Conveyancing, Leases and Mortgages

“ RevenueSA Australian Taxation Office ”

“ Taking good instructions The use of precedent Retainer Instructions ensures that all important issues are considered, instructions which cannot be contradicted later are recorded, costs discussed and the scope of the retainer clearly defined. ”

“ The requirement for purchasers to withhold the GST and remit it to the commissioner on taxable supplies of certain real property under Subdivision 14-E Schedule 1 Taxation Administration Act 1953 came into force on 1 July 2018. Subdivision 14-E applies to all contracts that settle after 1 July ... ”

“ The contract between a vendor and purchaser is the primary document setting out the obligations of the parties. It is an executory document, meaning that it establishes the rights and obligations of the parties to be performed over a period of time, culminating with payment by the purchaser of the ... ”

“ The schedule sets out various panels. ”

“ Inclusions that form part of the sale should also be identified and scope for confusion dealt with. For instance, a common assumption by purchasers is that large freestanding items such as birdbaths or entrance step pots are included. As a general rule: all fixtures will pass with the property and ... ”

“ Auction contracts Auction contracts are no different to any other type of contract – until the contract is signed it is not enforceable. This means that a purchaser can walk away at any time up until they have signed the contract and that the vendor is not obliged to proceed until the vendor has ... ”

“ A vendor of land which is sold as an estate in fee simple or Crown leasehold must provide a disclosure statement as set out in s 7 of the Land and Business (Sale and Conveyancing) Act 1994. The vendor’s statement is commonly referred to as a Form 1. Such a statement is required when land is sold as ... ”

“ Special conditions may cover a wide range of circumstances and exist to ensure that the contract is tailored to the needs and understanding of the parties. Clarity of drafting is imperative in this regard. If work is to be done by the vendor prior to settlement, for example, then a date by which it ... ”

“ The basic principle of contract law is that, once a contract has been entered into, it is binding on the parties. In relation to the sale of land there is the additional requirement that the contract must be in writing and signed by the parties, but once that formality has been achieved the ... ”

“ With the introduction of electronic conveyancing it is important to establish if there is a ‘paper’ certificate of title or an ‘electronic’ certificate of title. Electronic certificates have a Control of the Right to Deal (CoRD) recorded on the relevant folio in the Torrens Land Title Register. A ... ”

“ The requirement for purchasers to withhold the GST and remit it to the commissioner on taxable supplies of certain real property under subdivision 14-E Schedule 1 Taxation Administration Act 1953 comes into force on 1 July 2018. Subdivision 14-E applies to all contracts that settle after 1 July. ... ”

“ Should a contract expressly provide for the communication of notices by way of email, it will usually stipulate when notice is deemed to be received, and is normally said to be the time that the email is sent. This can produce an unfortunate result as the notice may go to the recipient’s junk mail ... ”

“ Occasionally matters arise between the signing of the contract and the settlement date which give rise to the termination or amendment of the arrangement. These can be broadly split into two categories; want of title and defect of title. A ‘want of title’ refers to a misdescription of the property ... ”

“ Having received the payout figures from the mortgagor, seek instructions from the vendor has to how they would like to receive the balance of the settlement money. Confirm with them that your fees will be deducted from this figure as well as any outstanding accounts such as water and rates. The ... ”

“ In the normal course of events settlement will occur at 11.30am, or any time prior to 5 pm on the day nominated for settlement (if being transacted on PEXA) or pursuant to a notice given under a special condition relating to registration of a subdivision or other contingency. Under the standard ... ”

“ To some extent a conveyancing transaction culminates in settlement or completion. This is the event that has been eagerly awaited by vendor and purchaser and while there are still some matters to be attended to after settlement, this is the important event when the purchaser pays the balance due ... ”

“ Occasionally matters arise between the signing of the contract and the settlement date which give rise to the termination or amendment of the arrangement. These can be broadly split into two categories; want of title and defect of title. A ‘want of title’ refers to a misdescription of the property ... ”

“ Having received the payout figures from the mortgagor, seek instructions from the vendor has to how they would like to receive the balance of the settlement money. Confirm with them that the firm’s fees will be deducted from this figure as well as any outstanding accounts such as water and rates. ... ”

“ In the normal course of events settlement will occur at 11.30 am, or any time prior to 5 pm on the day nominated for settlement if being transacted on PEXA, or pursuant to a notice given under a special condition relating to registration of a subdivision or other contingency. Under the standard ... ”

“ To some extent a conveyancing transaction culminates in settlement or completion. This is the event that has been eagerly awaited by vendor and purchaser and while there are still some matters to be attended to after settlement, this is the important event when the purchaser pays the balance due ... ”

“ Supporting evidence for the transaction must be kept for at least seven years from the date of lodgement. This includes the Verification of Identity and Client Authorisation, as well as any supporting evidence for the transaction, for example paper certificates of title, statutory declarations, ... ”

“ In reporting and accounting to the client it is often difficult for them to understand how rate adjustments work. The precedent Explanatory Sheet in Relation to Settlement and Adjustments goes a long way to solving this problem. ”

“ When finalising a matter it is important to terminate the retainer. This informs the client in writing that all work on the matter is complete and that no further work will be undertaken unless the firm is otherwise instructed. If the matter is finalised in such a way that the client retains rights ... ”