First home buyers can now choose between paying stamp duty or property tax. Stamp duty is payable when you purchase a property and the amount to be paid is calculated from the dutiable value (normally the purchase price) of the property, where the property tax will be an annual payment and the amount payable will …
From the 1 October 2022 Planning Certificates (Section 10.7 Certificates) will be altered to reflect the requirements set out in Environmental Planning and Assessment Regulation 2021 (2021 EP&A Regulation). Changes to the Section 10.7 Certificates were made to reduce complexity, it removes information not useful to any proposed Purchaser. The new certificate focuses on information …
Consumers need to pay attention to the documents attached to contract for sale of land and what their rights are prior to signing for purchasing Off the Plan properties. When you first enter or about to enter into such contract for Off the Plan purchase, you will need to pay attention to not only to …
The new land tax thresholds for year 2022 are:- General threshold is $822,000.00 Premium threshold is $5,026,000.00 If you have recently purchased an investment property it is a good idea you speak to Revenue NSW to see if land tax will be payable. If you fail to register for land tax Revenue NSW may impose …
On the 11 October 2021 there will be two significant changes to property law:- All land dealings will need to be lodged electronically (paper dealings will no longer be accepted). All Certificate of Titles will be abolished, this is being referred to as “cessation day”. From the cessation day, all Certificate of Titles have no …
Requisitions on title are essentially questions relating to the sale. They can include questions not addressed in the Contract i.e. if there are any disputes with neighbours about fencing. A request for requisitions, should be made within 21 days from the date of the Contract. Purchasers can make general and specific enquires about the property …
From 1 July 2021 to 31 June 2022 the First Home Loan Deposit Scheme will be available to 10,000 eligible first home buyers. The First Home Buyer Loan Deposit Scheme is an Australian Government program to support eligible first home buyers purchase their first home sooner. Under the scheme, National Housing Finance and Investment Corporation …
What is Private Treaty? This is a standard residential property transaction. This is when the vendor, or home owner sets the price they would like to sell their property for and their real estate agent negotiates individual with the purchaser to achieve a sale as close this the asking price as possible. What is …
When purchasing at Auction you need to be prepared. If you are the successful bidder at Auction, the Contracts are exchanged unconditionally. It means there is no cooling off period and you are bound to the terms of the Contract. What do I need to do? Once you have found a property you need to …
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 …
Transfer (Stamp) Duty Changes for First Home Buyers Read More »
