The section 32 is prepared by or on behalf of the vendor, preferably by an experienced conveyancer who deals with property law matters exclusively and is qualified to give legal advice and prepare legal documents.
While not an exhaustive list of information that must be contained in the section 32 statement, the following information is commonly required to be disclosed or provided:
The difficulty in reading a section 32 is that you must have regard to what documents it should contain, as much as what documents is does contain, something that generally only experience will allow you to do. For example, there is no requirement for a section 32 to contain information about illegal building works, only to disclose information about permits granted in the last 7 years. Accordingly, if you suspect renovations have been undertaken to a property in the proceeding 7 years that would have required a permit, you need to look for the planning permit (if required), building permit, occupancy certificate, or in other cases the owner-builder inspection report and builder warranty insurance.
Provided you have established the required limited recourse borrowing arrangement, there is no set rule on how much a super fund can borrow to buy property. Most self-managed super fund loans allow up to 70% loan-to-value ratio and 30-year loan terms with a minimum loan amount of $100,000.
Thanks to the automation and electronic delivery of many certificates, and electronic conveyancing, it is possible to complete a settlement the same week that the contracts are executed.
Stamp duty is payable on the market value of consideration paid for a property (whichever is higher), However, there are some stamp duty concessions available to off-the-plan purchases.
Property purchased through a self-managed super fund cannot be lived in or rented out to any fund member or their relatives. This includes short term accommodation such as Airbnb and holiday homes. The Superannuation Industry (Supervision) Act 1993 further prohibits the acquisition of property from fund members or their relatives, so you cannot transfer your existing investment property to your self-managed super fund.
Sale of business is different to commercial conveyancing, although it can be undertaken by an experienced conveyancer if their licence is unrestricted. While commercial conveyancing usually relates to the transfer of the freehold estate and ensuring the leases and GST clauses properly reflect the client’s intentions, sale of business relates to the purchase of stock or goodwill, and the transfer of a trading name or domain name.
