Most people buy a home with a combination of their savings, proceeds from the sale of an existing home and a loan from a bank. Securing finance to purchase a property involves a number of steps and expenses. Below is an explanation of a typical mortgage. However, care should be taken to read and understand […]
The perils of not making a Will
What do Michael Jackson, Abraham Lincoln, Picasso, Jimi Hendrix, Stieg Larsson and Robert Homes a Court all have in common? You would be forgiven for thinking, not much. But in fact they do—all six died intestate which means, they died without leaving a Will. Even the rich and famous can fail to plan ahead when […]
Take care when buying a property off the Plan
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 […]
Understanding a Commercial Lease
When renting business related property it is important for both Landlords and Tenants to understand the relationship they are entering into and the rights and obligations that they each have, the document that governs this relationship is usually a Commercial Lease. So what is a Commercial Lease? A lease is a legally binding contract that […]
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 […]