Q?I am buying a land with a house package, how can I obtain the Great Start Grant?

If you are buying the land and building a house as a first home owner in Queensland, you may be eligible to apply for the Great Start allowance. If you are borrowing money from a bank to buy the land and build the house, you should inform your bank when you apply for finance. Your bank will assist you the application process. If you are not required to get finance to buy the land and build the house, when you obtain the certificate of completion, you may apply directly to the Queensland Office of State Revenue.

Q?Buying and Selling House: I want to buy a residential property. But if I cannot obtain a loan from a bank, how can I terminate the contract?

Before you make an offer to buy a residential property, you should let the real estate agent know that the contract is conditional on you to obtain finance for a sufficient fund to complete the contract.  If you are unable to obtain finance approval, you have the right to terminate the contract.  The seller must return the deposit in full to you.

Q?Buying and Selling House: I am buying a residential property with my partner jointly together, but I have a child in my ex marraige, I wish to give my share to my child, what should I do?

You may inform your solicitor, let your solicitor know your wish.  You can hold the residential property jointly together as tenants in common.  Your share in the residential property will be distributed in accordance with your wish in the “Will”.  Therefore, you should let your solicitor know that you wish to have a Will to ensure your share will be given to the person as you wish.

Q?Buying and Selling House: I am buying a house. Why my solicitor need to do a title search?

When you buy a house, you wish to know whether the seller under the contract is the registered property owner.  Therefore your solicitor must perform a title search to ensure the seller named in the contract is the registered property owner.

Q?What is bankruptcy?

Where a person is unable to pay her/his debts, the person gives up her/his control of her/his assets and finances either by agreement or by court order to avoid legal proceeding from creditors.

Q?How long will a bankrupt be?

In general, a period of 3 years either from the date the person presents own petition or 3 years from providing a complete statement of affairs to the trustee. In certain situation, the period may be extended to 5 to 8 years.

Q?What is annulment of a bankruptcy?

Annulment of a bankruptcy is effectively cancel a bankruptcy. There are 3 ways to do that:

1. pay debts in full
2. enter into a composition or arraignment with your creditors
3. by court order

Q?What is a probate?

Probate is a process to prove and register a deceased last Will in the State Supreme Court. The Applicant is usually the executor of the deceased’s Will. Before applying the probate, the Applicant is required to notify her/his intention to apply for probate through advertisement.

Q?What is a power of attorney?

Generally, there are two types of power of attorney:

1. General power of attorney and
2. Enduring power of attorney

Both power of attorney authorise another person(s) to act or make decision on your behalf. An enduring power of attorney is to authorise another person(s) to make decision in relation to your personal, health and financial when you are unable to make that for yourself in certain situations. You may revoke both types of power of attorney at any time.

The general power of attorney ends when you lose capacity, but a enduring power of attorney will continue effective when you lose capacity.