Do I need a Foreign Resident Capital Gains Withholding Clearance Certificate (FRCGWCC) when I sell my property?

Are you an Australian resident selling a property? Will the sale price to be more than $750,000?   If so, you will be need to provide a Foreign Resident Capital Gains Withholding Clearance Certificate (FRCGWCC, or ‘clearance certificate’) to purchasers prior to settlement.  What is a clearance certificate?   From 1 July 2017 onwards, legislation requires 12.5% … Read more

What classifies a default under the Contract of Sale? 

Sometimes things don’t go to plan when purchasing a property. Here are the most common scenarios where a Purchaser may find themselves in default of a Contract of Sale. What is a default?  A default is a failure to follow your obligations, or a breach of conditions, under the signed Contract.   What is a Default … Read more

What should you be looking out for before signing an off the plan contract?  

Recent incentives provided by the Federal Budget have generated more interest in off the plan properties. However, buyers should keep in mind certain contract conditions before signing on.   Subject Clauses   Off the plan contracts are usually subject to either or both of the following conditions being satisfied:  the registration of the proposed plan of … Read more

What do I need to disclose when I sell my property? 

What is considered too much or too little information, and how do you ensure you provide the right information? There are 5 general items that you need to disclose when you sell your property. Pre-contractual disclosure obligations  It is a seller’s obligation to disclose all relevant information that may be considered a limitation, restriction or … Read more

FIRB Approval for residential properties: what you need to know 

Foreign Investment Review Board (FIRB) approval is a permit issued by the Australian Tax Office (ATO) that allows foreigners to have property investments or buy a home in Australia. For the purpose of this article, we will be focusing on residential property investments. Am I Required to Apply for FIRB Approval?  Before a contract is … Read more

The Pros and Cons of Buying Off-The-Plan

Entering the property market can be challenging. Additionally, it can be overwhelming having to also consider factors such as affordability, stamp duty, and property age. Buying an off-the-plan property can be an attractive solution as they are often more affordable, come with stamp duty savings, and are brand new. What is an Off-The-Plan Property? An … Read more

Selling your property? Disclosure obligations differ across different states

As the world becomes more globalised it is increasingly common for Vendors to sell property across different states and territories.   In Australia, certain attributes of a property must be disclosed by a vendor to the purchaser prior to the sale. Vendor disclosure obligations are unique to each state. As a result of this, it is … Read more

What is a caveat? Do I need one? 

What is a caveat?  Under Section 89 of the Transfer of Land Act 1958, a caveat can prevent the transfer of a land title without the consent of the caveat holder. When a caveat is registered it will appear on a property’s title unless withdrawn by permission of the caveator.  When you purchase a property, you may … Read more

What is a “covenant”? How does it affect my property?

You may have heard this term ‘covenant’ or ‘restrictive covenant’ when looking into property. But what exactly is it? And why is it important for property buyers and sellers?   What is a restrictive covenant?  A restrictive covenant, or more commonly known as just a covenant, is a private agreement or contract between neighbouring landowners. … Read more

What is an Owners Corporation? 

An Owners Corporation (OC), formerly known as Body Corporate, is a legal entity which is created when subdivided land containing a shared area (common property) or facility is registered with state Land Registries. This is typically seen in larger scale subdivisions with mixed residential and commercial uses. More than one Owners Corporation can be created. … Read more

What is a GST Withholding Form? Do I need it for my property sale?

If you are selling property, you may be obligated to notify Purchasers to withhold an amount (i.e. GST) from the purchase price on the contract to be paid to the Australian Tax Office (ATO). This can apply to some residential properties and potential residential land. Failure to notify is a strict liability offence that may lead to … Read more

What does “subject to Building and Pest Inspection” mean?

Building and Pest Inspections identify any defects within a property and the risks that may evolve from those defects. They are useful for identifying the condition of the property, which provide insight on the desirability and value of the property being purchased.  Why should I include a “subject to a Building and Pest Inspection” clause?  … Read more

Federal Budget 2022-2023

To address the continuing challenges faced by first home buyer Australians breaking into the property market, the Federal Government has announced in its Federal Budget 2022-2023 several measures to ease entry barriers.    Continued Incentives Family Home Guarantee The scheme aims to support single parents with dependent children in purchasing a family home. Eligible buyers will … Read more

wealthsource writing a will

When should I start thinking about writing a Will?

While this is a sensitive topic and you may be hesitant asking your friends and family, having a plan is important for peace of mind. Here we address some of the common reasons people put off preparing their Will.  ‘I don’t have any assets’  It’s not unusual for many to believe that they don’t have … Read more

looking develop land

Looking to develop your land? Here are 4 things to look out for 

Purchasing a block of land is an exciting process to bring to life your dream home on a blank canvas. However, we have seen mistakes you can try to avoid. In addition to planning permit requirements and specific regulations, there are various other means by which property development can be restricted, including the following:   Easements   … Read more

homebuyer fund

How the Homebuyer Fund can help you purchase your home  

Saving for a 10-20% deposit is challenging with increasing property prices. To address this issue and create more opportunities for home ownership for low to medium income earners, the Victorian Government launched the Homebuyer Fund in October 2021.   What is the Homebuyer Fund?   The Homebuyer Fund is a shared equity scheme that permits the Victorian … Read more

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Do I attend settlement myself? What is PEXA? 

There was a time when Australian settlements had to be conducted in person at a set location. This usually involved long hours sorting through numerous papers to finalise documents. Now, legal representatives and financial institutions are able to attend virtually to complete all types of settlements. This is done through the digital property platform PEXA. … Read more

pool spa regulations

How the new regulations on swimming pools and spas may affect you 

Since 01 December 2019, there are new laws requiring all property owners to erect safety barriers for their pool and spa. Here are some important things you need to know:  Victorian Building Authority (VBA) requirements  By 01 November 2020, all pools and spas must be registered with the local council.  Complete the inspection of the … Read more

5 contractual terms

5 contractual terms you should know about before signing a written offer 

So you’ve found a property perfect for you after spending countless hours scouring the market. A contract was given to you but it’s long, confusing and filled with legal words that don’t make sense. We recommend looking out for these 5 terms that can help your decision-making.  “I can end the contract if I want… … Read more

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Common contractual conditions property purchasers should include

A Contract of Sale is typically prepared by the Seller’s representative, and it is no surprise that a substantial number of clauses will favour the Seller. It is important for Buyers to obtain advice before signing the Contract of Sale. The Contract of Sale together with the Section 32 Vendor Statement are the most important … Read more