On Monday, the Real Estate Institute of Queensland flagged that it would be releasing a new edition of the Houses and Land and Residential Community Title on January 20 next year.
Ms Mercorella explained how Queensland prided itself on being the state with the “swiftest” property transactions, with most settlements taking just 30 days whereas other places usually require six to eight weeks.Accordingly, Ms Mercorella has still allowed for a faster turnaround in the new law compared to other states.Mark and Maddie missed out on their dream home and were also left thousands of dollars out of pocket.
That’s something that both Dr McKinnon and Mark Trau wished had been in place when they embarked on buying their very own homes.Dr McKinnon, whose $29,000 home deposit is in limbo after a three-month legal battle with her vendor, said: “The fact that this legislation is changing shows it’s really punitive on buyers.”
Against the backdrop of the nation’s property boom, she assumes the vendor expected they could get a lot more money from another buyer.Dr McKinnon has also had to shell out tens of thousands in legal fees and is facing homelessness if the conflict isn’t resolved, because she is currently renting on the property she was planning to buy.
“Unfortunately, necessary information required for settlement was not provided in a timely manner. We understand the difficult and stressful situation a delayed or incomplete settlement can cause a customer and we are committed to working with Dr McKinnon to see how we can best assist.”Meanwhile, young Brisbane couple Mr Trau and Ms Goyder, aged 30 and 27, are all too familiar with the bizarre rule in Queensland’s property law.
“It was part of the money we’d been saving up from the beginning of our working lives,” Mr Trau said.
The author of this article is bloody useless at crypto and blockchain.. it is embarrassing. She should get a 13th internship in the industry to skill up!
Shouldn’t the bank cough up if it was their error in these cases?