Have you ever found yourself competing for a property with another buyer? Recently I had the situation where two prospective buyers submitted simultaneous offers, in the form of contracts of sale, to purchase a property. As you can imagine it usually works out to be fortuitous for the seller as multiple offers often produce a higher purchase price and on occasion better terms and conditions. However, it can be a stressful situation for all involved - including the Agent! On the flip side of one happy buyer and seller of course, is a buyer that misses out. Although not mandated in the Property Occupations Act 2014, best practice suggests an Agent should inform prospective buyers of the fact, in writing, and obtain written acknowledgement fr . . .
CHANGES TO FOREIGN RESIDENT CAPITAL GAINS WITHHOLDING RATE & THRESHOLDSource: ATO On 9 May 2017, the Government announced proposed changes to the foreign resident capital gains withholding (FRCGW) rate and threshold. The changes will apply to contracts entered into on or after 1 July 2017: for real property disposals where the contract price is $750,000 and above (currently $2 million) the FRCGW withholding tax rate will be 12.5% (currently 10%) The existing threshold and rate will apply for any contracts that are entered into before 1 July 2017, even if they are not due to settle until after 1 July 2017. Background Australian resident vendors selling real property will need to obtain a clearance certificate from the ATO prior . . .
Just recently, as happens from time to time, a buyer asked me why he had to pay a large deposit. “My finance broker said I only need to put down $1,000” Legally this may be the case, deposits are negotiable in Queensland, but in reality a seller taking their property off the market is going to feel ‘at risk’ if the buyer offers just a small deposit. A seller will consider your offer much more favourably if the deposit reaches 5 – 10% of the purchase price. Remember, unless a condition is inserted into the contract a seller is bound to the buyer from the date of the contract. This means that he will have his property off the market until the buyer settles and the buyer is offering to risk a measly $1,000 for t . . .
It's common for questions to arise whenever a property goes back onto the market after having previously been under contract. Buyers will usually ask why the sale didn't go through, is there something wrong with the property? When a buyer and seller agree on price and term . . .
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Have you ever found yourself competing for a property with another buyer? Recently I had the situat . . .
Posted By Shelley Fuller on Friday 25th January 2019
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CHANGES TO FOREIGN RESIDENT CAPITAL GAINS WITHHOLDING RATE & THRESHOLDSource: ATO On 9 May 2017 . . .
Posted By Cathy Kershaw on Friday 30th June 2017
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Just recently, as happens from time to time, a buyer asked me why he had to pay a large deposit. &ld . . .
Posted By Annette Sinclair on Friday 31st July 2015
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