Conditional/Pre-Approval This means that your loan has been assessed and approved, in principle, but the lender needs more information before it will issue a formal, or ‘unconditional’ approval, which is what you should have, when entering into an unconditional...
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 general and specific enquiries of...
On 18 July, 2018, it was introduced that when purchasing property in NSW purchasers are required to complete a Purchaser Declaration. This declaration is submitted to Revenue NSW when the Contract is lodged for stamping. If there is more than one purchaser, each...
When selling your property, one of the most important decisions you need to make is choosing the right agent to market the property on your behalf. It is imperative that you feel comfortable and trust your agent as he/she will be selling what is most likely your most...
Being prepared is the key aspect of ensuring that your conveyance proceeds efficiently. Selling Real Estate Contact your solicitor/conveyancer with instructions to prepare a contract. Marketing cannot commence until the selling agent has been provided with a copy of...
Whilst Old System Title has all but disappeared from NSW over the past few decades, every now and then we see a title search noting that it is “Limited Title”. What does this mean and is there cause for concern? We often see this in older inner-city suburbs or other...
One of the questions that is asked when acting for a Vendor in preparing a Contract of Sale is whether any building works have been carried out to the property. If the answer is yes, then there are a series of issues that must be considered: Is there a building...
“Gazumping” is a term used to describe a situation in which a purchaser has agreed on a price with a vendor, but another purchaser makes a higher offer before formal exchange of contracts takes place on the original deal agreed upon. In a competitive property market,...
In April of this year, the NSW state government enacted the Retail and Other Commercial Leases (COVID-19) Regulation 2020 (NSW) to govern negotiations between landlords and tenants during COVID-19. Our summary of the initial Regulation can be found here. Since the...
The NSW government has announced that it will temporarily increase transfer duty relief and concessions. From 1 August 2020, the duty-free limit will be extended to $800,000 for first home buyers, if they purchase a newly built home (not an existing home) and the...
Priority Notices are a simple way of temporarily preventing new legal interests in land being registered, prior to the registration of the dealings set out in the Priority Notice. They are designed to remove the risk of registration between settlement of a transaction...
Following community outcry surrounding inferior building standards of residential towers such as Opal Tower, the NSW Government has begun introducing new legislation to create new standards for the building industry. Early in June 2020 the Design and Building...
On 14 May 2020, a number of legislative changes came into force in NSW as part of the government's response to the COVID-19 pandemic and the financial difficulties that many industries are facing. The changes affected various sectors, and thankfully, this included...
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...
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...
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...
The pandemic has raised some real practical difficulties around signing and witnessing legal documents because of strict social distancing rules in place to protect us all. In order to facilitate and decrease the need for face to face contact for the witnessing of...
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...
A well-experienced property developer and/or investor will understand that the property market and the global economy is cyclical and will experience many different life-cycles over time. This article discusses some of the strategies that you can implement, and the...
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...
If you are purchasing an off-the-plan residential property it is prudent to obtain proper advice on the Contract so you are aware of your rights under the Contract. This minimises the chances of nasty, and potentially expensive, surprises. Below is a summary of the...
Clinch Long Woodbridge's Guide for Landlords Many landlords are unsure of their rights and entitlements if a tenant under a commercial lease becomes insolvent and a liquidator is appointed to manage the tenant's affairs. This guide is for landlords to help them...
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...
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...
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...
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...
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What is a deed? A deed is often a binding promise or commitment to do something. It is said to be the most solemn indication that a person intends to do what they have promised. To create a valid deed the document must be: in writing signed with an intent that it is...
The Conveyancing Legislation Amendment Act 2018 (NSW) does not as yet include the draft Regulations with key details on how these amendments will operate and be implemented. Changes to the rescission rights in NSW The Act gives purchasers buying apartments or...
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...
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 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...
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 (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...
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...
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...
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...
Yes, but this is best explained by looking at the law behind it. Under the Conveyancing Act 1919 (the Act) and Conveyancing (Sale of Land) Regulations 2017 there are prescribed documents that must be included in all contracts for the sale of residential land in NSW....
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...
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...
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,...
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...
Purchasing a property through a Self Managed Super Fund ("SMSF) can be beneficial but you must ensure that you have the right advice and important rules are followed. The first step is to have your accountant set up the self-managed superannuation fund (“SMSF”)...
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...
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...
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...
Recent changes to the Conveyancing Act aim to prevent developers from rescinding the “off the plan” contract for residential property relying on the sunset clause. Case Study: Mia O’Brien’s mother in law, Catherine Tait is looking to purchase a unit “off the plan”....
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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