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What do I need to look for when buying a property?

13/03/2022 Jesse Roberts
What do I need to look for when buying a property?

What do I need to look for when buying a property?

The common form of contract for the sale of real estate in Victoria provides that the purchaser buys the property in its current condition, and any omission or mistake in the description of the property or any deficiency in the area of the land does not invalidate the sale. Accordingly, a purchaser should test and document what appliances are in working order on the day of sale, including hot water service and any heating/cooling, as well as measuring the land to the nearest intersection to ensure the property fences are on the correct boundary.

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When must a section 32 be provided?

01/03/2022 Jesse Roberts
When must a section 32 be provided?

When must a section 32 be provided?

A section 32 signed by the vendor must be provided to any interested party before they sign a contract to purchase the property. As an estate agent will commonly require an interest party present their offer on a contract of sale, it is essential that a vendor provide a signed section 32 to the estate agent as soon as possible.

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Joint Tenancy vs Tenants in Common

18/02/2022 Jesse Roberts
Joint Tenancy

Joint Tenancy vs Tenants in Common

In preparing the transfer of land you will be required to set the division of ownership of the property which can either be a joint tenancy or tenants in common, each of which have different legal and financial effects on the rights of the owners should one party pre-decease the other or sell their interest in the property.

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What is a section 32?

06/02/2022 Jesse Roberts
What is a section 32?

What is a section 32?

Section 32 vendor statements were introduced in 1983 to enhance consumer protection by requiring the vendor in the sale of real estate in Victoria to give certain disclosures to a purchaser before entering into a contract for the sale of the property.

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Can I do my own conveyancing?

25/01/2022 Jesse Roberts
Can I do my own conveyancing?

Can I do my own conveyancing?

It is possible to do your own conveyancing, but it is not recommended unless you have the legal expertise and experience required to complete the process. Conveyancing involves complex legal procedures, and even a small mistake can cause significant financial and legal issues.

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Capital Gains Withholding Tax

13/01/2022 Jesse Roberts
Capital Gains Withholding Tax

Capital Gains Withholding Tax

In 2017 the Tax Administrations Act 1953 (Cth) was amended to prevent foreign investors from selling property within Australia and moving proceeds offshore without paying Capital Gains Tax.

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Vacant Residential Land Tax

01/01/2022 Jesse Roberts
Vacant Residential Land Tax

Vacant Residential Land Tax

Vacant Residential Land Tax is a tax imposed by the Victorian state government on residential properties that are deemed to be vacant for a certain period of time. The tax is aimed at encouraging property owners to make their properties available for rental or sale in order to increase the supply of housing and reduce vacancy rates.

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Is stamp duty payable when gifting a property?

26/12/2021 Jesse Roberts
toy_house_with_keys_settlement

Transfers from a trust to a beneficiary under the trust, and transfers in accordance with a will or letters of administration are exempt from stamp duty.

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