2017/18 Federal Budget implications on housing affordability

The 2017/18 Federal Budget introduced additional financial and compliance requirements to foreign investors acquiring a real property in Australia. Now there is a limit on foreign ownership in new developments, having annual charge imposed on foreign owners who acquire residential property and leave it vacant for certain amount of time and the foreign investor tax …

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Exchanged Contracts? When is stamp duty payable on NSW property?

All purchasers are liable to pay stamp duty once contracts have been exchanged. The timeframe for payment of stamp duty varies in different situations and circumstances. All purchasers have 3 months from the date of the contract to pay stamp duty. However, if the purchaser is obtaining finance for the purchase the duty must be …

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WHAT IS THE STATUS OF BUYING OFF THE PLAN PROPERTY THAT HAS ALREADY BEEN SOLD TO A THEN DEFAULTING FOREIGN PURCHASER – CAN YOU DO IT? THE AUSTRALIAN GOVERNMENT IS STEPPING IN TO HELP.

Under the Foreign Acquisitions and Takeovers Act 1975, a residential property is considered to be sold when an agreement for sale of such property becomes binding on the parties. This has raised an issue as to whether the Off–the-Plan property which is on-sold after the binding date, (which is usually upon execution of the contract …

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BUYING PROPERTY IN NEW SOUTH WALES?   THE LPI WILL WANT TO KNOW WHO YOU ARE!   HERE’S WHY.

  Verification of Identity for Land Dealings in New South Wales   The NSW Land and Property Information (LPI) has introduced conveyancing rules under section 12E of the Real Property Act. These Conveyancing Rules relate to the requirements for lawyers and conveyancers to verify the identity of their clients. The purpose of carrying out a …

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Purchasing Real Estate in Australia – Foreign Investment

What is available to buy? Foreign investors are allowed to purchase commercial properties, newly developed residential property or vacant land for the purpose of development of residential real property in Australia. If the investor obtains a temporary resident visa in Australia allowing them to reside in Australia for period of more than 12 months then …

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REAL PROPERTY LAW UPDATE – SWIMMING POOLS DISCLOSURE

What is it? Each owner of property with a swimming pool or spa pool under the Swimming Pools Act 1992 must register their swimming pool or spa pool on the NSW Swimming Pool Register. Local councils and accredited certifiers, registered with the Building Professionals Board, are able to inspect the swimming pools or spa pools …

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Should you attend your next Strata meeting? Changes to Strata NSW Laws on Collective Sale and Renewal take effect mid 2016 –the numbers have changed!

The bills to amend the current Strata Schemes Management Act and Strata Schemes Development Act were passed at the Parliament on 28 October 2015. The changes are expected to be introduced in the middle of 2016. Amongst the list of extensive changes introduced, one of the key changes was the law on collective sale and …

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Purchasing Australian property – Don’t forget FIRB!

There may be restrictions imposed on foreigners purchasing properties in Australia however this does not mean they are stopped from buying any properties at all. There are still many options available to the investors as long as they meet the criteria. Please read below for options available to foreign investors in Australia. Residential Real Estate …

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Off the Plan – Your New Rights!

On 17 November 2015 the NSW Government passed the Conveyancing Amendment (Sunset Clauses) Act 2015 to provide further protections for purchasers in off the plan property contracts in New South Wales. This Act inserts a new Division 10 into the Conveyancing Act 1919 entitled “Off the plan contracts”. An ‘off the plan’ contract is a …

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