Precedents – Craig Ray & Associates https://craigray.com.au/admin Solicitors, Queensland, Australia Sun, 16 Jun 2019 11:44:33 +0000 en-US hourly 1 https://wordpress.org/?v=6.2.3 https://craigray.com.au/admin/wp-content/uploads/2017/08/cropped-CR-2-32x32.png Precedents – Craig Ray & Associates https://craigray.com.au/admin 32 32 Deceased estates Titles Registry forms https://craigray.com.au/admin/knowledgebase/deceased-estates-titles-registry-forms/ Sun, 16 Jun 2019 11:44:33 +0000 https://craigray.com.au/admin/?post_type=knowledgebase&p=1340 [...]]]> Careful attention is also always required around estate Titles Registry documents (Transmissions particularly).

Form 4s are used where there is the death of a joint tenant. Only the death certificate is required and the Form 4 can be signed by the solicitor on behalf of the client.

 

See below quick refresher about which Transmission document to use where it is not the death of a joint tenant.

 

  1. Is the title still in the name of the deceased?

 

    1. If yes, continue to 2

 

    1. If no, then the title should be in the personal representatives names so don’t use a Transmission, instead use a Form 1

 

  1. Is the title to be transmitted into the name of the personal representative(s) as registered owners or into the name of the beneficiary/ies as registered owner?

 

    1. Into beneficiary/ies names directly, use Form 6

 

    1. Into personal representatives names, continue to 3

 

  1. Has Probate been obtained?

 

    1. If yes, use Form 5

 

    1. If no, use Form 5A
]]> Loan agreements and mortgages https://craigray.com.au/admin/knowledgebase/loan-agreements-and-mortgages/ Sun, 16 Jun 2019 11:43:17 +0000 https://craigray.com.au/admin/?post_type=knowledgebase&p=1339 [...]]]> Overview
The first step in a loan agreement scenario is to take instructions regarding the terms of the loan.
The main loan terms are usually:
  1. Loan Principal – how much is being lent
  2. Loan Term – how long is the loan for
  3. Repayments – what repayments are required to be made, how much and how often
  4. Interest – is interest payable, and if so, at what rate
  5. Default – what rights arise if there is a default
  6. Security – what security is required/appropriate in the circumstances of the loan
Depending on whether or not the loan is a commercial lending, a vendor finance agreement, or a family loan, there will be different risk appetites for the lender, and different appropriate loan terms such as interest rates and security.

Deed of Loan

We have three main Deed of Loan precedents for use:
  1. Commercial Deed of Loan
  2. Family Deed of Loan – the precedent can be accessed here
  3. Vendor Finance Agreement

Mortgage

It is common for lenders to require a security mortgage, especially where the loan is for a significant amount. A security mortgage may be taken over real property interests:
  1. Of the Borrower
  2. Of a Guarantor – however, note at legal advice and financial advice certificate should be obtained
  3. That are being purchased with loan funds
It is also advisable to have a security mortgage even where the loan is between related entities, as it puts the loan on a more commercial and arms length footing.
The National Mortgage Form is now the over real property in Queensland. We have an internal office precedent which amends the standard National Mortgage form with respect to referencing a Deed of Loan, and the standard mortgage terms document.
The National Mortgage Form precedent can be accessed here
The standard mortgage terms document can be accessed here

Commercial loan agreement

 

Family loan agreement

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