Unexpected Costs in Retirement Villages With any contract, it is important to be mindful of hidden costs. These can be secreted away in seemingly benign clauses and go unnoticed until one day you receive a hefty bill. This is true for retirement village contracts as well. Some hidden costs: Waiting list fee: The operator may […]
It was recently announced that the Treasury Laws Amendment (Foreign Investment) Bill 2024 (Cth) (“the Bill”) received Royal Assent. The purpose of the Bill is to clarify the interaction between foreign investment fees, similar state and territory property taxes, and Australia’s double tax agreements to ensure that foreign investment fees and similar imposts prevail and […]
In NSW, Land tax is an annual tax levied on the value of land you own that is above the land tax threshold. There are a few things you should to know: Who Pays Land Tax? Whether you pay land tax will depend on the ownership and/or use of the land that you own. Don’t […]
In a recent decision of the NSW Court of Appeal, the Court unanimously dismissed an appeal from a purchaser seeking to recover a purported deposit paid under a terminated Contract. This case highlights the difference between an option fee and a deposit and serves as a reminder of the importance of drafting in legal documents. […]
When a relationship breaks down, it is not unusual for it to take months, even years, before a property settlement agreement is reached. Whilst parties are attempting to reach agreement, there are actions that can be taken to protect their interest in any property that may be held in joint names. One of those protective […]
When purchasing property, we recommend that you engage a Solicitor as early as possible to take you through the essential steps that are involved in purchasing property including: Organising finance is the first step you will take to purchasing property. It is important to speak to your mortgage broker or bank to discuss your financial […]
Conveyancing is the legal process of buying or selling property including legally transferring title for the property from the vendor to the purchaser. A licenced conveyancer or solicitor is a professional who understands the laws surrounding property purchases and sales. There are three stages to the conveyancing process, namely pre-contract, exchange and settlement. Pre-Contract At […]
The view from a property can often be a deciding factor in purchasing a property. Whether it overlooks the beach, a lake, or sweeping green hills, purchasers frequently cite this as a reason for choosing one property over another. However, purchasers as well as property owners need to be aware that they do not have […]
Residents with a long-term lease at a retirement village will in most cases not receive their exit entitlement from the village on the day they leave. Generally, you are not entitled to your exit entitlement payment until 14 days after a new resident has paid for or moved into the unit. If there is a […]
When buying or selling a property, it is likely that you will come across the phrase “vacant possession”, and you may even wonder to yourself what that means. In NSW, the Contract for the sale and purchase of land has two options for how the property is sold, with vacant possession or subject to existing […]
