KNOWLEDGE CENTRE

Residential Conveyancing: Frequently Asked Questions

When buying or selling your property and going through the conveyancing process, it's not uncommon for both the buyer and the seller to have a lot of questions.

These can relate to from how the entire process works, to specific questions about the documents you receive from us. Below are just a few of the questions we often get asked at Enterprise Legal and their answers!

 

Should I Get My Draft Contract Reviewed?

Yes, it is important for both Buyers and Sellers to get the draft contract reviewed. Small administrative errors such as misspelt names or incorrect property details have the potential to cause delays of Settlement or even financial loss when getting the contract amended. It is also important to be aware of all of your rights and obligations under the contract before signing and to ensure everything that has been agreed between the parties is documented correctly prior to signing.

 

Why Is There So Much Paperwork?

Conveyancing in Queensland is guided by a considerable number of State and Federal Legislations as well as specific guidelines which need to be followed. Due to this it is critical that we provide you with as much information as possible outlining your rights and obligations under the contract and equally obtaining as much detail of yourselves and the property to ensure we can meet all of the requirements. It is, after all, a substantial investment you are making! Our First Letter Pack contains a questionnaire that we require you to complete which will provide us with all the information you know about the property, so we then have that knowledge and we can tailor our advice to you based on your specific circumstances and the property.

 

Why Do I Need To Do The Essential Searches? (Buyer)

The essential searches that we undertake are completed for multiple reasons. Searches like Rates and Water Meter Readings are done to ensure that at Settlement, the correct adjustments can be made to account for the Sellers portion of the levies for the current period and that any unpaid rates with Council have been paid. Searches like QCAT and Court Searches ensure that there are no proceedings against the Sellers and/or there is nothing affecting the seller’s ability to sell the property. It is important to do these searches now to avoid potential consequences later or even after Settlement.

 

How Do I Get My Keys Following Settlement? 

Once Settlement has taken place, we will give you a call to confirm the exciting news. We then confirm with the Agent that they are authorised to release the deposit to the seller and to release the keys to the buyer. This is when you arrange with the Agent directly to collect the keys.

If it is a private sale, keys can be exchanged at settlement with the Solicitors, or between the Buyer and Seller directly.

 

At Enterprise Legal we aim to make the process of buying or selling your property as streamlined and stress free for you as we can. Most importantly, this is an exciting time for you and we want you to feel that way!

If you are in the process of purchasing a residential property, EL offers a competetive fixed-fee rate of $1,100 + disbursements, and if you are selling your residential property, our fixed fee is $660 + disbursements.

Get started today; contact EL’s Property Conveyancing team for a hassle-free property transaction:

☎️ | (07) 4646 2621
✉️ | Submit an Online Request


Oh Look! A Creditor’s Statutory Demand

If you have received a Creditor’s Statutory demand DO NOT DELAY! It is essential that you act and immediately seek legal advice.

The 21-day time limit is very strict and time starts ticking from the moment of delivery to your registered office. This may mean that you already do not have the full 21 days and your options decrease in proportion to the amount of time you have left.

 

1. Be Alert, Not Alarmed

The first step will be to ascertain WHEN exactly the Creditor’s Statutory Demand was served upon your Company’s registered office. A date stamped on the received envelope can be useful. Otherwise, if it was posted to your street address, please keep the envelope as it may be possible to utilize the Australia Post tracking number to ascertain the delivery date.

 

2. Does It Really Matter If I Don’t Know The Exact Date?

It might. The 21-day time frame is strict and cannot be extended. At the expiration of the 21-day time frame a ‘presumption of insolvency’ automatically arises and the presumption exists for 3 months. This presumption can expose your company to an application to the Court for an order that the Company be wound up and a liquidator appointed. Besides losing control over your company and its bank accounts, assets, existing business networks and good will, this can also have adverse consequences on you personally as a director.

 

3. What Are My Options?

a) Call your Enterprise Legal advisor as soon as possible. We will ascertain whether:

i. the Demand is technically compliant with the legislation;
ii. the Demand was properly served; and
iii. the debt is disputed.

b) Depending on those results, most options include:

i. Pay the demand in full and satisfy the debt;
ii. Instructing Enterprise Legal to write that the debt is disputed and include available evidence in support, note any technical failings and demand that the Creditor’s Statutory Demand be withdrawn; or
iii. File and serve a Supreme Court application to have the Creditor’s Statutory Demand set aside.

 

All 3 of the available options MUST occur within the 21-day period, otherwise your company will be statutorily presumed insolvent. There is an exponential increase in costs to save your company after the 21-day deadline has passed.

Have you been served with a Creditor's Statutory Demand?
Front-foot it by making an appointment with EL's Principal Legal Advisor - Disputes, Kirsten Woolston to discuss your options:

☎️ | (07) 4646 2621
✉️ | Submit an Online Request


Debt Collection Toolbox: Crack Open a Company With A Creditor’s Statutory Demand

A Creditor’s Statutory Demand (or commonly referred to as a CSD) is a technical letter of demand. It is issued per section 459E of the Corporations Act 2001 (Cth) against corporate entities where the issuing creditor has good reason to believe that there is no dispute in relation to the debt owed.

A CSD can be either supported by a Judgment of a court or an Affidavit and the demand must meet the statutory minimum amount of $4,000.00.

 

How Does a Creditor’s Statutory Demand Work?

The CSD provides a notice period of 21 days in which the debtor company must act. There are strict rules about service and the calculation from the date on which the CSD is delivered. If no action is taken within those 21 days, a presumption of insolvency automatically arises.

This acts as a short cut and for a strict period of 3 months can be used by either the issuing creditor or any other creditor who becomes aware of an expired CSD.

 

What Happens Next?

A presumption of insolvency means a company is presumed to not be in a position to pay its debt as and when they fall due. This then supports a creditor making an application to the Court to wind the company up and appoint a liquidator.

A liquidator has extensive powers to enable him/her to realise (recover or sell) the company’s assets and to also ask tricky questions of the directors such as: Where did all the money go?  Monies realised are then disbursed between all known unsecured creditors.

If a company owes you a debt equal to or greater than $4,000.00, use of a CSD may be suitable. It is not an everyday debt collection tool, but when used properly it can be highly effective.

 

Has your company been served with a Creditor’s Statutory Demand?
Find out what you need to urgently do by reading EL's Knowledge Centre article 

If you need to discuss your company's debt recovery options, get started by making an appointment with EL's Principal Legal Advisor - Disputes, Kirsten Woolston:

☎️ | (07) 4646 2621
✉️ | Submit an Online Request


 General Retail Industry Award Wage Increased by 2.5% On 1 September 2021 | Enterprise Legal

As you would have seen in our previous annual wage increase article published in June, the Fair Work Commission announced that it would be rolling out its annual wage increase in stages as a knock on effect of the previous staged increases at the start of the COVID-19 pandemic.

On 1 September 2021 the minimum wages contained in the General Retail Industry Award increased by 2.5% as part of this staged rollout. Employers in the retail industry should ensure that they appropriately review their staff wages and not delay in actioning this increase.

The final stage of the increase rollout will take place on 1 November 2021, with the following Awards increasing by 2.5%:

  • Air Pilots Award 2020

  • Aircraft Cabin Crew Award 2020

  • Airline Operations – Ground Staff Award 2020

  • Airport Employees Award 2020

  • Airservices Australia Enterprise Award 2016

  • Alpine Resorts Award 2020

  • Amusement, Events and Recreation Award 2020

  • Dry Cleaning and Laundry Industry Award 2020

  • Fitness Industry Award 2020

  • Hair and Beauty Industry Award 2010

  • Hospitality Industry (General) Award 2020

  • Live Performance Award 2020

  • Mannequins and Models Award 2020

  • Marine Tourism and Charter Vessels Award 2020

  • Nursery Award 2020

  • Racing Clubs Events Award 2020

  • Racing Industry Ground Maintenance Award 2020

  • Registered and Licensed Clubs Award 2020

  • Restaurant Industry Award 2020

  • Sporting Organisations Award 2020

  • Travelling Shows Award 2020

  • Wine Industry Award 2020

 

To learn more about the wage increase or to receive advice regarding how to best manage award wage increases throughout your business, contact EL's dedicated Workplace Relations team today:

☎️ | (07) 4646 2621
✉️ | Submit an Online Request