Conveyancing blog

Reserve Bank of Australia (RBA) met for its August meeting and decided to cut the official cash rate by 25 basis points to just 1.50 per cent. This result was widely predicted with many experts tipping the RBA would lower the rate to provide some stimulus for the economy following last week's disappointing CPI numbers. At its meeting today, the Board decided to lower the cash rate by 25 basis points to 1.50 per cent, effective 3 August 2016.

Have you decided to selling your property at auction? Here are some simple strategies that may help you get a better result.

  1. Fix up the property
    From cleaning the gutters (in case there is rainfall during inspections or around the time of auction) to fixing minor issues such broken lights or cleaning carpets, everyting helps. Fix up your property to attract better offers.
  2. Manage your own expectations
    Everyone has opinions when it comes to property value. It is however suggested that you research the value of your property and set your expectations realistically. Websites such as onthehouse.com.au, realestate.com.au/sold & domain.com.au/sold have sold prices of properties freely available. Research the recent property sales in your vicinity and make the right decision in accepting offers.
  3. Choose your sales agent carefully
    Visit some auctions in your suburb. Watch the local agents in action and talk to them without telling them that you're thinking of selling your property. Do your research and avoid the pushy agents. Ensure that you're comfortable with the agent and their suggestions/strategy to maximise your sale result.
  4. Choose the time of auction wisely
    Consider the weather, your family situation and/or work hours, your kids when deciding the time of auction. Ask the agents lots of questions before making a sound decision.

We assist several clients every week both selling proeprty at auction and purchasing properties at auction. Contact us on 02 8810 6660 or visit Sydney Conveyancing website for further information.

A strata scheme is a system of multiple ownerships in a strata community or in other words every unit owner owns a portion of the strata community. Strata schemes can be though of as small communities. In a shared environment it is important to understand your privilages, obligations and responsiblities while owning or living in a strata unit.

The followingt list has some very informative artices regarding Strata properties:

Land tax is a tax that is applied to the value of any property you own or jointly own which is more than the land tax threshold as at midnight on 31 December of every year and is not applicable to your home or your principal place of residence.

Office of State Revenue website has several useful pages in relation to land tax:

In NSW on, 6th May 2014, there was a announcement in regards to the removal of Home Owners Warranty obligations for owner builders. In other words owner built homes will be sold with no home owners warranty protection for the new purchaser. This decision will significantly impact the viability of owner building in NSW.

Home owners warranty insurance is a consumer protection mechanism in the legislation. Owner builders are required to take out home owners warranty insurance should they decide to sell their owner built residence within the home warranty period.

In NSW, Home Building Amendment Bill 2014 will make owner builders ineligible to obtain home owners warranty insurance.  Subsequently purchasers of owner built residences will be confronted with a consumer warning, noting the property is being sold without any statutory warranty. The severity of this type of notice will certainly achieve the governments and the industry bodies goal of preventing Australians to build, renovate or erect a front fence.

Are you purchasing investment property?It's important to understand what your obligations are in relation to the existing tenancy agreement. Along with benefits of buying a tenanted property, there are responsibilities and potential downside.

Remember that upon buying a property with existing tenancy agreement, you will likely be required to adhere to the terms and conditions of the agreement. You could possibly end the agreement if the tenant agrees and it's obviously important to speak to the managing agent to discuss your specific scenario whether you want to continue with the existing tenant or get new tenants or maybe move into the property yourself.

Being a landlord page on the Office of State Revenue NSW website provides useful information.

Starting a tenancy page on the Office of State Revenue NSW website has several links that link to pages such as

Also, please consider the follwoing pages:

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Sydney Conveyancing Stamp duty implications blog articleStamp Duty or Transfer Duty is a revenue levied by State on sale of real estate, or other dutiable property, business etc.

It is calculated on the total value of the property subject to transfer, at the rates prescribed by the State, on the value of property. Rebates or  exemptions or duty reductions are available from Stamp Duty and Mortgage Duty,for eligible First Home Buyers.

Transfer duty or stamp duty or business duty is payable on the following kinds of transactions:

  • sale or transfer of land, including improvements in New South Wales (NSW)
  • sale or transfer of business assets in NSW
  • declaration of trust over dutiable property in NSW

 

Office of State Revenue stamp duty calculator can assist in calculating how much stamp duty you will be liable to pay on your property purchase.

Office of State Revenue grants page provides details of various governments grants available for eligible purchasers.

Do you have a pool on our property? Do you know that there have been changes to requirements in registration and compliance of pools?

You are required to register your pool and starting 29 April 2015 the pool will have to be compliant before you sell or rent your property.

You are required to register your swimming pool at - Swimming pool register. Swimming Pool and Spa Association's New Fencing Laws page will give you information around your obligation to fence your pool.

Swimming pool self assessment checklist page will provide information on how to self assess your pool.

Pool Compliance

You will need a pool Compliance Certificate which will certify that the pool on your property and the pool fence/barrier meet the safety requirements set by the relevant authority. Your local council will likely have officers or you can hire a private inspector who can inspect the pool and assist you in attaining the compliance certificate.

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