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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 [...]
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, [...]
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 [...]
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, 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 [...]
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 [...]
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 [...]
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 [...]
Overview A commercial property lease is a rental agreement between a landlord (“Lessor”) and tenant ("Lessee”) to use a warehouse, factory, office or a similar facility. Before entering into a commercial property lease (“the Lease”), proper due diligence should be conducted to analyse the terms and conditions of the Lease and to understand the rights and obligations assigned of the parties. Since a commercial property [...]
