A contract review can be completed on the same day, provided it is received before 1:00pm on business days. If received after that time, the review will be conducted the following day. Please note that this may vary depending on your requirements, so we encourage you to call our office as we may be able to assist you sooner.

Date Published: 14 May 2025

A contract can be prepared on the same day, provided instructions are received before 1:00pm on business days and all certificates required for that contract are available. If received after that time, the preparation will be conducted the following day. Please note that this may vary depending on your requirements, so we encourage you to call our office as we may be able to assist you sooner.

Date Published: 14 May 2025

Please note that certain certificates and disclosure documents are required to complete a Contract, for example, in Victoria, a section 32 requires a significant amount of certificates to be annexed to it such as rates certificates, planning reports, road’s certificates, owners corporation certificates and other documents which can take some time to receive (noting each authority has a different turnaround time). As a Contract in Victoria cannot be valid without a section 32 statement, these factors need to be considered when instructing us on urgent Contracts being prepared.

Date Published: 14 May 2025

Victoria
In Victoria an eligible purchaser can cool off under a Contract, meaning they can terminate the Contract within three (3) clear business days (Monday to Friday excluding public holidays) from when they signed it, if they change their mind. The Purchaser must pay a termination fee of 0.2% of the purchase price or $100.00 (whichever is greater). Once this time period is over the right to cool off is no longer available to a purchaser.

The cooling off period does not apply if the property was purchased at an auction or within three (3) clear business days before or after a publicly advertised auction. It also does not apply if the purchaser is an Estate Agent or a Corporation, if the property falls under the classification of industrial or commercial or if the Purchaser had previously entered into a Contract with the Vendor for the same property on substantially similar terms.

Australian Capital Territory
In ACT eligible purchasers are entitled to a cooling off period for residential sales which is generally five (5) clear business days (Monday to Friday excluding public holidays) from when they signed the Contract at which point a purchaser may change their mind for any reason and withdraw from the Contract subject to the purchaser paying an amount equivalent to 0.25% of the purchase price to the Vendor as a fee to terminate.

The cooling off period does not apply to corporations, if the property is sold by auction or by tender, if a “waiver” is signed by the purchaser after having received advice from their solicitor or if the property was purchased on the same day as a public auction at which the property was passed in and the purchaser was registered as a bidder.

Queensland
In Queensland eligible purchasers are entitled to a cooling-off period of five (5) business days for the sale of residential property which commences from the date when the Contract is signed by both parties and exchanged (including through their representatives). In the event the purchaser does not wish to proceed with the purchase, they may terminate the Contract subject to a fee of 0.25% of the purchase price being paid to the Vendor.

This cooling off period does not apply to any sales by auction or subsequent sales after an unsuccessful auction (before 5pm on the second business day) in which the purchaser was registered as a bidder and also does not apply to an option Contract, a publicly listed corporation, a state or statutory body or to any buyer who is purchasing at least three lots at the same time (whether in the same or separate Contracts).

Date Published: 14 May 2025

In states such as Victoria and Queensland, land purchased is in ‘Fee Simple’, meaning the owner of the land pursuant to the title holds the land in complete ownership and holds all property rights which are inheritable and perpetual.

In the Australian Capital Territory all land is Leasehold, issued with 99-year leases. If you hold a Crown lease on land or property, you essentially own it, however, you have bought it subject to a lease in that land for 99 years, despite not paying a rental fee or having the risk of being “evicted” by the “Crown”.

Date Published: 14 May 2025

When two individuals are registered on a title as Joint Proprietors it means they hold an equal interest in the property. If one of the owners passes away, the right to the property automatically passes to the surviving owner who may then take full ownership of the property by completing a survivorship application with the land titles office. This survivorship right outweighs any Will left by the deceased which contains wishes to the contrary. This arrangement may be suitable for a married or de-facto couple but may not be suitable to persons contracting with one another in business transactions.

On the other hand, if two individuals are registered on title as Tenants in Common, this means that each individual is entitled to a right over the property in an interest equal to the value of their shares. For example, two individuals could each own 50%, which would mean they are Tenants in Common in equal shares. When one of the owners dies in this instance, their share becomes an asset of their deceased estate and is dealt with by their executor or administrator as part of their probate. This means the deceased’s share WILL NOT automatically go to the surviving proprietor but will be distributed in accordance with their Will or as determined by letters of administration.

Similarly, Tenants in Common in unequal shares is when two or more individuals own a property together, but their ownership interests are not equal. For example, one owner might have a 70% share, and the other owner has a 30% share. Again, when an owner dies, their share becomes an asset of their deceased estate and is dealt with by their executor or administrator and WILL NOT automatically go to the surviving proprietor but will be distributed according to their WILL or through their executor.

Date Published: 14 May 2025

Land tax in Queensland is calculated based on the freehold land which a person owns in Queensland as at midnight of 30 June each year and is based on the type of ownership in which the land is held under (i.e. individual, company) and is based on the total taxable value of land and whether or not any exemptions apply. The threshold for individual liability is $600,000.00 or more. If a property is used as a principal place of residence it is generally exempt from land tax.

Land tax in Victoria is calculated based on the site value of all taxable land owned by a person or entity at midnight on 31 December of the year preceding the subject year of assessment, subject to any exemptions that apply. If a property is used as a principal place of residence it is generally exempt from land tax.

Land tax in the Australian Capital Territory applies to properties that are not occupied by an owner as their principal place of residence. It is assessed on a quarterly basis each year (being each financial tax quarter) and is based on a fixed charge and a valuation charge. The fixed charge as at 1 July 2024 is $1,612.00 and the total valuation charge is calculated by applying a rating factor to the average of the property’s unimproved value (AUV) over a period of up to five years. Therefore, to calculate the AUV for 2024-2025, the average of the property’s AUV between 2020 to 2024 would be used. The threshold for the AUV as at 1 July 2024 is $1,000,000.00.

Date Published: 14 May 2025

It is always advised to obtain a pest inspection report and building inspection report when purchasing a property so that a purchaser is fully informed as to the circumstances surrounding the property that they are purchasing and whether or not there could be any adverse consequences in future that could financially impact the purchaser. For properties whereby there is an Owners Corporation and Common Property, it is important to investigate the books and records of any prior meetings, reports, disputes, insurance events or circumstances of the common property which could impact the amount payable in levies in future by each individual lot owner.

For purchasers it is important to note that if a contract is subject to building and pest reports, and a minor problem appears in a report after you sign a contract, you may not be able to walk away from the Contract unless a special condition specifies you can. The general conditions that vendors rely on in a contract is not generally enough to protect a purchaser’s interests, as it usually only protects a purchaser when major structural issues or serious pest infestations are present, which may not be suitable for buyers if costly issues do arise but they are not considered major, therefore special conditions should be included and worded properly to offer protection. Get in touch with us so we can assist you with protecting your rights in this regard.

Date Published: 14 May 2025

Disbursements are costs that we incur in providing the service to you. These include obtaining Company Searches, Title Registry Searches (including a copy of the property title and plan of subdivision), ordering Rates certificates, Roads certificates, Building certificates, Owners Corporations certificates and other relevant documents affiliated with the Property. These documents are needed to comply with the requirements of providing a Contract of Sale to a Purchaser with all disclosures required under law and also required when completing due diligence to protect a purchaser.

Date Published: 14 May 2025

A Statement of Adjustments is a document containing all the financial details of the property acquisition/disposition and all outgoings relating to the property. This document is essential in completing your settlement whether you are a purchaser or a vendor to ensure that the right amounts are paid and accounted for by each party. Purchasers ought to be aware that following settlement, if there are outstanding outgoings owed by the vendor (such as council rates, water rates and the like) they become the purchaser’s liability and therefore it is imperative to receive proper advice to ensure that there are no outstanding issues at settlement.  These costs are apportioned based on the settlement date. For example, if settlement occurs on 5 June and the rating period is from 1 July to 30 June, then the purchaser will only be responsible for the remaining 25 days of that period. This ensures that each party pays only for the time they own the property.

Date Published: 14 May 2025

Property which falls under the category of Commercial or Industrial Property has commenced transitioning from Stamp Duty to a property tax charged annually which is known as the Commercial and Industrial Property Tax (CIPT) reform under the Commercial and Industrial Property Tax Reform Act 2024 (the Act) effective from 1 July 2024.

Commercial and Industrial Property will transition into the CIPT reform if an entry transaction occurs following 1 July 2024 that is classed as either an eligible dutiable transaction, or an acquisition that is deemed relevant, or a certain type of subdivision or title consolidation. An entry transaction will be determined on a case-by-case basis.

Stamp Duty will still apply to entry transactions that occur after 1 July 2024, and duty concessions (where applicable for particular properties in Victoria) may still be applied and thereafter, any subsequent transactions involving the property which entered the CIPT reform will be exempt from duty provided the property continues to be used for commercial or industrial purposes.

Ten (10) years after entry into the CIPT reform, CIPT will then begin to apply to the property at a flat rate of 1% of the property’s unimproved site value each year, provided the property continues to have a qualified use. This CIPT will be payable in addition to any land tax.

Date Published: 14 May 2025

You cannot reside in any property owned by your SMSF whilst there is a loan against the Property and whilst you are not entitled to benefit from your super (i.e. you have not reached retirement and met the criteria). There are strict rules in using your SMSF to acquire property and they must be adhered to, particularly under a limited recourse borrowing arrangement, and one of those rules is that the residential property must be independently rented to someone unrelated to the member, for market value. Note that there are exemptions for these rules for properties which are used wholly and exclusively in a business.

Date Published: 14 May 2025

Stamp Duty in Victoria is payable at settlement; Stamp Duty in Queensland is payable within thirty (30) days of the Contract being entered into or when your Contract becomes unconditional; and Stamp Duty in the Australian Capital Territory is payable 14 days after settlement.

Date Published: 14 May 2025