In This Issue

• eNews index
• The ins and outs of put & call options
• QLS conveyancing protocol updated
• Sales to non-citizens - What approvals are needed?
• News you can use...
• New in LawSpace

What others have had to say about CCL LawSpace Conveyancing

 

QLS conveyancing protocol updated

The Queensland Law Society has updated the protocol that governs how residential and commercial property transactions are conducted in the state.

The QLS notified solicitors on 10 September that they must now call clients’ attention to each of the following:-

• any contract that provides a deposit is “non-refundable in any event” (because this might lead to the transaction being interpreted as an installment contract).
• if a contract provides that GST is payable on a deposit that is forfeited.
• if the transfer is not correctly executed, then they may have to be returned to the Seller for re-execution and this could delay settlement.
• if a company signs the transfer under a Power of Attorney, it must be registered in the titles office before the transfer can be registered.
• if the buyer is buying off-the-plan and the contract is conditional upon an exemption being granted, application must be made within 30 days of the Buyer signing the contract, whether or not the Seller signs.

The Protocol commenced in 2006. Its purpose is to specify the extent of enquiries, investigations and other work that solicitors must perform and advice they must give when conducting conveyancing on behalf of buyers and sellers.

The effect of the Protocol has been to:-

• increase the extent of work solicitors must perform in each transaction (and hence the fees charged);
• specify mandatory standard "searches" to be performed in respect of a purchase,;
• require solicitors to inform buyers of some optional "searches" and leave it to the buyer as to whether or not the buyer wants them done;
• make the cost of "searches" associated with a purchase much the same regardless of which solicitor is conducting the transaction.

Despite the Protocol being in force for nearly 3 years, many law firms still do not comply and in so doing put their clients' transactions at risk.

There have been numerous amendments to the Protocol since 2006.

The QLS has estimated that reasonable professional fees of doing the conveyancing legal work for a Buyer, and strictly following the Protocol, are about $1,700 plus outlays plus stamp duty.

CCL's conveyancing fees for a buyer start at $770 plus outlays plus stamp duty. LawSpace document and data access is included free of charge for clients. CCL is 100% QLS Protocol compliant.

"Josh is very professional, helpful and kept me up to date with where things were at. There were a few minor settlement issues (relating to the seller) and I believe Josh dealt with these extremely well."
Pip