Experienced Litigation Firm

You have probably heard about digital currency.

The coronavirus epidemic has accelerated the use of digital currency as opposed to state based fiat currency.

The main method to purchase or sell real estate with digital currency is by simply finding a seller or a buyer who is willing to accept a digital currency and exchanging that digital currency equivalent to AUD value for the property.

At Platinum Lawyers, we have experience in completing digital currency property purchases. Our clients are purchasing property all over Queensland and even interstate with QOIN (cryptocurrency)!!!

This new payment option is just one way that Platinum lawyers is striving to serve our clients better.

By embracing new technology Platinum has enabled all prospective buyers and sellers to enter the real estate market and access the benefits that flow from it.

We have outlined the process below for any potential buyers and sellers who are interested in purchasing property with digital currency.

Purchasing process

Step One: The first step is to negotiate and agree on a purchase price with the potential seller or buyer.

Step Two: Find a solicitor that will complete the digital currency transaction. Our firm is one of few that have experience in dealing with digital currency property purchasers.

Step Three: The buyer and seller enters into a standard REIQ contract with special conditions which modify the sellers preferred currency. AUD can always be used.

Step Four: The buyer pays the seller a deposit (usually 10% of agreed purchase price) which can be paid in digital currency!

Step Five: If you are the buyer, the following payments will need to be paid in Australian dollars:

1. Transfer duty ;
2. Title’s office Registration fees;
3. Disbursements (i.e. searches and PEXA e Conveyancing fees); and if required;
4. Any unpaid rates or body corporate fees;
5. Mortgage payouts, will need to be paid in AUD as Australian banks currently do not accept digital currency.

Step Six: On settlement the buyer transfers the remaining amount in digital currency based on the exchange rate equivalent to the AUD price either set at the beginning of the transaction in the contract or equivalent crypto currency as at the date of settlement to the sellers designated wallet.

Step Seven: You now own or have sold a property with digital currency! #happydance

Platinum Law Plan

We are an innovative firm who are reimaging the law of business and property transactions. Many aspects of our daily lives have changed since the corona virus pandemic, and since this our firm has had to re-structure and adapt to this change.

Platinum Lawyers strongly believe that innovation is the key to a successful future!

At Platinum Lawyers we accept 50% QOIN for our professional fees. We may accept other digital currencies in the foreseeable future.

Feel free to call our office on (07) 5519 9811 or book online for a free 10-minute no obligation consultation with our experienced property lawyers.

What is a Family Provision Claim?

The Succession Act 1981 (Qld) allows courts to award certain classes of people, usually family members or dependents, a portion of a deceased’s estate, even if the will says otherwise.

The court has the power to alter the parties interests if a person eligible to apply has been provided with no provision or inadequate provision for them in a deceased persons will.

If the deceased’s close family or dependents will suffer hardship as a result of the deceased’s decision to give money or property to others, an eligible person may bring a court action of provision from the estate of the deceased.

Who can bring a Family Provision Claim?

Pursuant to the Succession Act 1981 (Qld) the following persons are eligible persons:

• Spouse—this includes a husband or wife who has been divorced from the deceased and who has not remarried before the death of the deceased, if they were receiving or were entitled to receive maintenance from the deceased at the time of death. ‘Spouse’ includes married and de facto couples. The definition of ‘de facto partner’ includes a same-sex partner. To fall within the definition, couples must have been living together on a genuine domestic basis for the two years up to the date of death (s 32DA Acts Interpretation Act 1954 (Qld), s 5AA Succession Act)

• Child—this includes any child of the deceased, including a stepchild, adopted child or a child born outside of marriage (s 40 Succession Act)

• Dependant—this includes any person who was being wholly or substantially maintained or supported (other than for a wage or some other payment) by the deceased at the time of the deceased’s death and who is:
  • a parent of the deceased
  • the other parent of a surviving child under the age of 18 years of the deceased
  • a person under the age of 18 years (s 40 Succession Act).

1. Whether there is inadequate provision for the applicant’s proper maintenance, education and advancement in life under the Will of the deceased or the intestacy rules (this is a question of fact although it necessarily involves some value judgment); and

2. If so, what if any, provision ought to be made out of the estate in favour of the applicant (this is a discretionary exercise).  

1. Applicant’s financial position;

2. Size and nature of the deceased’s estate;

3. Totality of the relationship between the applicant and the deceased (this factor involves the moral assessment and special circumstances); and

4. Relationship between the deceased and other persons who have legitimate claims on her/his reward;

5. Existence of any disentitling conduct, such as estrangement from the deceased.

• whether there is an adequate explanation for the delay;

• whether the beneficiaries are prejudiced; and

• whether the estate remains intact.

A mixed bag of offences.

A motorist stops at the local service station and appears suspicious to police who are also at the service station.  The police stop the motorist and conduct a search of the vehicle.  Police locate a flick knife, a small quantity of marijuana, a machete and an ATM card in another person’s name.  Sound far-fetched?  It’s not a rare occurrence, like you may think. (read more)