Buying and selling property is expensive. There’s stamp duty, bank fees and conveyancing costs to consider. It’s understandable why you may contemplate whether you can do your own Conveyancing to save some money. There are many reasons why you should not. Before you decide to DIY conveyancing, it’s worth asking yourself two questions: Can I do my own conveyancing? Should I DIY conveyancing? Can you DIY conveyancing? The short answer is yes, but the long answer is probably not. It […]
Government incentives and stamp duty savings for first time home buyers
If you’re buying or selling a property you will need conveyancing. Conveyancing involves the preparation and lodgement of all the necessary paperwork to transfer the title of your property. When you buy or sell property there are several other important things to consider as well as the property law related paperwork. They include forms for the titles office, taxation matters, your bank loan and mortgage documents. To help you complete the conveyancing you can use either a solicitor or a […]
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 […]
You may have heard of the term electronic conveyancing or e-conveyancing before but perhaps don’t really understand how it affects you. In this article, we’ll explain what PEXA, e-conveyancing and electronic settlements are and how they work in Victoria. So, what is e-conveyancing? E-conveyancing means that you can sell or buy a property completely online. In the past, a lot of paper documents needed to be signed and transferred between law firms, banks, the State Revenue Office (SRO) and the […]
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. […]