All vendors selling property over $750,000 are required to obtain an ATO Clearance Certificate These new changes will apply to contracts entered into on or after 1 July 2017. What are the upcoming changes? From July 1, the FRCGW withholding tax rate increases to 12.5% from 10%. This applies to properties where the...
The Victorian Government announced that it intends to increase the First Home Owner Grant (FHOG) from $10,000 to $20,000 for new homes built in regional Victoria and valued up to $750,000. This will apply for contracts signed from 1 July 2017 to 30 June 2020. Eligible first-home...
The following update has been released from the Australian Institute of Conveyancers Victoria (some notable deadlines have been underlined). It details information on the move to digital conveyancing or electronic conveyancing in Victoria. Transitioning to 100% Digital Conveyancing As we have been saying for a couple of years,...
What is an unqualified legal practice? Many people are not aware of this concept: that the preparation of most legal documents is not permitted to be done by another type of professional, only a qualified lawyer. And this is for good reason, as great damage an be done by...
The following Rules of Professional Conduct for Licensed Conveyancers should be noted if you are using a conveyancer. 1. Conflicts of interest A licensee must not accept instructions to perform or continue to perform conveyancing work for a client if doing so would place the licensee’s interests...
The practice of providing a discharge of mortgage to the registered proprietor to lodge at Land Victoria is no longer allowed. A discharge of mortgage signed on or after 1 March 2016 must be lodged by or on behalf of the mortgagee. The only exception is where...
PEXA is electronic conveyancing platform for use by conveyancers, lawyers, banks, purchasers and sellers of property. It replaces the traditional face to face conveyancing settlements. Apart from arranging settlements of purchases and sales, conveyancers and lawyers are now also able to lodge caveats using PEXA. The...
Recently changes were made to the law regarding identification requirements for entering into land transactions. These changes were designed to prevent fraud on titles and other financial transactions. This is especially important now that conveyancing can be done electronically. "Verification of Identity" is now required for...
Redraw facilities benefits A home loan with redraw facilities is a popular choice for many home buyers. It allows you to make extra repayments and gives you the option of withdrawing those extra repayments at a later date if you need the funds. Usually redraw facilities are...
Have interest rates fallen considerably since you took out your mortgage? Has your credit score or financial situation improved so you may be eligible for a lower rate? Would you like to access your equity for an investment or renovations? These are all great reasons to...
What is the legal meaning of a deposit? The purpose of the deposit for a purchase of land contract- is to show that the purchaser is serious in completing the transaction. The deposit is usually paid at the time that the contract is signed by the...
