or not the buyer’s agent fees are tax deductible for, is when they have engaged and paid an entity or person to find them a suitable property to purchase. (more…)

Property Titles and Real Estate Investing

There are varying types of ownership in regards to Australian real estate, however the most common by far is freehold ownership. The others include leasehold ownership which has a finit limit and crown land where the commonwealth/state has the power to sell, lease or dispose of land. For the purpose of this article however we are focused on title specifics associated with freehold ownership.

When investing in property you need to not only determine the type of property you want but also the title arrangements you are willing to consider, as these will have investing implications and enforce certain responsibilities on you as the owner. (more…)

Tax Depreciation with an Investment Property

Depreciation is a complex area, however all property investors should have grasp on some of the subtleties surrounding it and how they can benefit from these. Depreciation is an accounting term and describes the general wear and tear of an asset, which occurs over the time that you own it (also called its ‘useful life’). Typically a building won’t appreciate in value, it is the underlying land value that does (there are some edge cases where this doesn’t always hold true).
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Researching Infrastructure Development Plans for an Investment Property

You would have heard it a thousand times before but when it comes to an investment property one key piece of the puzzle (cliché) is location, location, location. When searching for the right investment property it is essential to ensure there is real demand for rental properties in the area and they have the potential to yield good rental returns. One great indicator for this type of demand is infrastructure and amenities in the area (current and planned) which this post aims to give you some research tips on seeking out.
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Body Corporate and Community Management and Other Legislation Amendment Act 2010 (Queensland)

Body Corporate and Community Management and Other Legislation Amendment Act 2010 was passed on the 6 April 2011 with commencement beginning from the 14 April 2011. Changes to the disclosure regime under the Body Corporate and Community Management Act 1997 (Queensland) (BCCM Act) apply to contracts both issued after 14 April 2011 and to contracts already issued to proposed buyers, but not yet signed by both parties by 14 April 2011. The changes relating to lot entitlements also takes effect from the 14 April 2011, whilst changes relating to two-lot schemes will commence on a later date to be fixed by proclamation.
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What formal requirements are there to be a Buyers Agent

It is essential before engaging the services of a Buyers Agent to confirm they are licensed or authorised to deal in property.
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Giving your Buyers Agent a Letter of Authority or Power of Attorney to bid at auction

Typically Buyers Agents will offer their services to bid on a client’s behalf at auction.

There is a multitude of rationales why a client would use these services from simply being unable to physically attend the auction, inexperience with auction bidding and wanting to remove emotion from the decision, to a bidding strategy where anonymity is beneficial i.e. the client may already own 3 apartments in a complex, and wishes to purchase the 4th and final apartment.
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Property Agents and Motor Dealers and Other Legislation Amendment Bill 2010 (Queensland)

The Property Agents and Motor Dealers and Other Legislation Amendment Bill 2010 (the PAMD Bill) was introduced to Queensland Parliament on 24 March 2010 and passed on 17 August 2010. The bill was to come into effect from the 1 October 2010. Its purpose was primarily to make amendments (particularly within Chapter 11) to the Property Agents and Motor Dealers Act 2000 (PAMD Act) and the Body Corporate and Community Management Act 1997 (BCCM Act).

Amendments to the PAMD Act are intended to clarify and simplify property transactions for real estate agents, sellers and buyers, particularly regarding the presentation and delivery of residential property contracts. Previously minor breaches in presentation or delivery of a contract, for example faxing pages out of correct order, allowed buyers to void the contract. (more…)