Firstly, a caveat (form 08X) is a warning that informs the public that someone has a priority interest in a property, and the party that lodges the caveat is the caveator. Secondly, an individual must have a ‘caveatable interest’ to lodge a caveat. So, under what circumstances can Legal Aid NSW be a caveator? Pursuant […]
Read MoreA lapsing notice is a form which once served on the caveator will cause a caveat registered on title to ‘lapse’ after 21 days of the service of the noticeunless orders are obtained from Supreme Court for an extension of the caveat. You must obtain those orders before the expiry of 21 days. Generally on service of a lapsing […]
Read MoreIn the case of freehold, definitely, in the case of strata, it depends.
Read MoreMaintenance and Repair Strata Title units and schemes have ongoing maintenance requirements like any property. The danger for purchasers is to understand that every owner through the Owners Corporation has an obligation under Section 106 of the Act to pay for the maintenance and repair of the common property. What constitutes “common property” is much wider […]
Read MoreYou might hear an agent say in a private treaty situation that the vendor will only exchange if the purchaser provides a “66W certificate”. The request is a reference to Section 66W of the Conveyancing Act 1919. The agent is telling you that the vendor doesn’t want to exchange contracts with a purchaser who retains the […]
Read MoreThe agent might be correct but as solicitors our advice is always don’t sign until you have had independent legal advice on the contract. If you have signed the contract, while you can rescind if a Section 66W certificate hasn’t been provided (and only before 5pm on the fifth business day and losing your 0.25% deposit) it […]
Read MoreWhen selling your home or investment property vendors normally engage two primary professionals: a real estate agent, and a solicitor (or conveyancer). Normally, if a vendor doesn’t have a regular solicitor, most vendors approach a real estate agent first. It is agreed that a professional and effective real estate agent is crucial if wanting to […]
Read MoreIt is common practice for vendors to agree to a ten per cent deposit ‘paid by instalments’, with five per cent paid on exchange and the remaining five percent paid on settlement. This practice was considered in Boyarsky v Taylor [2008] NSWSC 1415. In this case, the purchaser, Taylor, paid a five per cent deposit […]
Read MoreUnder the standard NSW Law Society contract for the sale and purchase of land when a property is sold in NSW it is given either “subject to existing tenancies” (where there is a leasehold tenant) or with “vacant possession”. Vacant possession is a term from the general law and not defined in NSW legislation. It […]
Read MoreWhat is the Foreign Resident CGT withholding tax regime? Any* contract entered into on or after 1 July 2017 for the sale of land for a market value of $750,000 or more requires a vendor to obtain and provide a “Clearance Certificate” to the purchaser otherwise the purchaser must withhold 12.5% of the purchase price and pay that […]
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