What’s Different About a Hamilton Island Purchase?
Whilst many people are familiar with buying & owning freehold title property such as vacant land, houses or units, owning leasehold property is quite different. When considering buying property on Hamilton Island its crucial to understand your responsibilities as an owner.
Title to all property on Hamilton Island is leasehold, stemming from a Perpetual Crown Lease from the State of Queensland (the Crown) in favour of Hamilton Island Enterprises Ltd (HIE). This is known as the Head Lease, and perpetual means that the lease has no end date, as long as HIE continues to comply with its conditions, such as using Hamilton Island for the intended purpose of an Integrated Tourism Resort and paying rent to the Crown.
What You Need To Know
Although you pay “rent” under your lease, in this context it’s more like what you would expect to pay by way of local authority rates & charges, if you owned a freehold home or unit, rather than rent to a landlord.
HIE and its related service company Hamilton Island Services, fill the dual roles of the local authority and utility service provider, providing all utility infrastructure and services such as water, power, sewage, gas, waste management and roads.
Subleases typically provide that owners pay:
- Rent – calculated under the terms of the sublease and depending on the type of property you buy (villa site or apartment).
- Outgoings – an equitable proportion of utility infrastructure charges for the provision of services to all Island residents and users, like local council service charges such as sewerage and garbage levies.
- Utilities – for your actual consumption like water, power and gas
- ‘Body corporate’ levies – where applicable, these are much like admin and sinking fund levies found in a regular community title setting.
By using an experienced conveyancer throughout your Hamilton Island purchase, you’re assured that the legal aspects of your property transaction are being taken care of. It’s our job to ensure everything is in order and that you understand the implications of any legal documents or contracts before signing them.
What Can PD Law’s Conveyancers Help With?
Our team of conveyancers can assist you with the following:
- Reviewing pre contract documentation
- Drafting contracts, reviewing sublease and letting agreements
- Property searches and due diligence
- Liaising with financial institutions
- Assisting with consent process
- Attending settlement
- Offering legal advice and guidance
Our residential conveyancing team can assist you with any conveyancing requirements you may have, contact our team today.
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