The Right to Cool Off (Cooling Off Laws in Victoria) Most of us are aware of the purchaser’s right to change their mind after signing a contract to purchase real estate (even if the vendor hasn’t signed anything to accept your offer).
The most exciting part of any property purchase is the settlement day. This is the day that buyer finally gets the keys to their new property and sellers are paid the amount that is owing. But there’s a lot more involved in the land settlement process than meets the eye. What is a settlement? Real estate settlement happens when the land is transferred over to the buyer. Settlement day usually marks the end of the transaction. Aside from handing over […]
While home ownership gives people a lot of security, it doesn’t mean they can do anything they want on their property. In Victoria, section 173 of the Planning and Environment Act 1987 allows a local Council and landowner to make an agreement that restricts how the land can be used. Commonly called a section 173 agreement, these may prevent land from being subdivided, used for staged developments, or may require particular characteristics of the land to be retained. While anyone […]
As the Victorian Government moves to cut stamp duty for first home buyers, find out what it means for you. 1 July is here, and it brings good news for first home buyers across Victoria: stamp duty will be completely abolished for properties valued under $600,000. For properties valued between $600,000 and $750,000, first home buyers will receive a variable concession (applied on a sliding scale). There is currently no stamp duty concession for first home buyers on properties valued […]
If you are considering purchasing or selling your residential home, it is also a good idea to consider making a new Will or updating an old Will. Making a new Will is especially important when you are entering into a large financial transaction like buying a house as doing so changes your financial circumstances. A new Will can be made at any time. However, if you are purchasing a property and contemplating leaving that property as a specific gift to […]
Today the Reserve Bank of Australia reduced the cash rate interest rate by 25 basis points to 1.75%.
Important Update: The below article is not current. The position has now changed with amendments to section 31 of the Sale of Land Act and an overturning of the decision at the Court of Appeal, thus allowing real estate agents to receive cooling off notices. Most of us are aware of the purchaser’s right to terminate a contract of sale within 3 business days after a signing a contract of sale. This is commonly referred to as the ‘cooling off […]
Looking into buying a new home or investment property can be a stressful time for the best for us. With so many aspects to consider most purchasers find that they unaware or simply forget the principle of caveat emptor or “Buyer Beware”. As a purchaser in the state of Victoria, one is strongly urged to have the Contract of Sale and Section 32 reviewed by a conveyancer or solicitor however it is the purchaser’s responsibility to meticulously inspect the land […]
A number of changes were announced on 28 April 2013 relating to state taxes and grants for 2013/14. The changes effective from 1 July 2013 relate to: First Home Owners Grant Incentive First Home Buyer Duty Reduction New Stamp Duty Reduction Forms
UPDATE –> Stamp Duty Concession Update 1 July 2013 Summary From 1 July 2013 First home buyers will receive $10,000 if they purchase a new home (off the plan, land and building, etc). First home buyers will be entitled to a 40% reduction on stamp duty (subject to eligibility – see below).