The term “buying off the plan” usually refers to purchasing a property that is not yet registered as a separate lot with the government department responsible for land title registrations, or a property that is not yet built. Buying off the plan can refer to the purchase of a block of vacant land that is […]
The Risks of Going Guarantor
Has a family member asked you to provide a guarantee for their home loan or personal loan? If so, you need to be clear about your obligations under a contract of guarantee. What is a guarantee? If a lender is concerned about a borrower’s capacity to repay a loan or has classified the borrower […]
GST and Residential Property Transactions
The responsibility for remitting Goods and Services Tax (GST) to the Australian Taxation Office (ATO) generally falls on the party making a ‘taxable supply’. In a property transaction, this has traditionally meant the vendor or developer (supplier), unless the contract provides otherwise. From 1 July 2018 purchasers of ‘new’ residential property must deduct the […]
Traps to avoid when buying a Property – pre contract inspections
Buying a home is the biggest investment or financial outlay that most of us will make in a lifetime. It is critical to your financial future that you make well-informed decisions when you purchase a property, whether it be for your own home or an investment. The Contract for Sale of Land basically follows the […]
Buying a property at auction; Things you need to know BEFORE the auction day
Buying a property can often be an intimidating process, especially at auction where you are competing with other buyers and there is no cooling off period. Many properties are sold at auction, particularly in a rising market, so it is important for buyers to understand the processes involved so they can bid confidently on […]
E-conveyancing the way of the future
For the past 150 years when completing a property settlement it has been necessary for lawyers and banks to meet up to check and swap documents and bank cheques. The party that ended up with the documents then had to lodge them at the Land Registry and notify government authorities about the transaction. Many of […]
Strata Law Reforms
In 2015 the New South Wales Parliament passed the Strata Scheme Management Bill 2015 and the Strata Scheme Development Bill 2015, with more than 90 law changes. The new pieces of legislation set out comprehensive reforms of NSW strata laws modernising the law to reflect the reality of living in a strata townhouse or apartment […]
Avoiding conveyancing traps – special conditions
Conveyancing is the process involving the transfer of legal title of real property from one person to another. The conveyancing process is designed to ensure that the buyer obtains good and marketable title to the property together with all the rights that run with the property and is notified of any restrictions or rights in advance of their purchase. For […]
10 Reasons you must use a Qualified Lawyer for your Conveyancing
Ensure you know your rights and obligations Protect your home or investment property Buying or selling a home or an investment property is a huge financial commitment. This is true, no matter whether you are buying your first property or if you buy and sell properties all the time. There are the costs of the […]