SETTLEMENT FIGURES & ADJUSTMENTS – HOW ARE THEY CALCULATED

  

 

SETTLEMENT FIGURES & ADJUSTMENTS – HOW ARE THEY CALCULATED

Quite often Buyers can become confused when looking at settlement figures leading up to settlement and often question how adjustments and figures are calculated. It is quite common for Buyers to misunderstand settlement figures and are often concerned that they are paying for the Seller’s overdue rates or water notices. Settlement figures and adjustments calculation are often confusing and the subject of inquiry from vendors and purchasers alike. They are tricky to navigate and generally take time to understand.

Settlement Figures – what are they?

Settlement figures are a breakdown of monies to be handed over at settlement. Normally, the seller would pay for any expenses or collect any rent until settlement and the buyer would pay any expenses and is entitled to collect rent paid after settlement.
The standard conditions of a contract will provide for any adjustments that need to be made.
Settlement adjustments allow both the seller and buyer to compensate one another for any expenses that have been paid or are in arrears during the period before and after settlement.

Let’s look at some common adjustments…

Rates, water access charges, and body corporate levies are common outgoings that are adjusted at settlement. For example – a property is due to settle on 1 February. The seller has already paid council rates for the quarter until 31 March 2018. An adjustment would be made so that buyer would pay more at settlement to compensate the seller for the rates they have paid until the end of the quarter. The buyer would be responsible to pay their portion of the rates from the settlement date until the end of the quarter.

Water Consumption calculations are adjusted depending on where the property is located. Some councils include water consumption as part of the rates, whereas other councils use a third party for water consumption charges such as Urban Utilities or Unity Water. The seller is responsible to pay for all water access and consumption charges up to settlement.
The buyer is also required to order a Special Water Meter read which will allow them to calculate the water usage and charges payable by the seller up to settlement. This amount will be deducted from the total amount the buyer is to pay at settlement by way of adjustment.

Seller’s release fee – If a seller has a mortgage on the property, the Land Titles Office will charge a fee for the release of this mortgage, prior to registration of new ownership.
The seller will compensate the buyer for this favor by way of an adjustment at settlement.

Another common question asked by a buyer is what happens to electricity at settlement? Electricity is not adjusted between the parties. The seller is responsible to cancel their account and pay the balance of electricity used and the buyer is responsible for opening a new electricity account. The seller remains liable to pay for any electricity used if the account is unpaid or not canceled by settlement, hence the reason electricity is not adjusted.

For more information on settlement figures and adjustments, for a lawyer for this issue please contact us.

Article Source: unity water settlement

COMMERCIAL & BUSINESS LAW

 

Buying and Selling Commercial Real Estate

This process takes many forms due to differences and restrictions on the potential use of your commercial property as well as location, and cultural significance. This makes it essential to ensure that your interests are catered for in the contract terms and conditions. (Commercial & Business Law)

Here at Aylward Game Solicitors, we will help you in the preparation of the following documents that are needed in all contracts.

• Standard form REIQ commercial land and building contracts with tailored special conditions to suit your requirements.
• Special purpose property contracts.
• Development contracts for the proposed acquisition of properties for either development or subdivision.
• Off-the-plan contracts for the sale of your future property
• Put & Call Options and Master Put & Call Options
• Contracts where part of the purchase price is funded by an array of vendor finance arrangements.
• Commercial leases that include Retail Shop leases

Commercial leases (for landlords and tenants) including Retail Shop leases

We have the knowledge and experience in leasing transaction requirements hence we will help you in case you are the landlord, tenant, or assignee as well as on your commercial, industrial, and retail properties.

RESIDENTIAL CONVEYANCING

Residential Conveyancing Expertise

We, at Aylward Game Solicitors,  will provide you with the necessary legal advice and services that relate to your residential conveyancing requirements including preparing contracts and contract special conditions.

This is because property conveyancing transactions generate complex rights and obligations that affect the parties involved and have adverse effects if they are not taken into serious consideration. Aylward Game Solicitors will help you in the protection of your rights and obligations.

Legal Experts in Brisbane Conveyancing

Founder Mark Game, Conveyancing expert in Brisbane, experienced in a wide range of conveyancing issues that include selling and buying of existing houses, residential units and townhouses. They also deal with new houses and the purchase of property within a self-managed superannuation fund.

 

They will advise you on the advantages of the self-managed superannuation fund and the penalties associated with non-compliance. They will also ensure that you undertake your transactions correctly so that you can enjoy the advantages of using the funds fully.

Finally, we at Aylward Game Solicitors are obliged to ensure your transactions are documented properly using the right documents before being stamped, and ensure that the ownership of properties is registered to the right entities.

SMSF PROPERTY

Buying Property within a Self Managed Superannuation Fund

There is a marked increase in the number of investment properties being purchased within a Self-Managed Superannuation Fund, and there can be many advantages to utilizing this structure.

However, the penalties for non-compliance with the Superannuation Industry Supervision Act can be very significant. It is vital to ensure that these transactions are undertaken correctly, otherwise, the tax advantages of using this structure may be lost.

Looking to Find A Conveyancer in Brisbane?

We have experience in all areas of Property-Law in Brisbane including Property Contract Termination to ensure that these transactions are properly documented, the right documents are properly stamped and the right entities are registered as owners of the property.

Contractual Arrangements

Dealing with contractual arrangements and agreements

Shareholders, partners, and co-operators may enter into a contract to agree on their needs or wishes before leaving or establishing the business law. They may arrange independent contractor arrangements, consultancy agreements, agreements with customers, service providers, and suppliers or employment contracts. Documenting what has been agreed between you and your business partners is very important to properly secure both of your rights and interests as well as prevent misunderstanding in the future.

Aylward Game Solicitors can provide straight-forward and practical assistance in arranging these basic contracts:

• Partnership agreement for individuals creating a partnership
• Shareholder agreement for a particular company
• Employment agreements between the employer and all salaried staff
• The standard form of Terms of Trade or Supply Agreement between the company and suppliers that provide services and products to them or their customers
• Special purpose contracts entered into by parties due to unusual circumstances.

Franchise Agreements

Aylward Game Solicitors can assist you to prepare a Franchise Agreement, acquire or set up a new or existing franchise business law and understand the consequence of a transaction you’ve just entered into, including:

• The effect of paying the upfront costs to the franchisor
• Ongoing cost and expenses of the franchise and the terms to increase or change them
• Restrictions of the business law operations
• Selling and assigning franchising rights
• Cost and liability of transferring a franchise
• Leasing business premises or getting a license to occupy the franchisor’s premises

Trusts & Corporate

In building and starting your business operation, the impeccable service of Aylward Game Solicitors can help you develop the best structure. They guide clients in carefully thinking and considering their individual circumstances and the means to be used in operating their business.

Article Source: COMMERCIAL & BUSINESS LAW

DIVORCE PROPERTY SETTLEMENT

 

After separation couples need to sort out how to divide their asset pool. This is called a ‘divorce property settlement’.

The only requirement for a divorce property settlement is an ‘irretrievable breakdown of the marriage. This is proved by a 12-month separation with no likelihood of reconciliation. The court does not examine whose fault it was that the marriage broke down. The divorce application will not resolve issues relating to children or property. You need to make those arrangements with a separate application. The divorce application must show you have made arrangements for the welfare of any dependent children.

After separation couples need to sort out how to divide their asset pool. This is called a ‘divorce property settlement’.

After separation couples need to sort out how to divide their asset pool. This is called a ‘property settlement’.

The asset pool comprises all property such as houses, cars, shares, superannuation, liabilities (mortgage, credit cards) and financial resources (family trusts). The property, liabilities and financial resources of the relationship can be in joint names, your name only or your spouse’s name only.

After assessing the contributions made by each party, the Court is required to consider the factors under section 75(2) of the Family Law Act (otherwise known as “future factors”). Some of the “future factors” include –

• The age and state of health of each party
• The physical and mental capacity of each party to obtain employment
• Whether either party has the care of a child under the age of 18 years
• Any child support that has been paid by a party
• Any child support that a party may be liable to pay
• The necessary commitments of each party that enable that party to support themselves, a child or another person that the party has a duty to maintain.

The asset pool comprises all property such as houses, cars, boats, motorcycles, shares, superannuation, liabilities (mortgage, credit cards), and financial resources (family trusts). The property, liabilities, and financial resources of the relationship can be in joint names, your name only, or your partner’s name only.

If you and your partner come to an agreement on how you intend to divide your asset pool then you can enter into Consent Orders or a Financial Agreement to make the agreement legally binding.

If you would like to read the relevant sections of the legislation in regard to Divorce Property Settlement please go to the Family Law Act.

Please reference Sections 48 – 59 inclusively.

Visit our other page to view details on Australia’s Divorce Rates.

If you are unable to negotiate a divorce and property settlement of your assets then mediation and collaborative practice may provide assistance to you to negotiate this settlement.

If however by negotiation you are unable to resolve the division of your assets then it may be necessary to apply to the Family Court to obtain a judgment on the division of such assets.

People who found this page also searched for

• Divorce Lawyers Brisbane
• Property Settlement Lawyers Brisbane
• Seperation Lawyers Brisbane
• Divorce Property Settlement

Article Source: DIVORCE PROPERTY SETTLEMENT

THE BEST FAMILY LAWYER IN BRISBANE

 

While it is very important to obtain the expertise of an Accredited Specialist Family Lawyer, Brisbane has quite a few to choose from…

…so what are other attributes that make you the best family lawyer in Brisbane?

The overwhelming concern for most people when it comes to going through a separation is “how much does a family lawyer cost?. When providing competent Family Law advice it is often difficult to reduce costs while maintaining the highest level of expert advice for the client. At Family Law, we have many options that can help.

Our DIY detailed Family Law advice pack is a great starting point for people who want to get an accurate answer to where they stand and the likelihood of achieving an outcome within a certain range. When you provide us your detailed instructions we are able to halve the cost of giving you the advice you are looking for by cutting out the face-to-face instruction gathering stage and the time taken to collate the information into a usable form. This deducts several hours of work a solicitor would need to do and you can do it by yourself at your own pace in the comfort of your own home or workplace.

Armed with accurate knowledge and detailed written advice about child custody, your entitlements in a family law property settlement or other areas of Family Law means you can move forward knowing what to aim for when you are negotiating with your former partner.

At Family Law, we also offer secure online video conferencing and the ability to communicate give you advice via telephone. These methods of communication are extremely useful for people who live outside of our city of Brisbane or who live in remote locations. We can serve people’s family Law needs anywhere in Australia or for that matter anywhere in the world!

So does being an Accredited Specialist offering modern delivery of Family Law advice make you the Best Family Lawyer in Brisbane? We think so however, some may call us biased. Why don’t you make up your mind for yourself? Visit our website at jamesnoblefamilylaw.com.au to get a better understanding of how we can help you. There you will find a wealth of information about every aspect of Family Law in Australia. If you are impressed with what you find like us on our Facebook page at our Family Law page and share it with your friends. You might just be helping out someone who needs some advice at this stage of their relationship.

If you like you can even send us an email letting us know that we just might be the best Family Lawyer in Brisbane.

Article Source: THE BEST FAMILY LAWYER IN BRISBANE

ELDER LAWYERS BRISBANE

  Aged Care Facilities provide the support needed for the aging community while allowing an appropriate level of independence to be maintained by residents. Many elderly people reach a point where living alone in a home is no longer a realistic option.

This can be because of reduced mobility, illness, disability, or isolation, as well as the extra work it can take to maintain a home or property. Aged care facilities are a way to address these issues while ensuring as much independence as is appropriate for any elderly individual, based on their needs as they continue to age.

These facilities are a great option for families that are unable to care for their elder law members but still want to ensure their parents and grandparents are well cared for and live in a good environment.

LAWYERS FOR THE ELDERLY

If you decide that a residential aged care facility is needed, there are many to choose from that offer different levels of care. Beyond accommodation, aged care facilities can provide social activities, meal, and laundry and cleaning services. Once a further level of care is needed, they also offer assistance with daily tasks such as showering, dressing, and assisted mobility. Nursing care is also a standard in aged care facilities, including the management of medications.

COVERAGE: DO YOUR RESEARCH

The style, size, and age ranges in different facilities will vary, so it is important to do research and find the aged care facility that suits your needs and preferences. For those suffering from dementia, some facilities have a special program and/or a secure area to meet the sensitive needs of this illness. Aged care facilities also vary in how they are owned and run: some may be privately owned; others are run by churches, not-for-profit organizations, or local councils.

Article Source: ELDER LAWYERS BRISBANE

Brisbane Mediators | Brisbane Family Mediation Lawyers

 

MEDIATOR ROLES

Role of the Mediator

The Mediator’s aim is to facilitate open communication between you and your ex-partner so that you can:

• Identify issues of the dispute;
• Generate options to address these issues; and
• Agree upon ways to resolve the issues (i.e. ‘settlement’).

The Mediator’s role is essentially a neutral one.  The Mediator will:

• Not take sides;
• Work with both you and your ex-partner to help you negotiate your own decisions together; and
• Not represent either of you in Court either before or after the Mediation;
• Not provide legal advice.

Characteristics of Mediation

All decisions in mediation will be made by you and your ex-partner, not the Court or anyone else.

• The mediation will help you to identify important issues that relate to your assets and finances and/or care arrangements for your children.
• Mediation is readily accessible, making it fast and efficient.
• Mediation is a popular form of alternative dispute resolution.

FAMILY DISPUTE RESOLUTION

Family Dispute Resolution is a form of mediation and is a compulsory step before proceedings about children can be issued at the Court. This process endeavours to help separating couples reach agreements that are in the best interest of their children. It also encourages separating couples to parent cooperatively. Parenting Plans or agreements are frequently used to assist in this process.

MEDIATION COST COMPARED

Cost of Collaborative practice Mediation compared to Litigation

Because Mediation and the Collaborative process can resolve matters speedily and amicably, the financial and emotional damage normally caused by Litigation can be avoided by you, your family, and your friends.

Mediation and Collaboration can also serve to minimise conflict between you and your partner so that you can make amicable decisions regarding your finances and other personal interests. It will form a basis for your ongoing relationship with each other.

How is Collaborative practice different from traditional Court proceedings?

When one party commences Court proceedings they file an Application with the Court setting out the orders they want the Court to make. Both parties then go through a sequence of Court proceedings and conferences and hearings that can take many months or possibly years before they have a final trial where a Judge makes a decision as to what orders will be made.

Through Collaborative practice, separating couples and their lawyers work together, sometimes with other professionals such as relationship therapists, valuers, accountants, and financial planners, to find out what each party wants and how that can be achieved. The Court is not involved in this process and no documents are filed with the Court whilst the negotiations are ongoing. If an agreement is reached, the parties can elect for it to be drafted as a consent order to be lodged at the Court or to be incorporated in a binding financial agreement.

Don’t be frightened to make enquiries and conduct your own research. It is better to be empowered with legal and other knowledge than to worry about problems that may not exist.

Invitation: You are welcome to arrange an obligation-free 20-minute consultation with one of our qualified Accredited Family Law Specialist lawyers, to discuss your circumstances.

TIME EFFICIENCY OF MEDIATION

The efficiency of Collaborative practice and Mediation

Dispute resolution via Mediation or Collaborative practice in Family Law can be arranged in a timely manner and satisfactory outcomes can often be reached relatively quickly. With either method, negotiations usually take place either over a number of sessions or during one day, depending on the complexity of the dispute or the situation. By using either Mediation or Collaborative practice settlements can usually be reached after 6 to 8 hours of negotiation. The collaborative practice may take longer depending on the complexity of the circumstances and whether other support professionals need to be consulted. We can advise you during the process, whichever option you choose, and if appropriate we can also represent you in any meetings. When you are engaged in an alternative dispute resolution process it is important to remain focused on achieving a resolution, and to accept that compromise may be necessary.

Aylward Game Solicitors, keeping you ahead of the game.

Article Source: Mediation

NO FURTHER STAY WAIVER REQUEST IS THIS FOR ME?

 

Does your visa have a “No Further Stay” condition attached to it, and if so, what does it actually mean? Below we attempt to clarify this and how it is dealt with:

No further stay

There are many temporary visa holders in Australia who have got their visa conditioned as “no further stay.” The conditions include 8503, 8534, and 8535. This means unless there are specific
circumstances such as protection visa consideration, the holder upon expiry of his/her visa must leave Australia and will not able to apply for another visa.

My visa is attached with 8503 conditions, how can I avoid leaving Australia?

You can request the Department of Home Affairs to waive the condition attached to your visa but it must fall under either of the following categories;

(a) If you are unable to leave Australia due to medical reason;

(b) If there is a natural disaster in your home country;

(c) If there is a death or serious illness within your close family;

(d) There is a war or civil unrest in your home country; and

(e) The school in which you have registered cannot provide the course that you were approved for.

You cannot request the waiver simply because of the occurrence of a marriage or de facto relationship with an Australian citizen or permanent resident. Additionally, you cannot request the waiver simply because of pregnancy, unless your doctor advised you not to travel.

What happens when the condition of my visa is waived?

If and when, a “no further stay” condition of your visa is waived, you may apply for another visa without having to leave Australia. You need to be mindful, however, that there is no guarantee that
another visa is granted to you as it depends on the type of visa you apply for, and you must meet the requirements of that visa.

How long does it take to process my waiver request and how do I lodge my application?

You need to be mindful that the waiver is not automatic and it all depends if you have provided all the required documents. Under normal circumstances, it takes around 28 days to receive an outcome on your waiver request. However, a delay may be experienced if your provided information is deemed incomplete. As far as the form, you need to complete the Form 1447 ‘No Further Stay’ waiver request and provide a certified copy of the bio page of your passport and all documentary evidence in support of your waiver request. The information then should be emailed to NoFurtherStayWaiverRequest@homeaffairs.gov.au

Read More: Immigration Law

What if I request for a waiver of the “No Further Stay” condition after my visa is expired?

If you stay in Australia after your visa expires, you have breached condition 8531 which states: “You must leave before visa expiry.” This means even if your No Further Stay condition is waived and you are granted another visa, your sponsor will be penalized and any security bond lodged in support of that visitor visa or professional development visa application might also be forfeited.

What if my request for a waiver of the “No Further Stay” condition is refused? Can I appeal the decision?

No. The Department of Home Affair’s decision in respect to your waiver request is final and the decision cannot be reviewed by the Administrative Appeals Tribunal or by another Department. The
Minister also does not have any power to intervene.

Can you assist me to lodge my waiver request application from A-Z?

Yes, we can. It always pays to seek qualified immigration advice to ensure your application and documents are in order. In addition, you need to be mindful that you want to get your application
right first. We are happy to assist you.

By Abolfazl Moghadam

Source: https://aylwardgame.com.au/no-further-stay-waiver-request-is-this-for-me/