Unlike purchasing a house, a unit or any other established dwelling, when you buy off the plan, there is no finished building for you to walk through or inspect. Whilst there are a number of positives that can result from buying off the plan, such as tax incentives (e.g. stamp duty concessions) and having more time to save for a deposit, there are a number of added risks and complexities that can arise in these transactions.
A caveatable interest is an interest in a property that allows a caveat to be registered on title to the property. A Caveat can be a very useful tool to protect your interest in a property. However, in Victoria, there are quite strict rules governing instances where you can lodge a caveat.
Owners Corporations, hosts and other occupiers dealing with short-stay accommodation operations, such as Airbnb. Apartment owners and occupiers who host Airbnb guests may now be held liable for damage, noise or loss of amenity caused by their Airbnb guests.
We frequently see disagreements between Landlords and Tenants of retail premises about who is responsible for repair and maintenance of an air conditioning system. So, whose legal obligation is it? Read here for more information.
Whether you are buying or selling property, you are likely to come across a Section 32. It is also known as a 'Vendor's Statement'. It comes from Section 32 of the Sale of Land Act 1962 (Vic), which requires certain documents and information to be disclosed when selling a property. Before a Purchaser signs a contract for a property, they must be provided with a Section 32, signed by the Vendor. Read here for more information.
The PEXA settlements hack made headlines recently, when a fraudster was able to gain access to the online system and steal $250,000 of a vendor's settlement funds. PEXA is an electronic settlement agent used for all property transactions in Australia. We want to show you how Sharrock Pitman Legal minimises risk with electronic conveyancing.
From 1 July 2017, new withholding tax laws came into force that will affect everyone buying or selling real estate worth $750,000 or more. Despite being called the Foreign Resident Capital Gains Withholding Tax, the new law applies to everyone, not just foreign residents.
A caveat is an instrument that can be registered with Land Victoria to temporarily stop any dealings with a property. A caveat can prevent transfers of a property from being registered on the Certificate of Title and therefore stop someone from taking legal ownership of a property. You can find out if there is a caveat on Title by conducting a title search of the property. We list various situations where caveats can or should be used to secure and register your interest in a property. Read here for more information.
