The extended deadline for the Australian Government’s HomeBuilder Scheme is approaching. To potentially be eligible for a grant of $15,000, you must enter into a contract to build a new home, substantially renovate an existing home or buy an off the plan home or new home by 31 March 2021. Whilst the Scheme was initially…
Early possession is where a purchaser requests access to the property they are purchasing before settlement has been completed, to move into or for some other purpose. A purchaser will typically seek early possession where they require time to move their possessions, or to allow them somewhere to live until settlement has been completed. This situation…
The NSW Government’s assistance initiatives for first home buyers has changed over time. The current scheme is the First Home Buyer Assistance Scheme. This Scheme allows certain first home buyers to claim a stamp duty exemption or concession on their purchases, and relates to buying an existing home, new home or vacant land on which…
It is important when buying or selling a property to check that all structures requiring development consent are approved by the relevant government authority, usually your local Council. Quite often home buyers will purchase a property unaware that certain structures on it required Council approval and that it has not been obtained. In contracts for…
Conveyancing is the legal process of transferring the ownership of real property (land and / or water) from one party to another. It may sound simple, but there are important steps involved and you need good legal advice. Even with a lawyer or conveyancer to help you, selling or buying a property can be daunting.…
In another step towards the complete transition to paperless electronic conveyancing in NSW, the Conveyancing Legislation Amendments Bill 2018 (the Bill) has passed through the State Parliament and was assented to on Thursday, 22 November 2018. The Bill permits witnesses to electronically sign certain conveyancing and real property documents. The PEXA platform has already transformed…
On 5 November 2018 the NSW Government announced changes to the state’s stamp duty laws, which will mean the seven stamp duty bands will be indexed in accordance with the Consumer Price Index (CPI). It is estimated the average saving in tax paid on a property purchase will be $500 by 2021.[1] This is an…
What is an eCT? An eCT is an electronic certificate of title, which replaces a paper certificate of title and embodies the transition to electronic property transactions in New South Wales (NSW). The NSW Government has mandated a bulk conversion of all paper Certificates of Title (CTs) held by Authorised Deposit-Taking Institutions (ADIs) to electronic…
Since 1 July 2018, lawyers are required to use eConveyancing for standalone caveats and transfers, mortgages, and discharges. eConveyancing will replace many of the paper and manual processes traditionally involved in property transactions.