Articles
Unlike the vast majority of vendors, some engage in very dodgy conduct when selling properties. By taking a few simple steps when inspecting a property buyers can protect themselves and their potential investment against the dodgy vendor. A common ta…
Stamp duty has been abolished for first-home buyers purchasing a home with a dutiable value of not more than $600,000 where the contract is signed from 1 July 2017.
Further, duty will be phased-in for eligible first-home buyers who purchas…
- What is the off-the-plan (OTP) duty concession?
The OTP duty concession can apply to land and building purchases or refurbishments of an existing building. It can reduce the "dutiable value" of the property being transferred for duty purposes.
The…
Read more: CHANGES TO THE OFF-THE-PLAN STAMP DUTY CONCESSION
A vacant residential property tax (VRPT) will be introduced from 1 January 2018 in Victoria.
- What is the vacant residential land tax?
The vacant residential land tax (commonly referred to as the vacant residential property tax or vacancy ta…
- Consider whether you should obtain a sworn independent valuation prior to engaging an agent. This will allow you to determine whether the agent’s estimate of the sale price of your propertyis realistic.
- The agent with the lowest commission is not al…
From 1 October 2014, all vendors or estate agents must prepare and provide a Due Diligence Checklist to prospective purchasers. You now also need to include a link to this Due Diligence Checklist on the Consumer Affairs Victoria webpage on any…
Read more: Vendor’s Obligations to provide Due Diligence Checklist
A caveat is a document that protects a person or companies interest in property. An interest or claim in a property must be established by a person or corporation seeking to lodge a caveat at Land Victoria. A caveat cannot be lodged over a person’s p…
A statutory declaration is a written statement that a person signs and declares to be true and correct before an authorised witness. By signing it, the person makes a solemn declaration that the contents are true and understands that any information…
As of 1 July 2016, all Purchasers of real estate entering into Contracts of Sale with a market value of $750,000.00 or more must withhold 10% of the purchase price, unless they are provided with a Clearance Certificate (see below) by the Vendor. The…
How can a buyer protect themselves when buying a property especially when they do not have the skills or expertise to properly inspect a property for defects?
The best approach is to engage professionals to conduct building and pest inspections prior…
What is “cooling off”?
Section 31 of the Sale of Land Act (VIC)1962 enables a Purchaser of Victorian real estate to exercise their cooling off rights to terminate a Contract of Sale within three (3) clear business days of the Purchaser signing the Co…
The current penalty interest rate is 10.00% and has been so since 1 February 2017.
The current Reserve Bank of Australia cash rate as at 6 August 2024 is 4.35 per cent. The Reserve Bank sets the target ‘cash rate’, which is the market interest rate on overnight funds. It uses this as the instrument for monetary policy, and influenc…