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...
Property Law
Does the S10.7 Certificate attached to the Contract have to be current?
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....
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
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
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!
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...
The do’s and dont’s when purchasing a self-managed superfund
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”)...
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?
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
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...
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