Posted by zadapeter |
The legalities involved in purchasing investment properties can be complex, whether it’s a commercial property or residential property. It is always prudent to obtain professional legal advice specific to your matter prior to your proposed purchase. Our Sydney Law Firm has acted in many commercial and residential…
Posted by zadapeter |
Purchasing Property can be made easier by using the equity in your existing investments to purchase more properties. What is equity and how much do you have? In very broad terms, equity is the difference in the value of your property and how much is still owed on the home loan. For instance, if your property is worth $700,000 and the balance owing on your home loan is $300,000, then your equity…
Posted by zadapeter |
In very broad terms, the amount of land tax you pay is calculated on the value of unimproved land. Depending on the circumstances and where permissible by law, the smaller the parcel of land, the less land tax you will be liable to pay. Buying strata properties such as flats, apartments, units, villas or townhouses may mean that ultimately, you will…
Posted by zadapeter |
Normally, the sale of pre-existing residential premises are input taxed supplies, meaning that no GST is payable. On the other hand, vacant land, even if within a residential zone, is not encompassed by the definition of “residential premises”. This means that in most circumstances, GST will be payable on the supply of vacant land.
The matter was brought to issue in the Full Federal Court…
Posted by zadapeter |
Generally speaking, when you sell a property that is not residential, commercial or that is part of your business, you will need to pay tax, known as GST. Normally, the GST payable is one-eleventh of the sale price. However, under the margin scheme, GST is not calculated on the entirety of the sale price, but rather, is calculated based on the “margin” for the supply.
The margin is normally…
Posted by zadapeter |
We recommend the earlier the better. As the buyer, we advise you to contact us once you have sighted a property and requested a contract from the agent, so that we may provide you with a written contract advice, as soon as possible. A written contract advice will assist you in making the decision as to whether you would like to purchase the property or not.
Posted by zadapeter |
The purchase of a strata property will mean automatic involvement with an Owner’s Corporation (Body Corporate). This is the organization that manages and administers the maintenance of the common property. It will also require you to pay strata levies. You should obtain a strata report from a competent provider, before embarking on purchasing a strata property.
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The cooling off period is the purchaser’s time period of 5 working days to rescind the contract if they do not wish to proceed. The cost of rescinding the contract is 0.25% of the total purchase price, unless otherwise stated. Properties sold at auction do not have a cooling off period and a document called a Section 66W Certificate may also be signed in order to waive the cooling off period.
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Settlement is usually attended by four parties. They include the buyer’s solicitor or conveyancer, the seller’s solicitor or conveyancer, the discharging mortgagee and incoming mortgagee (where applicable). The buyer (you) and seller are not required to personally attend settlement – your Conveyancing Lawyers will attend on your behalf.
Posted by zadapeter |
Selecting the right Property Manager to manage your property will affect how your portfolio performs and how well your asset is maintained. Choosing the right company or individual can be difficult with the many options available. Our Conveyancing team has devised the CLEEQ principle to help you pick the right real estate agent or property manager for your investment.
The…
