Buying residential properties with unapproved renovations or additions in New South Wales
Many properties may have some forms of renovations or additions done such as a granny flat, pergola, shed, swimming pool, as well as possible conversions a garage into a living room.
Financial Agreements
A binding Financial Agreement are a means for couples, whether married or de facto, to set out the way some of all of the couple’s assets will be divided in the event that their relationship breaks down.
Special Conditions in a Contract for the sale and purchase of land
Under s 66R(2)(a) of the Conveyancing Act 1919 (NSW), before a residential property is advertised, a contract of sale must be prepared by the vendor’s solicitor.
Costs when purchasing a property in New South Wales
Buying a house is one of the biggest financial decisions you will make.
Buying Properties with unapproved renovations
Many properties may have some forms of renovations or additions done such as a granny flat, pergola, shed, swimming pool, as well as possible conversions a garage into a living room. Under section 52A(2)(b) of Conveyancing Act 1919, Vendors are required to warrant that there is no building or structure included in the sale of the property that is subject to “upgrading or demolition order” of the local Council.
Proposed changes to NSW stamp duty
NSW Stamp duty is a tax charged by state and territory governments on property purchases, calculated based on the value of the property and paid at the time of purchase. On 21 June 2022, the New South Wales Government has announced plans to make some stamp duty optional. The June State Government Budget included a new policy referred as First Home Buyer Choice Scheme to offer first home buyers the choice to pay a one-off lump sum tax (‘stamp duty’) or an annual land tax when purchasing homes under a certain value. This annual land tax will be similar to local government rates.
Residential Property, know your cooling-off rights.
Contracts of sale are exchanged when the buyer’s offer has been accepted by the seller and two identical contracts have been signed by both. However, a property is not considered sold until the buyer has paid the 10% deposit of the purchase price to the seller since the buyer is able to rescind the contract during the cooling-off period.
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