Posts on Jan 2021

What does subdividing property mean?

Subdividing land is the process of splitting a parcel of land into multiple, smaller parcels, each which then get their own individual titles. Property owners commonly subdivide their land if they build multiple units or wish to sell of their back yard for development by a purchaser, however, subdivisions can also relate to the airspace above land, for example in multi-storey developments or in commercial situations where it may be beneficial to sell or lease the rooftop or airspace for telecommunication towers.

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Do you need a conveyancer?

If you choose not to use a conveyancer, you can represent yourself. In Victoria, settlements conducted by conveyancers and solicitors must be completed electronically. However, for unrepresented parties, they will be required to book a paper settlement with the representative on the other side of the transaction and any mortgagee involved. A guide to completing paper settlements can be found on the website of the Department of Environment, Land, Water and Planning.

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Can a SMSF buy off the plan property?

Conveyancing Blog

You can purchase a property off-the-plan using a self-managed super fund if the property meets the requirements of the Superannuation Industry (Supervision) Act, and in particular, where the SMSF is borrowing funds, that they meet the single acquirable asset rule of the limited recourse borrowing arrangement.

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