Buying a property can be a stressful experience, not only for first time buyers but also for seasoned buyers and sellers. When moving or investing in residential or commercial property the many steps involved in the process can be overwhelming particularly in major cities like Melbourne, Victoria. During the different stages in a purchase transaction, buyers may be required to complete tasks urgently. This is due to actual imminent tasks as well as those which are ‘hyped-up’. For example, selling […]
It is 2018 and believe it or not, there is still confusion about whether or not contracts and agreements can be signed electronically (and rightfully so). There are a number of Acts and legislation which govern this area (the most noteable being the Electronic Transactions (Victoria) Act 2000) but despite this, not all stakeholders in real estate transactions recognise the use of electronic signatures due to uncertainty. The law recognises the enforcaebility of contracts entered into using electronic signatures instead […]
The term encumbrance refers to instruments or agreements burdening or affecting a property. Encumbrances can restrict how owners deal with their land. They can be registered or unregistered; most registered encumbrances appear on title’s register search statement (an electronic search of the title). An example of an encumbrance is a mortgage. A mortgage is a registered instrument on the title securing the lender’s (usually a bank) right to have a loan repaid and to take further action against the property […]
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 […]
How to read a planning certificate? A planning certificate is intended to inform a purchaser about town planning rules and restrictions that apply to a property. In practice, it doesn’t achieve this. This is because: The actual rules that apply aren’t included in the certificate just the name of applicable controls, which for most users won’t mean much (or in some cases, are even misleading). You need a bit of background knowledge to understand the terminology in the certificate. […]
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).
The Reserve Bank of Australia has cut the cash rate interest rate by 25 basis points bringing the figure down to 1.75%.