Water Crisis NSW – how temporary restrictions affect your WAL or Approval. – Alex Long

Despite the recent rainfall received in the area, there has not been any significant inflows into the state’s water storages.  On 31 March 2019, the Minister for Regional Water made an order for temporary water restrictions under Section 324 of the Water Management Act 2000 (the Act).

Under Section 324, the Minister has the authority to order temporary water restrictions within a water source for a specified period if those restrictions are determined to be in the public interest. Under Section 324(1), public interest includes “to cope with a water shortage, threat to public health or safety or to manage water for environmental purposes”.… Read More

What is probate and when do I need it? – Suzanne Hindmarsh

A Grant of Probate is a document issued by the Supreme Court that acknowledges the validity of the deceased’s Will and authorises the Executor/s to administer the Estate.

Whether or not Probate is required depends on the nature and value of the deceased’s assets.

If the deceased held land in their sole name or as tenants in common with another, Probate will be required.

Financial institutions, superannuation funds, aged care facilities and share registries may also require Probate for larger investments before they will allow those assets to be dealt with. Generally, such institutions will require Probate if the amount held with them is greater than $50,000.00.… Read More

You’ve Decided To Sell Your Home – What Now? – Terry Robinson

Before you can advertise a residential property for sale you are required by law to have a copy of the Contract available for prospective Purchasers to inspect. This is required whether you propose to sell through a Real Estate Agent or privately.

To enable a Contract to be prepared you should contact your Solicitor or Conveyancer as soon as possible to avoid delays in getting the Contract prepared.

Legislation sets out various documents and certificates that are required to be attached to the Contract, failure to attach these could potentially give the Purchaser a right to get out of the Contract after Contracts have exchanged.… Read More

Can I Change the Purchaser’s Name on a Land Contract?

This is an often asked question. Typically, someone will have bought a property at auction in their own name, or from an off-the-plan development and then decide they want to buy the property in the name of their spouse or some other entity like their super fund.

The decision to change names often happens after they have discussed the purchase with their accountant and/or solicitor and things like asset planning and estate planning are raised.

Most people seem to think they can simply change the “purchaser” on the contract by inserting the words “or nominee”.

That process in most cases will not work and will result in you paying double Stamp Duty.… Read More

Phone, Wallet, Keys… Don’t Forget Your Pre-Purchase Inspections!

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

The implications of incorrectly spelling your name!!

SMHQuite often I come across sellers, testators and mortgagors wherein their names are incomplete or otherwise different from their identification documents (ID) i.e. driver’s licence, passport, birth certificate and marriage certificate (if applicable).

The spelling of your name is critical when preparing any legal documents for example your Will, Power of Attorney, Appointment of Enduring Guardian, sale and purchase of land contracts, mortgages and transferring shares.

These discrepancies can result in delays finalising your property transaction, in some cases breach of contract, issues with selling your shares and can result in increased transaction costs, delay and frustration.

There are many reasons for the inconsistencies, however the most common are:-

  1. Anglicised names (which buyers/sellers/shareholders may commonly go by in day to day life) are not always the same names as reflected on their legal ID documents
  2. Marriage (or breakdown of marriage) where the seller has changed their name since purchasing the property or shares
  3. Missing middle names, which buyer/seller/shareholder may not use all the time, accidently being omitted from the legal documents i.e.
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What is Electronic Conveyancing? Suzanne Hindmarsh

SMHAs some of you may be aware, land transactions have been moving over to an electronic platform called PEXA. This involves the settlement and registration of a land transaction into the new owners and mortgagee’s name, instantaneously on settlement.

It is anticipated that by 1 July 2019, electronic settlements will be compulsory in NSW.

All paper titles of land held by about 150 banks were converted to electronic certificates of title called eCT’s in September this year. The conversion of the titles was undertaken by the banks and other financial institutions, the NSW Land Registry Services and the legal and conveyancing peak bodies with many people working behind the scenes for months.… Read More

Latent and Patent Defects from the hidden to the obvious and uncertainty in between – Jessica Wadwell

JRWThere 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

What happens after exchange of Property Contracts? – Suzanne Hindmarsh

SMHThis is a question commonly asked by both buyers and sellers. Exchange occurs when a seller and buyer enter into a legally binding contract with each other.  For a residential property, the following list explains some of the actions required after exchange.

For a buyer:

  • We prepare the transfer electronically. This allows the land to be transferred from the seller to the buyer after settlement.
  • We prepare Requisitions on Title. This is a set of questions about the land title the seller is required to answer for the buyer.
  • We order searches which may include some of the following: Council rates enquiry, State Rail Authority enquiry and Roads and Maritime Services enquiry.
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The importance of having a marketing Contract for the Sale of Land – Jessica Wadwell

JRWIn 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