Conveyancing

Franchising Code of Conduct – Part 1

The Franchising Code of Conduct is set out in Schedule 1 of the Competition and Consumer (Industry Codes – Franchising) Regulation 2014 (Code).The Code regulates the conduct of parties (or prospective parties) to a franchise agreement. Obligation to Act in Good Faith The Code introduces a positive obligation on each party to the franchise agreement…

Full Article

Owners Corporation barking mad for banning dogs from common property

Earlier this year, the NSW Civil and Administrative Tribunal handed down a decision in Yardy v Owners Corporation SP 57237 [2018] NSWCATCD 19. The Tribunal decided that the owner of a lot was allowed to keep his small Maltese cross terrier, called Baxter, on the lot owned by him and his wife in the strata…

Full Article

Voluntary Planning Agreements

A voluntary planning agreement is an agreement entered into between a planning authority (such as the Department of Planning and Environment or local Councils) and a developer. The agreements are created pursuant to the provisions of the Environmental Planning and Assessment Act 1979, whereby the developer agrees to provide or fund public amenities, public services…

Full Article

Sale by Public Auction

Buying a property at auction is different to buying a property by way of private treaty. The bidding process is public and once the metaphorical hammer falls at the auction, if you are the highest bidder, you are required to proceed to sign a Contract for Sale. The auctioneer will proceed to effect an exchange…

Full Article

New Laws affecting off the plan residential contracts

Amendments to the Conveyancing Act 1919 were passed by the NSW Parliament on 13 November 2018 that impose further obligations on developers.The changes affect disclosure, the statutory cooling-off period and rescission of the contract, amongst other things. Disclosure Statement It will be an offence to offer residential property for sale (that is yet to be…

Full Article

Buying Property

So, you’ve made the decision to buy residential property in New South Wales. Before an unconditional exchange of Contracts is effected (following the expiry of a five (5) business days cooling off period or you have instructed your lawyer or licensed conveyancer to waive such period), you should have a satisfactory pest and building inspection(s)…

Full Article

Selling Property

So, you’ve made the decision to sell residential property in New South Wales and have appointed a selling agent to market the property for sale. However, before you can legally offer the property for sale, you must have a Contract for Sale (Contract) that is prepared by your solicitor or licensed conveyancer (excluding particulars of…

Full Article

Buyer (and their Lawyers) Beware: The new tax collectors

New GST legislation will take effect from 1 July 2018 that will affect developers and purchasers of new residential land and their respective legal advisors. The Treasury Laws Amendment (2018 Measures No. 1) Bill 2018 was passed and assented to on 29 March 2018. Amendments were made to a number of Acts including the Taxation…

Full Article

Why choose a lawyer over a conveyancer?

Australians have a love affair with real estate. When you are undertaking one of the biggest financial commitments of your life, you will inevitably have to elect between a lawyer or a conveyancer to act on your conveyance. But what is the difference between a lawyer and conveyancer? Conveyancing is the legal work involved in…

Full Article

Cautionary tale to landlords: Don’t take your tenant’s stuff and start using it as your own

In ACN 116 746 859 (formerly Palermo Seafoods Pty Ltd) (Palermo) v Lunapas Pty Ltd & Anor (Lunapas) [2017]1, Lunapas leased to Palermo certain retail premises in Tweed Heads from which Palermo operated a seafood shop and restaurant. The tenancy was a tenancy at will. Lunapas gave a notice to Palermo giving it 14 days’…

Full Article

Sunset clauses in an off the plan purchases

In contracts for off the plan purchases, clauses are often included that provide for either party to end the contract in the event that the unit being purchased is not complete by a sunset date. In 2015, the media reported that developers were exploiting these sunset clauses by ending the contract, then re‑selling the property…

Full Article

New disclosure requirements for contracts for sale of residential land

From 1 September 2017, contracts for sale of residential land will need to be updated to include new documents and meet new disclosure requirements.   Before residential property can be sold, a vendor is required to prepare a contract for sale that: discloses information about a property’s title, its zoning, sewerage, any rights of ways…

Full Article

Housing Affordability: New Bills before the Federal Parliament

Housing affordability, rising house prices and high levels of home loan indebtedness are topics that have received much public comment in the media. In the 2017–18 Budget, the Government announced the “Reducing Pressure on Housing Affordability – first home super saver scheme. There are currently four bills before the Federal Parliament to implement tax measures…

Full Article

Are you selling or buying a house for $750,000 or more?

If so, recent changes to the Foreign Resident Capital Gains Withholding Tax regime will now affect Australian vendors who sell residential property for more than $750,000 As from 1 July 2017, contracts for the sale of residential property in Australia with a sale price of $750,000 or more by foreign resident and Australian resident vendors…

Full Article

Changes to First Home Owners Benefits: the NSW Government’s Housing Affordability Package

From 1 July 2017 first home owners have access to a range of benefits as part of a housing affordability package implemented by the NSW Government to increase housing affordability for first home buyers. Prior to the 2017 State Budget, the NSW Government announced its housing affordability package to help first home buyers get onto…

Full Article

What should be in the contract for a sale of residential land?

Purchasing property is an immense financial undertaking and it is essential that the contract for the sale of land meets all of the legal requirements to ensure that the process will proceed as smoothly as possible. Therefore, basic information beginning with the price, the parties to the contract, the property and the promise should all…

Full Article
conditsis logo