As a property owner, you are responsible for paying for rates and outgoings associated with your property. Rates and outgoings are payable at the frequencies appointed by you or the relevant service provider. A frequently asked question is – what happens if I pay rates that exceed the time I am the property owner? What … Read more
As someone looking to build their property portfolio in Victoria, it is important to understand Land Tax treatments and what it means to you. What is Land Tax? Land tax is the annual tax you pay to the State Revenue Office for all the land you own in Victoria that is not your principal place … Read more
What is an Owners Corporation? An Owners Corporation manages (previously known as Body Corporate) the common property areas of residential, commercial, and retail premises. Members of the Owners Corporation appoint a manager to oversee these common property areas. Some examples of common property can include driveways, gardens, stairwells pathways, and fences. Whilst these common property … Read more
What is a caveat? A caveat is a legal notice that prevents the registration of new dealings and plans on the title. This means that any further dealings in relation to the land cannot take place without first removing the caveat or obtaining the caveator’s written consent. A caveat recorded on the title is a … Read more
What is a caveat? A caveat is a legal notice which prevents the transfer of a land title without the consent of the caveat holder. The purpose of a caveat is to prevent any further formal dealings on the property to protect and preserve the interest of the caveator. Anyone who does a title search … Read more
Becoming a guarantor for a loan is a significant decision involving considerable financial risk. Before agreeing to become a guarantor, it is important that you under your obligations, how that looks under a loan contract and understanding the risks associated. What is a guarantor? A guarantor can be a person or company, commonly used by … Read more
Property developers and owners need to determine if their land is affected by any restrictive covenants before developing or conducting works on the land or property. What is a Restrictive Covenant? A restrictive covenant is an agreement that restricts the use or enjoyment of a landowner’s land and how the land may be developed. … Read more
The process of lodging a caveat is not difficult, but it’s important to understand whether there is a valid interest in the property which the caveat seeks to protect. Caveatable Interest A caveat is a legal notice which can prevent any dealings with a property without the consent of the caveat holder. You can register … Read more
Different states have different approaches to lodging a caveat. Here we’ll discuss Queensland’s approach to completing one. What is a caveat? In short, a caveat freezes the status of a property title to prevent it from being sold or dealt with. It also informs the public of the caveator’s interest in a property. Caveats are … Read more
Different states have different approaches to lodging a caveat. Here we’ll discuss Western Australia’s approach to completing one. What is a caveat? A caveat is essentially a notice placed on the title which prevents any person from selling or dealing with the property. What is a caveatable interest? Any person who has a legal … Read more
When buying a property you’ll most certainly be fed with a mountain of advice and information from Real Estate Agents, the vendor’s legal representatives, or even from the vendor directly. But whose words can be relied upon with enforceability? Real Estate Agents & Vendors When buying a property a Real Estate Agent will introduce the … Read more
While it’s more often that a Purchaser may default on a contract, there are certainly occasions where the the Vendor may default on a contract instead. Here are the most common scenarios where a Vendor may find themselves breaching the conditions of the Contract of Sale. What is a default on a contract? A party … Read more
Want to purchase property in Victoria? Have a look at our checklist to make sure you’re ready! Engage a conveyancer/solicitor It is recommended to engage a conveyancer or solicitor before making an offer or signing a contract. This is so they can review the contract and advise you on the contract conditions and contents in … Read more
We generally advise our clients, no matter where they are in Australia, to include the finance clause in their Contract of Sale. Here is our list of FAQs surrounding the ‘Subject to Finance’ clause. What is the finance clause? ‘Subject to Finance’ (STF) means that the buyer will proceed with the purchase if formal loan … Read more
Homeowners often renovate their properties before selling. But whether you’re renovating for a sale, or just want a new kitchen island, Domestic Building Insurance (‘DBI’) may be required. See our checklist below to find out if this applies to you. What is DBI? DBI, formerly known as Owner Builders Warranty Insurance, protects homeowners from defective … Read more
Final inspections occur within the final week prior to the day of settlement. As a purchaser, you are entitled to check your purchased property to ensure the property is delivered in the same condition as of the day of sale. Be thorough – check before you sign! It is good practice to take as many … Read more
Are you an Australian resident selling a property? Will the sale price to be more than $750,000? If so, you will be need to provide a Foreign Resident Capital Gains Withholding Clearance Certificate (FRCGWCC, or ‘clearance certificate’) to purchasers prior to settlement. What is a clearance certificate? From 1 July 2017 onwards, legislation requires 12.5% … Read more
Sometimes things don’t go to plan when purchasing a property. Here are the most common scenarios where a Purchaser may find themselves in default of a Contract of Sale. What is a default? A default is a failure to follow your obligations, or a breach of conditions, under the signed Contract. What is a Default … Read more
Recent incentives provided by the Federal Budget have generated more interest in off the plan properties. However, buyers should keep in mind certain contract conditions before signing on. Subject Clauses Off the plan contracts are usually subject to either or both of the following conditions being satisfied: It may not be ideal for purchasers … Read more
If you are selling your property and have had building works constructed by yourself or someone who is not a registered builder, you are required to provide a Section 137B Report in the contract of sale. What is Section 137B Report? A Section 137B is an inspection report that discloses if there are any … Read more
Entering the property market can be challenging. Additionally, it can be overwhelming having to also consider factors such as affordability, stamp duty, and property age. Buying an off-the-plan property can be an attractive solution as they are often more affordable, come with stamp duty savings, and are brand new. What is an Off-The-Plan Property? An … Read more
What is a caveat? Under Section 89 of the Transfer of Land Act 1958, a caveat is a legal notice which can prevent any dealings with a property, such as the transfer of the land title, without the consent of the caveat holder. When a caveat is registered it will appear on a property’s title unless … Read more
You may have heard this term ‘covenant’ or ‘restrictive covenant’ when looking into property. But what exactly is it? And why is it important for property buyers and sellers? What is a restrictive covenant? A restrictive covenant, or more commonly known as just a covenant, is a private agreement or contract between neighbouring landowners. … Read more
An Owners Corporation (OC), formerly known as Body Corporate, is a legal entity which is created when subdivided land containing a shared area (common property) or facility is registered with state Land Registries. This is typically seen in larger scale subdivisions with mixed residential and commercial uses. More than one Owners Corporation can be created. … Read more
If you are selling property, you may be obligated to notify Purchasers to withhold an amount (i.e. GST) from the purchase price on the contract to be paid to the Australian Tax Office (ATO). This can apply to some residential properties and potential residential land. Failure to notify is a strict liability offence that may lead to … Read more
Building and Pest Inspections identify any defects within a property and the risks that may evolve from those defects. They are useful for identifying the condition of the property, which provide insight on the desirability and value of the property being purchased. Why should I include a “subject to a Building and Pest Inspection” clause? … Read more
Purchasing a block of land is an exciting process to bring to life your dream home on a blank canvas. However, we have seen mistakes you can try to avoid. In addition to planning permit requirements and specific regulations, there are various other means by which property development can be restricted, including the following: Easements … Read more
So you’ve found a property perfect for you after spending countless hours scouring the market. A contract was given to you but it’s long, confusing and filled with legal words that don’t make sense. We recommend looking out for these 5 terms that can help your decision-making. “I can end the contract if I want… … Read more
A Contract of Sale is typically prepared by the Seller’s representative, and it is no surprise that a substantial number of clauses will favour the Seller. It is important for Buyers to obtain advice before signing the Contract of Sale. The Contract of Sale together with the Section 32 Vendor Statement are the most important … Read more
What is a Section 32 statement? A Section 32 statement, also known as a vendor’s statement, is a legal document with details regarding any crucial details of the property the seller is must provide to interested buyers. The Section 32 statement is so called because the information it must contain is set out in Section … Read more
What is a Section 32 statement? A Section 32 statement is also known as the vendor’s statement. This document is called a Section 32 statement because the information the seller must provide is outlined in Section 32 of the Sale of Land Act 1962. Before a property is sold, a seller is must provide the buyer with … Read more
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