Put and call options on the rise in Queensland
Across Queensland, we are witnessing a surge in the property market. Regional Queensland, in particular, is experiencing greater demand than has been the case for many years. As a result, the use of put and call options is on the rise.
As most readers would be aware, a Put and Call Option Agreement is a contract where one party agrees to sell one or more properties if requested by the buyer (a call option) and the other party agrees to buy the same property if requested by the seller (a put option).
For both the buyer and seller, a properly drafted Put and Call Option Agreement can make a big impact on just how effective it is at protecting your needs.
In a rising market, buyers are being drawn to a put and call option as most agreements of this kind will include a right for the buyer to nominate a third party to be the buyer under the contract. This is the mechanism that, in theory, allows a buyer to on-sell property using an option agreement without ever having to settle on that property. This is attractive to a buyer in a market where prices are rising.
From the seller’s perspective, if you are minded to enter into a put and call option, it is important to consider the following items to safeguard the seller’s interest:
In addition to such mechanisms, the time frames allowed by the seller is important. It is important to keep a buyer to specific time frames and have a right of termination accrue in the seller’s favour if a buyer fails to perform. This will prevent a speculative buyer looking to ‘sit’ on a put and call option for an extended period. For instance, the seller should consider incorporating separate conditions with due dates which require:
Separate to the above to best help a seller negotiate terms of the put and call, it is important to understand the commercial drivers of a buyer. Buyers who are looking to develop the property will want to incorporate the following terms into the put and call:
Author: Ranjit Singh
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Attorney General Consultations
National Register of Enduring Powers of Attorney
Closing date 30 June 2021
Attorneys-General from each Australian jurisdiction have agreed to consult on possible arrangements for a National Register of Enduring Powers of Attorney. We have prepared a consultation paper to seek your views.
Law Council update
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Law Council of Australia submissions
04 June 2021— Law Council
Supplementary submission: Intelligence Oversight and Other Legislation Amendment (Integrity Measures) Bill 2020
28 May 2021—Law Council
Australia’s Humanitarian Program 2021-22
25 May 2021—Law Council
Supplementary submission: Inquiry into extremist movements and radicalism in Australia
The AAT Bulletin is a weekly publication containing a list of recent AAT decisions and information relating to appeals against AAT decisions
Issue No. 11/2021, 31 May 2021. More...
AHRC: Independent review into Commonwealth parliamentary workplaces
The Commission will not be investigating nor making findings about individual allegations of bullying, sexual harassment or sexual assault as part of the Review. The Commission will report on its findings and recommendations in a report to be tabled in Parliament in November 2021. The Terms of Reference outline the scope of the review in more detail here.
National Health (Privacy) Rules 2018 review
The closing date for submissions is 4 June 2021.
OAIC: Our FOI disclosure log
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ALRC: Judicial impartiality consultation paper 2021
The Inquiry would look at judges in the High Court, Federal Court, Family Court and Federal Circuit Court. Submissions are open until 30 June. The ALRC was expected to deliver is report to the Attorney-General by 30 September. The Paper can be accessed here.
Regulator performance guide for consultation
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Due to table: May 2021 Open for contribution Administration of the National Bushfire Recovery Agency.
The objective of this audit is to assess the effectiveness of the National Bushfire Recovery Agency and its administration of the National Bushfire Recovery Fund. Due to table: May, 2021 Open for contribution - Australian National University’s Governance and Control Frameworks - The objective of this audit is to examine the effectiveness of the Australian National University’s governance and control frameworks.
Finance and Public Administration Legislation Committee
Operation and management of the Department of Parliamentary Services
On 11 May 2021, the reporting date was extended to 30 June 2021.
Legal and Constitutional Affairs Legislation Committee
Family Law Amendment (Federal Family Violence Orders) Bill 2021 [Provisions]
The deadline for submissions to this inquiry is 18 June 2021.
Select Committee on Foreign Interference through Social Media
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Queensland Court Appointments – May 2021
Appointment of Supreme Court Justice Freeburn
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Queensland's Public Trustee appointed
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Amendments to the Youth Justice Regulation 2016 - Youth Justice (Monitoring Device Conditions) Amendment Regulation 2021
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Land Court launches Procedural Assistance Service
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Queensland Intermediary Scheme webpages
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Commission into institutional responses to child sexual abuse
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New guidelines: sharing personal information between agencies
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Reporting and challenging asset valuation outcomes
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Most Queensland Government and local government entities revalue their land, buildings and infrastructure every year.
Preparing for an audit—small public sector entities
QAO Published: 27 May 2021: Advice
The day-to-day operations of public sector entities are getting busier all the time and changes to everyday activities can be seen as disruptive
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Queensland Courts: Practice Directions
Planning and Environment Court – Appearances other than in person at Reviews/Applications - 31 May 2021
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Amended protocol for Applications in the Brisbane Supreme Court - 25 May 2021
An amended protocol for Applications will apply in the Brisbane Supreme Court from Wednesday 26 May 2021 until further notice. More...
Department of the Premier and Cabinet Consultation
Annual report 2019-20 feedback survey
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Postal Industry - Quarterly Update Seven: 1 January to 31 March 2021
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Understanding our Inspection Report
Ombudsman Industry: 25 May 2021
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New Briefing date
Cyber Security Strategies of Non-Corporate Commonwealth Entities
26 May 2021 Recipient Hon Brendan O'Connor MP
Auditor-General Report No 32 2020–21
Interim Report on Key Financial Controls of Major Entities
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COVID-19 Procurements and Deployments of the National Medical Stockpile
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APH: 21 May 2021
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Sentencing Advisory Council Qld: 31 May 2021
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Impiombato v BHP Group Limited (No 2)  FCA 1720
REPRESENTATIVE PROCEEDINGS – shareholder class action – claims brought on behalf of non-resident shareholders – dual listed company structure – whether provisions of Pt IVA of the Federal Court of Australia Act 1976 (Cth) capable of application to group members not resident in Australia – procedure under Pt IVA – consideration of the meaning of “claim” under s 33C – question of jurisdiction better defined as whether Pt IVA permits an applicant to define group membership as including claims of non-residents – statutory presumption against extraterritorial operation of legislation – s 33C directed to when a particular form of proceeding can be commenced in an Australian court – presumption has no work to do – consideration of class action regimes in different common law jurisdictions and the issue of non-resident group members – consideration of s 33KA of the Supreme Court Act 1986 (Vic) – whether the Court should exercise its discretion to exclude non-resident group members from the proceeding – order could be fashioned if and when appropriate – strike out application – whether the claims brought on behalf of the shareholders in the United Kingdom company were viable
EQUITY – Pt IVA supplements powers Court always had and has as a court of equity to hear and determine in a single proceeding the multiple claims against a respondent – consideration of the powers the Court of Chancery had in relation to the conduct of a representative proceeding – concept of jurisdiction not based on mere presence and service, but upon a sufficient connexion being shown between the dispute and forum – purpose of Pt IVA not to narrow regimes that existed in equity’s exclusive or auxiliary jurisdiction – curious result if one could be a group member in a Chancery rule representative proceeding but not under Pt IVA procedures
PRIVATE INTERNATIONAL LAW – authority of the Court to decide personal actions of non-residents – consideration of the jurisdictional “anchor” – Mobil Oil Australia Pty Ltd v Victoria  HCA 27; (2002) 211 CLR 1 – territorial nexus the capacity to exercise power over a respondent.
HIGH COURT AND FEDERAL COURT – federal jurisdiction – whether Pt IVA confers jurisdiction on the Court or establishes powers and procedures by which the Court can exercise jurisdiction
Constitution ss 71, 77 Acts Interpretation Act 1901 (Cth) ss 9, 21(1)(b).
Australian Conservation Foundation Incorporated v Minister for the Environment  FCA 550
ADMINISTRATIVE LAW – statutory construction – application for judicial review – where proposed action for construction of and operation of infrastructure to harvest and supply water to a coal mine by a different but related company – where proposed action intended to provide an alternative source of water from that approved in the initial proposal for the construction and operation of the coal mine – where the delegate of the Minister for the Environment decided under s 75(1) of the Environment Protection and Biodiversity Conservation Act 1999 (Cth) (EPBC Act) that ss 24D and 24E (the water trigger controlling provisions) were not controlling provisions for the proposed action (the controlled action decision) – whether the delegate erred in construing the phrase involves large coal mining development in ss 24D and 24E and definition of “large coal mining development” in s 528 as encompassing only an activity which forms part of the process of extracting coal from a mine – where so-called definition enacts substantive criteria – whether delegate’s construction supported by the penal nature of the controlling provisions – where contrary to the delegate’s construction an action will involve a large coal mining development if the action is so closely associated with the mining of coal as to be integral to it – application for judicial review granted – controlled action decision to be remitted to the Minister for determination according to la.
The Action was to construct and operate the NGWS Project. Adani Infrastructure explained in its referral that the project: Separate applications for State and local government approvals.
Urquhart; Chief Executive Officer, Services Australia and (Freedom of Information)  AATA 1407
FREEDOM OF INFORMATION – whether practical refusal reason exists in accordance with section 24(1) of the Freedom of Information Act 1982 (Cth) – whether request consultation process engaged in pursuant to section 24AB of the Freedom of Information Act 1982 (Cth) - decision under review set aside
Freedom of Information Act 1982 (Cth).
Wilson Transformer Company Pty Ltd v Anti-dumping Review Panel (No 2)  FCA 591
ADMINISTRATIVE LAW – application for judicial review of a determination of the Anti-Dumping Review Panel (the Panel) to affirm decisions of the Commissioner of the Anti-Dumping Commission to terminate anti-dumping investigations – whether each of the decisions involved an error of law – whether each of the decisions was not authorised by the Customs Tariff (Anti-Dumping) Act 1975 (Cth) (the Customs Act) – whether the decisions were affected by jurisdictional error – where the Panel did not err in law by adopting and applying an erroneous construction of the Customs Act – where the Court is satisfied that it was not impermissible for the Panel to have reasoned as it did.
ADMINISTRATIVE LAW – whether a breach of the rules of natural justice occurred in connection with the making of each of the decisions – whether the decisions were affected by jurisdictional error – where the Panel failed to comply with the requirements of procedural fairness by not advising the Applicant of its intended course to hold a conference and undertaking to provide the Applicant with an opportunity to respond to any relevant information it might obtain during that conference subject to its obligations of confidentiality – where the error made by the Panel was not material and thus not jurisdictional error.
Boensch v Somerville Legal  FCAFC 79
BANKRUPTCY – appeal from orders made by the Federal Circuit Court – where primary judge made a sequestration order against appellant’s estate – whether primary judge denied appellant procedural fairness – where appellant is self-represented – where primary judge did not advise appellant of his right to cross-examine – where appellant filed material with the Court – where material not before primary judge – where only single copy of material available between appellant and primary judge at hearing – where appellant required to make submissions without the benefit of his copy of the material – where no opportunity for trial judge to have fully read the appellant’s material – where appellant not informed at outset of hearing of time available to make submissions – where additional time to make submissions permitted on an ad hoc basis – appeal allowed.
LibertyWorks Inc v Commonwealth of Australia  FCAFC 90
ADMINISTRATIVE LAW – challenge to validity of a determination made by the Health Minister under s 477(1) of the Biosecurity Act 2015 (Cth) – where determination prevented Australian citizens, permanent residents, or operators of outgoing aircraft or vessels from leaving Australian territory, unless an exemption applied – whether determination requires an individual to be subject to a biosecurity measure of a kind set out in Subdiv B of Div 3 of Pt 3 of Ch 2 of the Act and is therefore invalid by reason of s 477(6) – whether s 477(6) prevents a determination applying to a group or class of individuals
STATUTORY INTERPRETATION – whether s 477(3)(b) of the Biosecurity Act 2015 (Cth) refers to “places” outside Australian territory – whether Act displaces presumption that references to the singular include the plural.
Willmott v Assistant Commissioner Carless & Anor  QCAT 185
POLICE – DISCIPLINE AND DISMISSAL FOR MISCONDUCT – QUEENSLAND – STAY OF PROCEEDINGS – OTHER MATTERS – where allegations of bullying and other workplace misconduct – where police officer demoted from Sergeant to Senior Constable, transferred and required to undertake professional development strategy
ADMINISTRATIVE LAW – ADMINISTRATIVE TRIBUNALS – QUEENSLAND CIVIL AND ADMINISTRATIVE TRIBUNAL – where application for stay of operation of decision – whether stay desirable – where applicant may have arguable case on review – whether balance of convenience favours stay – where far greater significance is public aspect of staying orders in disciplinary proceedings – where alleged misconduct would present serious distraction for other officers in their ability to perform their duties for the benefit of the community whom they are sworn to protect – where prejudice to public significant – where prejudice to public not mitigated – where individual circumstances do not outweigh need to preserve public confidence in integrity of Queensland Police Service and its disciplinary process – where balance of convenience favours refusal of stay
Isles v State of Queensland  QCAT 135
HUMAN RIGHTS – DISCRIMINATION LEGISLATION –– GROUNDS OF DISCRIMINATION – DISABILITY OR IMPAIRMENT – where police entered alerts, warnings and flags on QPRIME system – where QPRIME is internal information management tool for officer safety - where protected attributes of presumed mental illness and political beliefs – where comparator was person without presumed mental illness and stated beliefs but who had significant interaction with police – where relevant circumstances – whether treated less favourably – where alerts, warnings and flags reasonably necessary to protect health and safety of people at place of work - where treatment was not less favourable than any other citizen with whom police had significant interaction –- where Applicant not treated less favourably because of alerts, warnings and flags - where no evidence of bad faith – where no evidence of indirect discrimination or victimisation - where Respondent treated Applicant no less favourably than it would have for any citizen with significant interaction with police – where workplace health and safety exemption applies.
Liability for Climate Change Damage (Make the Polluters Pay) Bill 2021
HR 24/05/2021 - This Bill makes fossil fuel companies liable for climate change damage, giving victims of climate change, such as the 2019 – 2020 bushfire survivors, the right to bring an action against thermal coal, oil and gas companies for climate change damage.
Independent Office of Animal Welfare Bill 2021
HR 24/05/2021 - Commonwealth statutory authority with responsibility for the development of animal welfare policy at the Commonwealth level. The Office will have a leadership role on matters of animal welfare, as well as the ability to conduct inquiries and reviews into the effectiveness and implementation of our animal welfare laws.
Freedom of Information Act 1982
27/05/2021 - Act No. 3 of 1982 as amended
Telecommunications (Statutory Infrastructure Providers—Circumstances for Exceptions to Connection and Supply Obligations) Determination 2021
27/05/2021 - This instrument determines the circumstances where the connection obligation and the supply obligation do not arise in relation to requests for wholesale broadband services from a carriage service provider to a statutory infrastructure provider for the purposes of the Telecommunications Act 1997.
Residential Tenancies and Rooming Accomodation (Tenants' Rights) and Other Legislation Amendment Bill 2021
Stage reached: Referred to Committee on 26/05/2021
Amend Police powers and responsibilities
Subordinate legislation as made – 04 June 2021
No 52 Civil Liability and Other Legislation (Prescribed Amounts) Amendment Regulation 2021
Subordinate legislation as made – 28 May 2021
No 45 Proclamation No. 1—Criminal Code (Consent and Mistake of Fact) and Other Legislation Amendment Act 2021 (commencing certain provisions)
No 46 Penalties and Sentences (Penalty Unit Value) Amendment Regulation 2021
No 40 Proclamation—Criminal Code (Child Sexual Offences Reform) and Other Legislation Amendment Act 2020 (commencing remaining provisions)
The date of 5 July 2021 is fixed for the commencement of the provisions of the Act that are not in force.
No 41 Evidence (Intermediaries) Amendment Regulation 2021
This regulation commences on 5 July 2021. The purpose of the Amendment Regulation 2021 is to prescribe, commencing on 5 July 2021, Brisbane and Cairns as places for the operation of the Queensland Intermediary Scheme pilot. The aim of the pilot is to assist prosecution witnesses with communication needs to give their best evidence in child sexual offence prosecutions.
The information in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, we do not guarantee that the information in this newsletter is accurate at the date it is received or that it will continue to be accurate in the future.