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 purchase price is $750,000 and above, where it …
Conveyancing Property
12 July 2017
Regional Victoria buyers: first home owners grant advantages
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 buyers of new homes in metropolitan Melbourne will continue …
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Contract Law Conveyancing Discharge of Mortgage
16 December 2016
Digital Conveyancing – moving away from paper transactions to electronic conveyancing
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, electronic conveyancing through an ELNO will supercede paper …
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Binding Financial Agreement Contact Conveyancing Legal Practice Power of Attorney Property Settlement
25 November 2016
Who can prepare legal documents? The law on unqualified practice
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 allowing just any person to do legal work …
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Conveyancing
12 September 2016
Registrar’s requirements for paper conveyancing transactions
Changes at the Land Titles Office and documents for dealing with land The following are the requirements and dates on which the Registrar’s Requirements take effect. Read on to the end to see how it affects you when you buy or sell land or need to put a caveat on a property. 2016 March Discharges …
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Conveyancing
12 September 2016
Conveyancing restrictions
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 in conflict with the client’s interests. 2. Acting …
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Conveyancing Discharge of Mortgage
31 August 2016
Changes to lodging mortgages and discharges of mortgage
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 the discharge is to be lodged with a transfer …
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Contract Law Conveyancing Property Refinancing Transfer of Land
9 May 2016
What is Pexa electronic conveyancing?
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 lodgement of the caveat is lodged directly on title in …
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Asset Protection Contract Law Conveyancing Property
9 May 2016
Changes to property law – verification of identity now required
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 any land transaction. If you’re buying, selling or transferring property, …
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Asset Protection Conveyancing Family Law
20 April 2016
Redraw facilities and dangers during family law disputes
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 only available with variable interest rate loans, as …
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