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
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
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
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
With the variety of DIY kits on offer for conveyancing it’s tempting to buy one to save on legal fees. These kits promise a step-by-step process to completing a conveyancing transaction successfully. However, what they can’t do is identify and address any issues that can potentially arise from the transaction. This is where an experienced … Read more
When property and assets are jointly owned, and one of the joint owners passes away, the property and assets will automatically pass to the surviving party. Both names will remain on the title until a survivorship application is completed. To remove the deceased party’s name from the title, the surviving party must lodge a survivorship … 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
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
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
What is a Plan of Subdivision? The Plan of Subdivision is a registered Plan drawing (recorded in the Land Registry) that records land boundaries, land size, and placement of easements of the property. To subdivide your property, an application is made to the Land Registry for a new Plan of Subdivision to be recorded in … 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
What is considered too much or too little information, and how do you ensure you provide the right information? There are 5 general items that you need to disclose when you sell your property. Pre-contractual disclosure obligations It is a seller’s obligation to disclose all relevant information that may be considered a limitation, restriction or … 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
As the world becomes more globalised it is increasingly common for Vendors to sell property across different states and territories. In Australia, certain attributes of a property must be disclosed by a vendor to the purchaser prior to the sale. Vendor disclosure obligations are unique to each state. As a result of this, it is … 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
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
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
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
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
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