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
Purchasing property in Australia can be challenging for temporary residents due to the strict requirements and approval processes in place. What is a temporary resident? A temporary resident is defined as: A person with a visa period of less than 12 months is considered a foreign non-resident. Foreign Investment Approval Board (FIRB) A temporary resident must … 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
The Foreign Investment Review Board (FIRB) is an Australian Government board that reviews applications made by foreign persons or entities interested in purchasing a property in Australia. There are different applications for foreign investment approval, depending on the type of property being purchased. In this article, we explore the compliance requirements surrounding residential land. Who … 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
A Self-Managed Super Fund (SMSF) is a private super fund that you manage yourself. So instead of putting your money into a retail or industry super fund, you are managing your super fund yourself and decide how the funds are invested and their insurance. Can I purchase residential/commercial property with my Self-Managed Super Fund? In … Read more
A Related Party Transfer (RPT) is the process of where a property is transferred between parties that are related. The term ‘related parties’ means people who are related by blood, marriage, relatives, associated trusts and companies. How does stamp duty work on a Related Party Transfer? Stamp duty (now known as land transfer duty) is … Read more
After signing a contract of sale, as the purchaser, you are required to pay a deposit at exchange of the contract. Deposits in NSW The deposit is usually 10% of the purchase price, but this can vary when the buyer and seller negotiate a different amount. In New South Wales, you would typically first pay … 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
Can’t find the original paper Certificate of Title for your property? Not to worry, the title can be located or replaced by the Victorian titles’ office. What is a Certificate of Title? A Certificate of Title is the official record of who has interest and rights over a piece of land. What’s the recovery process? … 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
Conveyancing is a process that involves the transfer of the legal title of a property from one person to another. The most common type of conveyancing transaction is selling property from one owner to another, but it can also be used in other situations, such as when a property is inherited or gifted. The first … 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
As part of the Albanese Labor Government delivering on its election commitment, the Australian Treasurer announced changes to the Foreign Investment Review Board (FIRB) application fee structure, which will double the fees payable for FIRB approvals. When are the fees doubling? The new fees will come into effect on 29 July 2022. This means … 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
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
What is adverse possession? When you purchase a property, you receive the title for that parcel of land. Adverse possession is an act to claim land that does not belong within your registered title. Common examples of adverse possession include inadvertently fencing off a neighbour’s land without their consent or knowledge, or restricting public access … Read more
Stamp duty, otherwise known as transfer duty, is a tax levied by the Government on transactions when you acquire an interest in the property. You may be eligible for Off the Plan (OTP) duty concession, depending on where the type of property is purchased and its location. See below as we discuss stamp duty treatments … Read more
If you are a foreign resident, there are three key factors you will need to consider before purchasing a property in Australia: Are you a foreign resident? A foreign resident can include ‘a foreign natural person, a foreign corporation or a trustee of a foreign trust’. Additionally, any temporary resident is considered a foreign resident. The State … 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
Foreign Investment Review Board (FIRB) approval is a permit issued by the Australian Tax Office (ATO) that allows foreigners to have property investments or buy a home in Australia. For the purpose of this article, we will be focusing on residential property investments. Am I Required to Apply for FIRB Approval? Before a contract is … 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
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
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
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
Since 01 December 2019, there are new laws requiring all property owners to erect safety barriers for their pool and spa. Here are some important things you need to know: Victorian Building Authority (VBA) requirements Does my pool or spa require building the barriers? For pools and spas with water depth of or more than … 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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