So, you are looking to find the perfect property. You have spoken to your bank and know the price range which works best for you. You have even remembered to factor stamp duty into your budget. For those who may have forgotten, stamp duty is a duty which is payable when you acquire property in NSW. For example, purchasing a property for $400,000 would incur stamp duty of $13,452. If you are a first home buyer, you may be eligible for an exemption from duty.
If you are acquiring property as a gift, stamp duty is still payable, unless an exemption applies.… Read More
So, you have sold your property and have decided to purchase another. It may sound simple, however the process can be rather cumbersome and there are various matters which require your careful consideration. For instance, should your purchase Contract be made conditional upon your sale? Do you have a cash deposit available for your purchase or are you relying on your sale proceeds? Can you obtain early access to your purchase property to ensure vacant possession of your sale property is provided on settlement?
The Conditional Contract:
If you are relying on your sale proceeds for your purchase, it is important to make your purchase Contract conditional upon completion of your sale.… Read More
A Contract for the sale and purchase of property includes conditions stating that the purchaser accepts the property in its current condition and state of repair subject to all defects both obvious and hidden. You might have heard the saying “let the buyer beware”.
As a result, purchasers have an extremely limited right to complain after exchange of Contracts regarding the quality of the improvements and inclusions. Improvements include the structures on the property, for instance the house, shed, etc. Inclusions are usually movable items included in the sale, for instance the blinds, stove, air conditioner, etc. Purchasers should undertake thorough inspections of the property and the inclusions prior to exchange of Contracts, which is when the parties are formally bound by the Contract terms. … Read More
There are many terms which might sound quite foreign when you sell or purchase real estate property. For instance, you will often hear the terms “latent defect” and “patent defect”. For many, this may be the first time you have heard these terms. So, what do these terms actually mean and how should they impact your decision making when selling or purchasing property?
A “latent defect “is one which a purchaser is unable to reasonably discover upon an inspection of the property. A “patent defect” is one which a purchaser, who inspects a property with reasonable care, ought to see or discover.… Read More
In order for residential property in NSW to be advertised for sale, a Contract for the Sale of Land is required to be prepared. Whether you decide to sell your property through a real estate agent or privately, you are still required by law to have a Contract prepared. It is therefore important that vendors understand their obligations, especially in situations where vendors have privately listed their property for sale via an online platform.
Briefly speaking, a Contract consists of terms and conditions together with mandatory prescribed documents.
There are numerous terms and conditions contained in the Contract which are standard form, however, can appear quite daunting. … Read More
A Building Information Certificate is issued by the Local Council for the whole or part of a building. The certificate is a confirmation from Council that Council will not issue an order, or take proceedings for an order or injunction, for the repair, demolition, alteration, addition or rebuilding of the building. The certificate also provides a confirmation that Council will not initiate proceedings with regard to any encroachment by the building onto land either owned or controlled by Council. The certificate is issued for a specified period, being a period of seven (7) years and only covers such matters which exist or occur at the time of issue of the certificate.… Read More
Under the Local Government Act 1993 (NSW), an on-site sewage system requires an Approval to Operate from the Local Council in order to be operated lawfully. For an Approval to Operate to issue, and to remain force, the system must be inspected by the Local Council. Councils are permitted to charge fees for these inspections. Depending upon the risk rating of the system, the period for inspections varies from every 1-10 years. The Local Government (General) Regulation 2005 (NSW) outlines performance standards and operational requirements.
It is the owner’s responsibility to ensure the system is registered and operating satisfactorily. It is recommended that owners undertake their own inspections, in addition to Council’s inspections, to ensue systems are operated satisfactorily. … Read More
One area of recent reform to the Victorian Residential Tenancies Act is aimed at providing tenants with clear rights in relation to the keeping of pets. Currently, the Victorian Act permits landlords to include a ‘no pets’ clause in their residential tenancy agreements. However, changes to the Victorian Act will prohibit such clauses. Whilst tenants will still be required to obtain landlord’s consent, such consent cannot be unreasonably refused.
But what are the rights of landlords and tenants in New South Wales?
The NSW Residential Tenancies Act is silent in relation to allowing, prohibiting or requiring consent for the keeping of pets.… Read More
PEXA is a platform for e-conveyancing and facilitates an electronic settlement of your sale or purchase of land in real-time. Put in its simplest form, it is part of the e-conveyancing process that deals with property settlement and land registration, and is supported by legislation nationally. It is anticipated that by 1 July 2019, electronic settlements will be compulsory in NSW.
Most conveyancers and solicitors are making the move towards electronic settlements now as it provides greater certainty and security of a successful property settlement. Whilst there are various factors that can impact a property settlement, a simple matter of documents not arriving or a cheque being spelt incorrectly can delay a settlement by days. … Read More