What is private property? Private property is generally owned by either an individual person or corporation, examples of private property is a residential home or business premises. What is public property? Public property is generally owned by the government. Some examples of public property are parks and beaches. A person who owns private property has […]
You may be exempt from paying transfer duty after a relationship break-up. To apply for the exemption, you must be able to provide to Revenue NSW a Court Order made under the Family Law Act 1975 or a termination agreement (commonly known as a Binding Financial Agreement). The exemption applies to both married couples and
The NSW government has announced as part of the NSW Government COVID- 19 Recovery Plan that the threshold for stamp duty paid on new homes for first home buyers will increase. To be eligible for the exemption or concession in the transfer duty you will need to be a first home buyer who purchases a
1. Decide to Purchase Before you commence looking for a home: Make a list of the features you are looking for in a property; Speak to your lender regarding how much you can borrow. 2. You’ve found a property The agent will liaise with you directly in regards to the negotiations of the purchase price.
A common question that is asked is when is my transfer duty (also referred to as stamp duty) payable? In New South Wales transfer duty is payable the earlier of settlement or within three (3) months from the date of exchange. If you are purchasing off the plan (where a home is to be erected
1. Decision to Sell You decide to sell: You appoint a real estate agent; You sign an agency agreement. 2. Preparing the Contract for Sale of Land At this point, you should speak to Megan from our Property Department she will prepare the Contract for Sale of Land. Before the property can be advertised or
An agent must not fail to disclose a “material fact” that the agent knows or our should have taken reasonable steps to make themselves aware of. (An agent should take reasonable steps to gather all relevant information on a property they are selling or renting). So, what is a “Material Fact”? The NSW Fair Trading
What is a property sold subject to Probate or Administration? Buying a property subject to Probate or Administration is when a property is listed for sale and sold without the Executor or Administrator yet being registered on the certificate of title. The deceased remains on title until such time the Court grants Probate or Letters
The general land tax threshold for the year 2020 is $734,000.00. Whether you need to pay land tax on your property depends on:- The type of property; What the property is used for; The total value you own as at midnight on 31 December each year; Whether you meet the definition of a foreign person.
An off the plan purchase is where a property is sold without the lot being created at the time the Contract was entered. From the 1 December 2019 Vendors are to have the following annexed to the Contract:- Disclosure Statement https://www.registrargeneral.nsw.gov.au/__data/assets/pdf_file/0006/567663/Disclosure-Statement-Form-Off-the-Plan-Contracts.pdf A draft plan prepared by a surveyor. Any restrictions or easements are to be