Property Law

Security for Loans: Mortgages v Caveats

Security for Loans: Mortgages v Caveats

Security over Real Property When a party is seeking a loan from a lending institution such as a bank or a private lender, the lending institution will often require a registered form of security for their loan against an asset of the borrower. This security is the...

CONTRACT FOR SALE OF LAND AND COVID19 PROVISIONS

CONTRACT FOR SALE OF LAND AND COVID19 PROVISIONS

For many it is a time of uncertainty when buying and selling property in this current market, but the right guidance and advice will help you navigate these unchartered waters. When selling, a well-drafted contract is essential in order to set out the Vendor's legal...

Changes to foreign investing in Australia

Changes to foreign investing in Australia

The Government has recently announced changes to the approval process for foreign investment in Australia in response to the unfolding COVID-19 pandemic. As at 10.30pm on Sunday, 29 March 2020 the threshold for the Government reviewing foreign investment has been...

COVID19 – Retail and Commercial Leases

COVID19 – Retail and Commercial Leases

On 24 April 2020, the NSW Government passed the Retail and Other Commercial Leases (COVID-19) Regulation 2020. The Regulation includes changes to the Retail Tenancy Act 1994 and the Conveyancing (General) Regulation 2018 which aims to govern negotiations between...

New Loan Requirements – COVID19

New Loan Requirements – COVID19

Buying and selling property is changing amongst the COVD19 restrictions and our new way of life.  We have, of course, no option but to accept and change with it. One of the areas which will affect the purchase of your home is whether you will be able to get finance...

The pre-settlement inspection

The pre-settlement inspection

What happens at a pre-settlement inspection? The standard conditions of the Contract allow for the purchaser to complete one inspection of the property within three days prior to the scheduled date for settlement. We would generally recommend that the purchaser...

Update for tenants and landlords amid COVID-19 outbreak

Update for tenants and landlords amid COVID-19 outbreak

What are the current policies in place to assist landlords and tenants? Banking Industry The banks will allow commercial Landlords with loans up to $10 million, (which has been increased from the previous limit of $3 million), to delay their loan repayments for a...

2019/20 NSW bushfire transfer duty relief scheme

2019/20 NSW bushfire transfer duty relief scheme

This scheme has been introduced to assist people whose homes were destroyed during the 2019/20 NSW bushfires and who choose to purchase a replacement property elsewhere rather than rebuild.Anyone who meets the requirements for receiving this assistance will either:not...

Purchasing Commercial Property in Queensland

Purchasing Commercial Property in Queensland

Here are the key steps in the Conveyancing process:Pre-exchangeIn the pre-exchange period, the parties will negotiate the commercial aspects of the transaction such as the purchase price, the settlement period and any special terms and conditions.ExchangeYou will be...

PRIORITY NOTICES

PRIORITY NOTICES

What is a Priority Notice? A Priority Notice records the priority of an anticipated transaction on title, including the order in which it is to be lodged. Why lodge a Priority Notice? Whether purchasing, selling or transferring property the registration of a Priority...

THE RISKS IN ACCEPTING A 5% DEPOSIT

THE RISKS IN ACCEPTING A 5% DEPOSIT

In todays’ property market it is has become quite common for purchasers to request the payment of a 5% deposit in lieu of a 10% deposit, which can at times be out of reach with today's high property prices. If agreed, the contract for the sale and purchase of land...

THE MARGIN SCHEME – HOW DOES IT WORK

THE MARGIN SCHEME – HOW DOES IT WORK

The margin scheme is an alternative way of calculating the GST payable when a seller sells a property as part of a business. The Margin Scheme can only be applied if the sale is a taxable supply. The amount of GST payable on property sales is generally one-eleventh of...

REQUISITIONS ON TITLE EXPLAINED

REQUISITIONS ON TITLE EXPLAINED

REQUISITIONS ON TITLE EXPLAINED Requisitions on title are essentially questions relating to the sale of a property drawn up by lawyers. During the conveyancing process, and within 21 days from the date of the contract, the Purchaser's legal representative will make...

DOWNSIZER SUPER CONTRIBUTIONS

DOWNSIZER SUPER CONTRIBUTIONS

Commencing 1 July 2018, eligible persons aged 65 years or over who after 1 July, 2018, enter into a contract to sell a property they have owned for a minimum of 10 years will be entitled to contribute an amount of up to $300,000 from the sale proceeds into their...

THE FIRST HOME SUPER SAVER SCHEME

THE FIRST HOME SUPER SAVER SCHEME

The First Home Super Saver (FHSS) scheme was introduced as part of the 2017-18 Federal budget.  Commencing 1 July 2017, eligible participants have been able to make voluntary concessional (before-tax) and non-concessional (after-tax) contributions into their super...

WHAT IS LAND TAX?

WHAT IS LAND TAX?

Subject to what land you own, land tax is a tax levied on the owners of land in NSW as at midnight on 31 December of each year. Land tax can apply to land whether or not income is earned from the land. The definition of land includes: vacant land, including vacant...

BUYING AND SELLING COMMERCIAL PROPERTY

BUYING AND SELLING COMMERCIAL PROPERTY

Whilst the fundamentals to buying or selling a commercial property are the same, residential and commercial transactions differ in a number of aspects. When selling/purchasing a commercial property there is no requirement that a contract be prepared prior to marketing...

Changing the Name of the Purchaser on a Contract

Changing the Name of the Purchaser on a Contract

A question that seems to come up quite regularly is whether you can change the name of the purchaser once contracts have been exchanged. The scenarios that may arise include; Someone may buy a property at an auction then speak to their accountant who suggests that it...

GST WITHHOLDING REGIME ON NEW RESIDENTIAL PROPERTY

GST WITHHOLDING REGIME ON NEW RESIDENTIAL PROPERTY

The new GST withholding regime was first announced as part of the 2017-18 Federal Budget and contains a number of substantial changes.  This regime has now become law. From 1 July, 2018 purchasers of new residential properties and subdivisions will be required to...

ELECTRONIC EXCHANGE OF CONTRACTS

ELECTRONIC EXCHANGE OF CONTRACTS

The times they are a-changing!! Conveyancing is continuously evolving with changes to legislation and technology happening at great speed.   One of those changes is the electronic exchange of Contracts which has been introduced to make the exchange process easier and...

Mixed Use Developments

Mixed Use Developments

The Advantages and Disadvantages of Mixed Use Developments What is a mixed use development (MUD)?  The Property Council of Australia defines mixed use as "a single building or site accommodating three or more uses such as residential, hotel, commercial, industrial,...

Foreign Buyers – Professionals beware!

Foreign Buyers – Professionals beware!

There has been much publicity regarding the Federal Government's recent crackdown on unlawful foreign buyers purchasing property in Australia.  Much less publicised, has been the changes which allow the Federal Government to impose heavy penalties on persons assisting...

What is the PPSR?

What is the PPSR?

The Personal Property Securities Register (PPSR) is a national online register which was established under the Personal Securities Act 2009 (Cth) and is administered by the Australian Financial Security Authority (AFSA). The PPSR was set up in order that details of...

What can be done about building defects?

What can be done about building defects?

With this increase in unit dwellings during the recent property boom, more strata schemes are being registered with an increased level of building defect issues which Owners Corporations are left to deal with, especially in the initial years. The Home Building Act...

8 steps to a smooth property settlement

8 steps to a smooth property settlement

Buying a property? Whether off-the-plan or existing, whether a house or apartment, consider these 8 steps to ensure a smooth settlement when buying a property. Loan Preparation Arrange your loan documentation with your bank including maximum conditional pre-approval...

What you need to know about strata reform laws

What you need to know about strata reform laws

For a long time, Strata professionals and Strata property owners have been lobbying for reform to the NSW Strata Laws, believing that many areas required updating and change. In October 2015 two reform bills were presented to Parliament by the Minister for Innovation...

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