The introduction of the Property Occupations Act 2014 (Qld) (the Act) on 1 December 2014, was seen as a means for simplifying the process for licensing and appointing real estate agents, regulating price guides, and for the purposes of this piece, the formation of residential contracts in Queensland.
A building covenant is restrictive covenant and strictly defined a restrictive covenant is a provision in a deed limiting the use of the property and prohibiting certain uses. 1The term is also used to describe a promise contained in any contract or agreement relating to land. 2Please keep in mind that each case relating to a building covenant will need to be taken on a case by case basis and the analysis of the facts and circumstances will play an important part for you obtaining the correct advice and guidance from the appropriate law firm with a lawyer who specialises in real estate and development, and more particularly one who specialises in building covenants.
What is an Instalment Contract?
An “Instalment Contract” is a contract for sale of land in terms of which the Buyer is bound to make payment or payments (other than a deposit) without becoming entitled to receive a conveyance in exchange for the payment or payments.1