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The Real Property Amendment (Certificates of Title) Act 2021 will make significant changes to land holding in New South Wales. Under this Act, all paper Certificate of Title will be cancelled which will facilitate the electronic lodgement of all land transactions in New South Wales. Paper Certificates of Title will no longer have any legal effect from 11 October 2021. Instead of a paper [...]
On the 14th of July the New South Wales Government published the Retail and Other Commercial Leases (COVID-19) Regulation 2021. The primary objective of these new regulations is to restrict the rights of landlords under retail and other commercial leases to take action for a breach of lease by the tenant if the tenant has been 'impacted' by COVID-19. A tenant is "impacted" if they qualify [...]
Any Awning extending over public land, such as footpaths or roads, can threaten the safety of the public, and NSW has introduced changes to ensure building owners are act responsibly when installing awnings that extend over such land. Following a fatal accident in Balgowlah due to the collapse of an awning, the Deputy State Coroner conducted an investigation and prepared a report. Report by the [...]
Media stories abound about the spiralling value of real estate, particularly in Sydney, and the pressures young people face in getting a foot hold into the market. Many of our clients are in a position to help their children into the property market but care and careful planning are needed if unintended financial consequences are to be avoided. Let’s assume that you own an investment [...]
Expected to start from 1 July 2021, a homeowner will no longer have to pay capital gains tax “CGT” for the creation, variation or termination of a formal written granny flat arrangement that accommodates the elderly, typically family members or people with disabilities. A principal place of residence is exempt from CGT, whereas investment properties are subject to tax on any capital gains on sale [...]
Introduction The NSW Government has recently passed 2 pieces of legislation with the objective to increase confidence of the community in the construction industry. DBP Act The Design and Building Practitioners Act 2020 (NSW) (“DBP Act”) was enacted on 10 June 2020 and it introduces a statutory duty of care to benefit owners of land and provides for methods to regulate design and building work, [...]
For quite a few months now we have been receiving enquiries in relation to neighbourhood disputes. Is it because we are all home a lot more or do you think people have lost the ability to talk to one another? Whilst it is easy to urge you to be friendly with your neighbours as it is much easier if everyone gets along and it also [...]
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 [...]
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 (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 [...]
