Stamp Duty & Penalty Interest The Victorian State Revenue Office has announced that from 1 July 2022, where a purchaser incurs penalty interest as a consequence of default, they may be required to pay additional stamp duty.  As an interim position (within 12 months from 1 July 2022), this will apply to you if you enter into a contract of sale on or after 1 July 2022 and incur penalty interest of $5,000.00 or more as a consequence of failing to settle on the due date. In this situation, you must notify the SRO within 30 days of settlement and re-lodge the transaction for reassessment o ..read more

What are Adjustments and how do they work? Whether you are buying or selling a property, it is necessary for your solicitor to prepare a statement of adjustments just prior to settlement. A statement of adjustments accounts for all outgoings attached to a property and allows for these outgoings to be adjusted for on a pro rata basis, so that each party is only paying for the days they own the property. For example, if a vendor has already paid annual land rates in full, that amount is adjusted at settlement and the purchaser pays to the vendor a proportion of that amount, to account for the pe ..read more

Buying your first home can be an exciting time, but can also be an overwhelming process if you aren’t sure what you should be doing. That’s why we have put together this handy guide to assist anyone looking to buy their first home, or perhaps even those who have bought before but are looking to refresh their memory. You should obtain Pre-Purchase Advice prior to signing a contract but this guide will help you get ready to go shopping. 1. Know your budget The very first step when it comes to looking at purchasing a new home, is to know your budget and how much you could afford to spend on a new ..read more

You might need to hire a conveyancer if you’re purchasing or selling real estate. A conveyancer is a qualified expert who is familiar with real estate law. What does a conveyancer Geelong actually do? They may assist you with the settlement procedure and provide you with guidance and information while also creating necessary paperwork. Although it is not necessarily necessary, a conveyancing lawyer may also be a solicitor. However, the state or territory where you are buying or selling real estate requires a conveyancer to have a licence. Describe conveyancing. Conveyancing is the legal term f ..read more

The legal procedure of transferring a piece of property or land from the seller to the buyer is as you can expect, transferring ownership of a property involves a lot of work. A conveyancing Geelong transaction typically involves three stages: pre-contract pre-completion post-completion A conveyancer will often take care of everything necessary and make sure you are ready for important dates during the process. The lawyers for the opposing party, who handle the specifics, are also in regular communication with them. Of course, you can complete all the forms yourself to avoid paying fees and ..read more

Real estate attorneys are legally entitled to prepare and analyse documents and contracts connected to the sale and purchase of a home. Both the buyer and the seller may use an attorney to safeguard their rights during the home-buying process. Real estate and property law also govern the financial aspects of a property, such as mortgages, liens, and foreclosures. If you have purchased or are thinking about purchasing real estate property, whether it is a house, a commercial building, or a plot of land, you should consult with a real estate lawyer to protect yourself against any unanticipated o ..read more

When buying a house, examine all clauses of your contract closely. If possible, you must get it verified by your conveyancer, so that they may alert you of a missing clause in it. Now the most important part that people miss out on during a real estate deal is the ” Subject To finance ” Clause. It’s important for those individuals, who are seeking financial aid or loans from a third party to carry out their purchase. If due to any reason, the bank declines your loan plea or you fail to accumulate the funds, you will lose all your money invested in the property. Furthermore, the seller can also ..read more

Real estate attorneys are legally entitled to prepare and analyse documents and contracts connected to the sale and purchase of a home. Both the buyer and the seller may use an attorney to safeguard their rights during the home-buying process. Real estate and property law also govern the financial aspects of a property, such as mortgages, liens, and foreclosures. If you have purchased or are thinking about purchasing real estate property, whether it is a house, a commercial building, or a plot of land, you should consult with a real estate lawyer to protect yourself against any unanticipated o ..read more

Buying and selling a home is a complicated procedure that can result in costly errors if done without the assistance of a professional. These professionals are in charge of everything from ensuring that your home is displayed and seen by potential buyers to promoting it. Conveyancing professionals will be well-versed in the ins and outs of the industry, as well as all of the legal issues that may arise during the transaction. 1. Dealing with Legal Issues If the property’s title has restraints or limitations, it may be difficult to obtain planning approval in the future. Certain limits, such as ..read more

Stamp Duty & Penalty Interest The Victorian State Revenue Office has announced that from 1 July 2022, where a purchaser incurs penalty interest as a consequence of default, they may be required to pay additional stamp duty.  As an interim position (within 12 months from 1 July 2022), this will apply to you if you enter into a contract of sale on or after 1 July 2022 and incur penalty interest of $5,000.00 or more as a consequence of failing to settle on the due date. In this situation, you must notify the SRO within 30 days of settlement and re-lodge the transaction for reassessment o ..read more