Under the Australian Government’s foreign investment framework, foreign persons are required to apply for foreign investment approval before purchasing residential real estate in Australia. The Government’s policy is to channel foreign investment into new dwellings. Consistent with this aim, different factors apply depending on whether the type of property being acquired will increase the housing […]
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The first day of December 2019 heralded not only the start of summer, but also a more sunny environment for purchasers of residential lots in off-the-plan contracts. From 1 December 2019 the Conveyancing Legislation Amendment Act 2018 (NSW) and Conveyancing (Sale of Land) Amendment Regulation 2019 (NSW) came into effect, imposing more extensive obligations on […]
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The first thing you must do when attending an auction is register with the vendor’s agent who will then give you a bidder’s number. Once the auction commences the auctioneer will accept bids from potential buyers and keep track of the current bid. Prior to the auction, the vendor will nominate a reserve price, which […]
More 1 July 2019 saw the commencement of the next wave of reforms in the retirement village sector following the Greiner Review, with further parts of the Retirement Villages Amendment Act 2018 No 77 coming into effect following proclamation on 13 February 2019. These reforms include: 1. Annual contract ‘check-up’ meetings with residents; 2. New requirements […]
More Granny flat arrangements are becoming increasingly popular. Too often however, a granny flat arrangement will fail to deliver what the parties were expecting leading to family disputes or even litigation. What are granny flat arrangements? The traditional notion of an aged parent living in a flat in the backyard is only one such scenario. A […]
More There are various terms, concepts and expressions used in the retirement village sector, but what does it all really mean? Below is a brief summary of the more common terms and their plain English meaning: Ingoing Contribution: This is the amount paid by a resident for the right to reside in the premises. It is […]
More Given some recent cases and media around the abuse of sunset dates by some developers, changes to the laws around off-the-plan contracts certainly isn’t unexpected. The Conveyancing Legislation Amendment Act 2018 No 75 (NSW) was assented to on 22 November 2018 and is set to provide better protections for purchasers of off-the-plan properties. While we […]
More The first legislative reforms of the Retirement Villages Act 1999 following the Greiner Review into the retirement village sector came into force on 28 November 2018, in the form of the Retirement Villages Amendment Act 2018 No 77. The amendments provide for a combination of changes to existing sections of the Act, new sections and […]
MoreHow will those who use their properties to provide short term rental accommodation, and their neighbours, be affected by looming changes to planning laws and the plans of Newcastle City Council? With the rise in the number of new apartment buildings and other residences in Newcastle; increases in high volume tourism events such as the […]
More When purchasing a property through your Self-managed Super Fund (“SMSF”) there are a number of rules and regulations that must be complied with. If your purchase does not comply with the Superannuation Industry (Supervision) Act 1993 (“SIS Act”) and Duties Act 1997 there can be penalties, assets of the SMSF can be frozen, and there […]
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