Craig Ray & Associates

Blog

  • We’re now ‘PEXA ready’

    We’re now ‘PEXA ready’

    We are pleased to announce that last week Craig Ray & Associates was confirmed as a Property Exchange Australia (PEXA) subscriber. This means that we have been accepted and are ready to begin transacting as a user in the new national electronic conveyancing platform.

    PEXA is live in NSW and Victoria, however, the release date for Queensland titles and banking transaction has been extended to May 2015, and is anticipated to be extended further.

    Once live in Queensland, Craig Ray & Associates will be able to offer our clients the PEXA platform to quickly and directly conduct their conveyance settlements, reducing delays from CBD settlements, funds clearing and eliminating the use of paper documents and bank cheques.

  • Craig Ray & Associates bids farewell to Michaela Sherry

    Earlier this month the firm has sadly farewelled Michaela Sherry who worked in our conveyancing team since 2013. Michaela was Sarah Thompson’s right-hand and will be sorely missed.

    We wish Michaela all the very best for her future endeavours, particularly as she now works towards completing her Practical Legal Training having completed her Bachelor of Laws.

  • What is the difference between ‘joint tenants’ and ‘tenants in common’?

    When two or more people own real estate they are required to specify on the title to the property how their ownership is ‘held’ or constituted.

    Our legal system recognises two ‘types’ of ownership when there is more than one owner: joint tenancy or tenancy in common.

    If you are purchasing real estate with another person (or in more than one buying entity, eg. two trusts) then we will need your instructions as to how the buying parties are going to hold the title after they become the new owners.

    In short, joint tenancy means that all of the owners hold equal shares in the property, and if one of the owners dies then their share in the property becomes 0% upon their death. That is, their interest in the property does not follow their Will.

    Tenancy in common means that the shares held by the owners can be specified–for example, 1/3 and 2/3 or 3/100 and 97/100. The shares are also devisable, meaning that they form a part of the estate of the owner if the owner dies, and the interest in the real estate will follow the terms set out in the Will of the owner.

    The way that you choose to specify the type of ownership on the title can have significant estate planning implications, and is also looked at if you are separating from a spouse for example.

    If you have any questions in relation to how you own your property, or you would like to review your estate plans, please do not hesitate to contact our office.

  • The new regime in residential conveyancing is here

    The Property Occupations Act 2014 came into effect on 1 December 2014 and has significantly changed the regulation of the real estate industry and consumer protection in buying and selling real estate.

    In addition to the new laws, the Real Estate Institute of Queensland has published the tenth edition of the standard contract for the sale and purchase of residential homes. The contract has been endorsed by the Queensland Law Society and is now in use.

    There have been many practical changes for those working in and interacting with the real estate industry. Real estate agents now have different disclosure requirements to buyers and sellers. There is no longer a mandatory Warning Statement attached to residential contracts. Forms and procedures have changed, especially in relation to the shortening or waiving of cooling-off periods.

    We anticipate that eConveyancing will arrive in May 2015 when we will see the end of bank cheques and paper documents being exchanged at physical settlements. Watch this space in 2015 for news and updates.

    If you have any concerns or questions in relation to how the new legislation or contract may affect your conveyance, please do not hesitate to contact us.

  • What is the difference between a ‘loan’ and a ‘mortgage’?

    We often startle clients when we tell them that the home they are selling is encumbered by a mortgage. The response often is:

    “But we paid the mortgage off years ago!“

    In short, a mortgage is a legal instrument used by lenders to secure loans. It attaches to the real estate and is recorded on the title to the property.

    A loan on the other hand is a contract. A promise by the homeowner to repay a debt.

    You may have repaid all of the debt without arranging for the bank or credit union to ‘release’ the mortgage from the title. The releasing of a mortgage is not an automatic process that occurs on the repayment of the loan in full. It is an extra step–that will involve the payment of a Titles Registry fee–that many of our clients are not aware of.

    If you are looking at selling your property and you are not sure whether or not it is encumbered by a mortgage, please feel free to contact Sarah Thompson of our office who will be happy to find out if your mortgage has been released.

     

     

  • How much should a will cost?

    How much should a will cost?

    ABC Local Radio Brisbane (612 ABC Brisbane) has recently “broken down” a will-bill on their evenings program. The interview details the many costs and overheads that law practices incur in providing legal services.

    As with all professional services, lawyers must consider the costs of their overheads when charging their professional fees to their clients.

    The program provides interesting listening to anyone interested in the many factors that go into determining the costs charged by lawyers for the drafting of Wills, Powers of Attorney or other documents.

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