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
The First Home Buyer Choice is a New South Wales Government Scheme, which commenced on 16 January, 2023. This provides buyers with the choice of paying transfer (stamp) duty or opt into paying property tax annually. This Scheme is applicable to contracts entered into on or prior 30 June 2023. This scheme is available for first home … Read more
If you need to move into the property before settlement, you can request early access. If the vendor agrees to grant you early access, a licence agreement will be prepared to detail your rights and obligations. What is a Licence Agreement? A licence agreement is a binding agreement between the vendor as the licensor and … Read more
The Australian Federal Budget (‘Federal Budget’) for 2023 holds particular significance for the real estate sector as it shapes Australia’s path to easing the threshold for property ownership and the impacts of the housing crisis. Home Guarantee Scheme Overview The Home Guarantee Scheme (‘Scheme’) in Australia is a government initiative aimed at assisting 35,000 eligible … Read more
Since Property Coach’s inception, the team at W Legal Group have been committed to helping ours clients understand the many confusing processes of the property market. Here we have a list of the best articles for anyone wanting to know more about purchasing property, especially for those who are purchasing for the first time. Buying … 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
Purchasing and selling a property in NSW is relatively straightforward when you appoint the appropriate persons for the transaction. In this article, we focus on why you should never buy or sell your property without a conveyancer or solicitor. The purpose of Sydney conveyancers and solicitors The role of a conveyancer or solicitor is to … Read more
The release of the Federal Budget for 2022-2023 has been disclosed. Here what’s in it for property and the real estate sector. National Housing Accord The National Housing Accord sets an aspiration target to build one million new, well-located homes over 5 years from mid-2024. The Accord is said to recognise most of the housing … Read more
You can never be too careful when buying a property! Here’s a rundown of what you need to know before you buying in Victoria. Cooling off period For private sales, purchasers have a chance to change their mind about their property purchase within three business days from the day the contract is signed. Note that … 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
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
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
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
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
To address the continuing challenges faced by first home buyer Australians breaking into the property market, the Federal Government has announced in its Federal Budget 2022-2023 several measures to ease entry barriers. Continued Incentives Family Home Guarantee The scheme aims to support single parents with dependent children in purchasing a family home. Eligible buyers will … Read more
As property prices keep hitting new records, it becomes harder for people to buy their first home. Fortunately, the government has announced numerous grants and schemes assisting first home buyers to save for their first property. The First Home Loan Deposit Scheme is one of these. What is the First Home Loan Deposit Scheme? The … Read more
Saving for a 10-20% deposit is challenging with increasing property prices. To address this issue and create more opportunities for home ownership for low to medium income earners, the Victorian Government launched the Homebuyer Fund in October 2021. What is the Homebuyer Fund? The Homebuyer Fund is a shared equity scheme that permits the Victorian … Read more
There was a time when Australian settlements had to be conducted in person at a set location. This usually involved long hours sorting through numerous papers to finalise documents. Now, legal representatives and financial institutions are able to attend virtually to complete all types of settlements. This is done through the digital property platform PEXA. … 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
If you have any questions or wish to engage with our services, email us at hello@wlegalgroup.com.au or call us on +61 3 9590 6180.
Setting out to buy your first home can be both exciting and daunting. It’s an expensive process and there is a great deal of information with which you need to be equipped. However, it is well worth the work, both for the joy of living in your own home, as well as for the financial … 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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