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 …
Buying a Property Subject to Probate or Letters of Administration – May 2020 Read More »
It is not unusual for purchasers to be asked to sign a Contract and to pay a deposit at the Agent’s office either on a weekend or at night before they can see their Solicitor to obtain advice. This will normally not be a problem as long as the rules set out below are followed: …
Signing the Contract to Purchase Real Estate Before You See a Lawyer Read More »
Transfer duty is payable on property transactions in NSW. It is administered by Revenue NSW. Transfer duty is payable when you buy: Property Investment property Vacant land or farming property Commercial or industrial property; or A business, including land This is relevant in a family law property settlement, when one party seeks to retain the …
Transfer Duty (formerly Stamp Duty) Exemptions and Family Law Read More »
When buying a property, you often look to the location, views, amenity and the structure of the house. What is often overlooked is the fence dividing the property with the neighbour. What is unknown is how your neighbour will react if there is a problem with the fence. One of the more common problems people …
Fencing Disputes “Good Fences Make Good Neighbours” Read More »
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 …
New Requirements for off the plan Contracts entered into after 1 December 2019 Read More »
Unless the Contract is marked about a particular item staying at the property, you can generally take items that are easily moved and don’t cause any damage to the property when being removed. This includes standard personal items such as: Furniture Fridges Washing machines Pot plants Televisions (however if they are on a bracket, the …
What can you take with you when you sell your property? Read More »
