PROPERTY LAW

/PROPERTY LAW

Be aware! Financiers are now re-verifying employment status before effecting settlements

By |2020-05-29T05:35:09+00:00May 18th, 2020|LEGAL NEWS, PROPERTY LAW|

Recently, we have become aware that lenders are undertaking repeat employment checks on borrowers prior to advancing the funds for a property settlement.  These status checks are now being carried out up to the date of settlement. There are significant changes being experienced by people all over the world due to the current pandemic, and one of the most significant of these can relate to [...]

Granny Flat Arrangements

By |2020-02-28T02:55:18+00:00January 31st, 2020|FAMILY LAW, PROPERTY LAW|

What is a Granny Flat Arrangement? A granny flat arrangement or agreement is a legally binding document generally entered into by family members. The most common scenario is between the parents/family members and their children where the former is provided accommodation in the property of the latter in lieu of some monetary consideration or asset.  Granny Flat Agreements are a life estate agreement and the [...]

Duty in NSW

By |2019-07-20T02:49:59+00:00July 20th, 2019|PROPERTY LAW|

Duty (previously known as stamp duty) must be paid when you buy any of the following: Property (your home or a holiday home); Investment Property; Vacant land or a farming property; Commercial or industrial property; and A business, which includes land. You are also liable to pay duty if you acquire land, or an interest in land where no consideration has been paid. Duty [...]

Limitations to defects in Residential Building Work

By |2019-07-20T02:51:32+00:00July 20th, 2019|PROPERTY LAW|

In 2015, the Home Building Act 1989 (the Act) was altered to amend the time to be able to take action in respect of residential building defects to 6 years. This period, however, only applies to defects which are considered "major defects" under the Act. The Act defines a "major defect" as follows: "a defect in a major element of a building that is attributable to defective design, [...]

First Home Loan Deposit Scheme

By |2019-06-06T04:52:55+00:00May 22nd, 2019|PROPERTY LAW|

Are you a first home buyer looking to get into the property market?  Have you saved the 20% deposit required by most lenders?  If not, there might be might be a way for you to still purchase a property. The government is proposing to introduce the First Home Loan Deposit Scheme (Scheme) whereby you will  be given the chance to apply for a home [...]

Buying Real Estate? Don’t Rely on Everything you are told

By |2019-05-09T07:21:13+00:00May 2nd, 2019|PROPERTY LAW|

Investing in real estate is one of the biggest and most important decisions you can make in your life. Before signing any contract it is important that you know what exactly you are buying and the terms under which you will buy. While you may think it sounds straightforward, it is surprisingly easy to become unstuck. Just like any other sale process, it is [...]

Binding Financial Agreements

By |2018-09-30T19:46:36+00:00September 30th, 2018|FAMILY LAW, PROPERTY LAW|

Binding Financial Agreements, or BFAs as they are known in Australia, are less common, less certain than the American 'pre-nups' you likely know from movies. Since the recent 2017 High Court decision in Thorne v Kennedy questions have arisen as to their certainty if challenged in Court. In that case the appellant wife travelled to Australia to marry the wealthy respondent in a marriage initiated [...]

Changes for property transactions

By |2018-09-30T19:35:14+00:00September 30th, 2018|PROPERTY LAW|

If you are selling residential property and propose to enter into a Contract on or after 1 July 2018, there are two important questions which must be addressed: Are you registered or required to be registered for GST? Are you selling a new residential property or a substantially renovated property? If the answers to above questions are “yes”, then on settlement, the purchaser must deduct a GST [...]

Another Withholding Regime to Impact the Conveyancing Process

By |2018-09-30T19:25:49+00:00September 30th, 2018|PROPERTY LAW|

From 1 July 2018, purchasers of new residential premises may need to remit part of the purchase price directly to the ATO.  If there is more than one purchaser, and those purchasers are not joint tenants, then each purchaser is required to remit their respective proportion of the withholding amount. In an effort to ensure that all vendors pay GST when they sell new residential [...]

Discretionary trusts – land tax surcharge and duty surcharge

By |2018-09-30T13:50:44+00:00September 30th, 2018|PROPERTY LAW|

Last year, the NSW Government introduced land tax and duty surcharges which can significantly impact the tax benefits of many discretionary trusts which own or are in the process of purchasing land in NSW. The legislation increases the duty and land tax surcharge by 4% and 1.25%, respectively. What this could mean for you Your discretionary trust will be subject to the surcharges if the [...]