Learn Why Solicitors are Essential in Property Investments
Engaging a solicitor to provide advice on your new property venture can provide insightful industry relevant knowledge that can further your commercial portfolio. Ensuring you have quality, personalised advice is often the first step many investors take before entering the property market for the first time, and for more tenured clients before considering venturing into new investment opportunities to develop their property portfolio.
Questions to ask your Solicitor Before Purchasing an Investment Property
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- What rights will I have as a landlord?
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- Who bears the onus in any outstanding fees and levies associated with the property?
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- How do I resolve body corporate violations disputes?
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- How can I lawfully market my property?
Most importantly, prior to signing anything you can and should provide any agreements, (be they loan agreements or a contract of sale), directly to your solicitor.
Your solicitor can review the contracts for you and ensure they are not unfairly prejudicial to you, and if so, negotiate better terms on your behalf!
What Expenses Should Be Considered Before Starting the Conveyancing Process?
When it comes to conveyancing, there can be up to thirty different pieces of legislation that govern the transaction, so what seems simple from the outside is in practice a complex interaction between numerous state and federal laws.
If it’s your first time investing in the property sector, it is important to engage a conveyancing solicitor that can advise you of the many expenses and hidden costs associated with both residential and commercial properties. Whether it is your first time purchasing or investing in a property; or you’re looking to enter a new sector of the property industry, a solicitor’s advice can be crucial. Listed below are just a few of the many associated costs that can arise when purchasing an investment property.
Knowing your responsibilities as either a buyer or a seller, and who bears the onus of payment at settlement can prove invaluable as both information, and ensuring you are prepared in time for settlement.
Below we have outlined some of the many expenses you may have to consider before taking the plunge however noting the vast array of legislation, this list in non-exhaustive:
| Expenses Type | Relevant ACTs & Legislation | Relevant Links |
| Council rates | Local Government Act 2009 Current as at 1 July 2022 | https://www.legislation.qld.gov.au/view/pdf/inforce/current/act-2009-017 |
| Investor operating expenses (office supplies etc) | Income Tax Assessment Act 1997 No. 38, 1997 Compilation No. 236 Compilation date: 1 October 2022 Includes amendments up to: Act No. 35, 2022 Registered: 15 October 2022 | https://www.legislation.gov.au/Details/C2022C00301 |
| Primary Loan and LVR expenses | Property Occupations Act 2014 | https://www.legislation.qld.gov.au/view/html/inforce/current/act-2014-022 |
| Land tax | Land Tax Act 2010 Current as at 30 June 2022 and The Revenue Legislation Amendment Act 2022 (Qld) Act No. 14 of 2022 | https://www.legislation.qld.gov.au/view/pdf/2022-06-30/act-2010-015 and https://www.legislation.qld.gov.au/view/pdf/asmade/act-2022-014 |
| Associated Agent fees (i.e Brokers and Auctioneers) | Agents Financial Administration Act 2014 | https://www.legislation.qld.gov.au/view/pdf/inforce/2014-05-21/act-2014-018 |
| Capital Gains Tax | Income Tax Assessment Act 1997 (as above) Section 102-5 of the Act | https://www.ato.gov.au/Individuals/Capital-gains-tax/ and https://www.legislation.gov.au/Details/C2022C00301 |
| Property Compliance and Land Usage requirements | Property Occupations Act 2014 And Queensland Civil and Administrative Tribunal Act 2009 | https://www.legislation.qld.gov.au/view/html/inforce/current/act-2014-022 And https://www.legislation.qld.gov.au/view/html/inforce/current/act-2009-023 |
Other relevant Legislation and Acts to be considered when Investing in Queensland’s Property Sector Include
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- Residential Tenancies and Rooming Act 2008
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- Retail Shop Leases Act 1994
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- Property Law Act 1974
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- The Aboriginal Land Act 1991
Contact Us
Why you should contact Arrow White For Your Conveyancing Needs
Contact Arrow White today and speak with one of our industry leading solicitors for a review of your conveyancing contracts and property needs.
We can help you advise on your rights, responsibilities, and ensure you are compliant with the regulatory bodies.
Our Contact Details
Phone: 1300 ARROW (277 699)
Email: epost@arrowwhite.com.au
Or use the contact form below.
Disclaimer: This publication is intended for general and informative use only and is not to be relied upon as professional financial or legal advice.
Contact our team today for a free quote by clicking the link here or calling us on 1300 277 699.
Matthias Klepper
Matthias Klepper is an accomplished commercial lawyer with over 10 years of experience advising businesses on Corporate, Property and Litigation based matters. His deep knowledge of corporate law, combined with a client-focused approach, has made him a trusted advisor to many leading companies. As an expert in business law, Matthias regularly contributes insights on legal developments and strategies for navigating complex legal frameworks. His dedication to providing clear, actionable legal advice ensures clients remain compliant and informed, fostering long-term success.
