What Are Your Rights When the Government Wants to Buy Your House?

The world of property dealings is a complex tapestry, and the rules governing them vary significantly from one state to another with the level of vendor disclosure varying widely. But what sets Queensland apart is its strikingly minimal requirement for sellers to disclose information to buyers. It's kind of surprising how little information has to be shared.

But here's where things can get really tricky. Another aspect of property law that often takes property owners by surprise is the compulsory acquisition of their property by the government. It's not something you hear about every day, but it definitely happens.

With us today is Jeremy Streten — the founder and CEO of Northern Property and Resumption Lawyers whose expertise is in property transactions and assisting property owners during compulsory acquisitions. Tune in and discover how you can best know your rights in a government's property acquisition.

Episode Highlights:

00:00 - Introduction

02:03 - Snapshot of the current situation in Queensland’s property market

03:23 - Vendor disclosure in Queensland

07:04 - The recent changes in Queensland’s property laws

10:56 - How has the Queensland real estate market changed in recent years?

15:14 - Will there be new provisions in the contract of sale that will actually protect consumers?

18:31 - Outlining the key steps for buyers searching for property in Brisbane or Queensland

24:53 - Property documentation and buyer knowledge in Australia

26:58 - What rights does the government have when acquiring land for public use?

32:36 - Is there financial compensation for property devaluation due to government projects?

35:57 - Why some property owners prefer not to be the last ones standing in an acquisition

41:24 - What to do when your house faces compulsory acquisition

43:48 - How to get an edge over others in terms of added assistance

45:24 - Do property owners have leverage in compulsory acquisition negotiations?

46:51 - Strategies to avoid or mitigate compulsory acquisition in the purchasing phase

50:48 - Jeremy Streten’s property dumbo

About Our Guest:

Jeremy Streten is the founder and CEO of Northern Property and Resumption Lawyers (NPR Law). NPR Law focuses on helping property owners buy, sell and lease property as well as helping property owners when their property is being resumed.

Jeremy has appeared on various television shows, podcasts and radio interviews. He also provides regular content for websites across Australia.

Connect with Jeremy Streten:

• Visit their website: https://nprlaw.com.au/
• Follow Jeremy on Facebook: https://www.facebook.com/nprlaw.au
• Follow Jeremy on Twitter: https://www.twitter.com/jeremystreten

Resources:

• Visit our website https://www.theelephantintheroom.com.au
• If you have any questions or would like to be featured on our show, contact us at: The Elephant in the Room Property Podcast questions@theelephantintheroom.com.au
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• Work with Veronica: https://www.veronicamorgan.com.au
• Looking for a Mortgage Broker? https://www.blusk.au
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