NSW Conveyancing Parramatta

Things to look for when buying Investment Property

Kenneth Ti — Thu, 16 May 2013 23:30:53 +0000

Over the years we’ve fielded many questions about property. While we try our best to answer with all questions in relation to the legal process of conveyancing, we get a lot of questions sometimes about things like price, location, and whether the property’s a good investment.

Unfortunately we can’t tell you whether your purpose will be a good investment or not – that’s something that you or your financial planner should figure out – but we can tell you what to consider when you are thinking about purchasing investment property, such as:

Consider your alternatives. While we’ve noticed that property investment is really popular lately, there’s always other ways how you may invest your money.
Consider the type of property. Property investment isn’t just limited to residential property. There’s also offices, retail property, and other commercial properties available.
Consider what the initial costs would be. These include conveyancing costs, stamp duty, as well as other lending or broking costs.
Consider what the on-going costs would be. These would be things like land tax, council rates, water rates, strata levies, maintenance costs, insurance, as well as mortgage repayments. Be realistic and don’t skimp out, especially with maintenance costs.
Compare these on-going costs with what you would likely yield in rental. Take into account that you might not always have the property tenanted, and you may not always get the rental yield you want.
Take into account likely changes in the interest rates.
Consider the rate of capital growth of the property by comparing it to the rates in the suburb that the property is in.
Get tax advice about your proposed investment.
Always have an exit strategy. An investment is just that – an investment. It’s not an investment if you hold on to it and not sell it. It’s not an investment if you plan to have it as a second home. Always consider that you’ll end up selling it when the time is right. Plan for when that timing is – or plan for how to dispose of it if it’s not working out.

Ern, our principal, has previously written on this subject, and given some very valuable insight into this. That being said, good luck, and happy hunting!

Conveyancing Enquiry

For more information on our conveyancing services and quotes on our professional fees, please request a Conveyancing Fees quote. One of our experienced property lawyers will contact you to explore how we can assist you with your property transaction.

Kenneth Ti
Property Lawyer

This website is supported by Phang Legal, an incorporated legal practice based in Parramatta CBD providing conveyancing services across Sydney and New South Wales. Kenneth Ti is an associate solicitor with Phang Legal.

Gazumping – What a funny word!

Kenneth Ti — Thu, 18 Apr 2013 23:30:10 +0000

I’ve always found the word “Gazumping” to be a pretty funny word. Where did it come from? Why does it mean what it means?

Despite my fascination with the word, unfortunately, in a seller’s market, gazumping can happen to you. What is it? Well, it’s what happens when you have a verbal agreement with a real estate agent about the price of a property that you want to purchase, and then bam, in the next week, when you’ve figured out your finance, and gotten maybe some legal advice, the real estate agent says to you:

“Sorry, someone else offered a higher price, and the vendor’s accepted their offer”

Despite having a verbal agreement, you can’t enforce that agreement. If you’ve spent some money on getting pre-purchase inspections, or some legal advice, you’re out of pocket. The vendor has no obligation to refund you for any costs that you’ve incurred – just because you’ve got a verbal agreement doesn’t mean that it’s binding.That being said, if you paid some sort of “expression of interest” fee to the vendor – that must be refunded.

In New South Wales, a contract to sell or purchase property is only binding between the parties if a specific process

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has been followed. This is where:

Two contracts are issued, one to the purchaser and the other to the vendor
The parties each sign their copy of the contract
The parties each exchange their contracts – the purchaser holds on to the contract that the vendor has signed, and vice versa

It is also usual that during this time, the purchase gives a deposit of 10% to the vendor (or their real estate agent).

You can’t really protect yourself against gazumping unless the contracts have been signed and exchanged – but you can certainly minimise it by:

Making sure that your finance is ready, and that you don’t need some extra time to arrange for it
Minimising any delay between the offer and exchange of contracts, such as getting the contract asap so that your solicitor can examine it, or getting your pre-purchase inspections done as soon as possible.

That being said, you shouldn’t rush this decision by just going ahead and signing and exchanging the contract. You should always carefully consider everything before signing and exchanging the contract – because if you decide at a later stage to exercise your cooling off, that will result in you forfeiting 0.25% of the purchase price.

When purchasing property, you must strike a balance between being cautious and making sure that you’re satisfied with the property before signing the contract, and acting swiftly to make sure that nobody else gazumps you.

Our experienced lawyers understand you fully when it comes to these things, and where possible, will give you speedy advice to help you with your purchase.

Conveyancing Enquiry

Kenneth Ti
Property Lawyer

Living in a Strata Scheme

Kenneth Ti — Thu, 21 Mar 2013 22:30:55 +0000

Strata properties – like apartment units, some townhouses, or residential flats – are immensely popular especially in places like Sydney, where there’s a shortage of space. Living in a property that is part of a Strata Scheme is a little bit different from living in a free-standing house, and from time to time we get questions about what living in a Strata Scheme means.

To start off with, while you own your unit or apartment, ownership of the building itself is shared between the other owners in the building. Collectively, all of the owners form the “Owners corporation”, which has responsibility for the maintenance and upkeep of the building and the common property to the building (such as gardens, parking areas, stairwells, the roof, and lifts).

The Owners Corporation makes decisions about things like employing a Strata Manager, about budgeting for repairs and maintenance, paying council rates and fees, insurances, paying utility bills, collecting the maintenance costs from the other owners, or for setting down rules to keep the peace (such as pets or noise rules), or rules to increase (or maintain) the value of the property (such as graffiti, hanging laundry, or things like that).

While it is not compulsory for you to attend owners corporation meetings, it’s commonly thought that a strata scheme operates better if everyone participates.This co-operative way of managing the property however may not be for everyone and we are aware that sometimes things get heated between members of

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the owners corporation.

If you are interested in purchasing Strata property you can order for a pre-purchase strata inspection report, that allows you to have a look at the records of the owners corporation. Once you have that information you can make a better decision about moving forward with your purchase.

Conveyancing Enquiry

Kenneth Ti
Property Lawyer

Making sure that everything is there in the Contract

Kenneth Ti — Wed, 27 Feb 2013 22:30:23 +0000

When looking around for property – whether it’s investment purposes or for your dream home, real estate agents are often your first point for information. Through their sales pitch, they can tell you all sorts of things about the property and the neighborhood it’s in. The information from them will certainly help you towards making a decision.

Despite this, sometimes real estate agents tend to “stretch the truth” a little when making their sales pitch.Because of this, you really need to make sure that as much of what they promise to you is contained in the contract of sale – preferably before you sign it!

We’ve had situations where a real estate agent promised that the property came with parking, but no parking was indicated on the contract. We’ve had situations where the real estate agent promised that the strata rates for the property was quite low, yet when we checked them it was two times higher than what they promised.

Unfortunately practically all contracts contain a special condition that says that the contract contains all the promises and information needed in the transaction. If a real estate agent has promised you something that’s not in the contract – then tough!

Because of this it’s very important to check the contract and make sure that everything’s there. You should also always do the due diligence, through reading through the contract, or ordering pre-purchase mexican pharmacy online inspections. We as your solicitors also do some due diligence of our own – double checking the information attached to the contract and making sure that it’s up to date.

At the end of the day – while the information that a real estate agent has to give you is valuable, you should always continue to ask questions, do your own investigations, and double check everything!

Conveyancing Enquiry

Kenneth Ti
Property Lawyer

What property should I buy?

Ern Phang — Wed, 30 Jan 2013 22:00:25 +0000

I can’t begin to tell you how many times I’ve been asked by clients questions like:

What property should I buy?
Should I buy an apartment of a house?
How much should I pay?
Is this a good price?
Is this a good area?

Having provided conveyancing services as part of my legal practice for over a decade, I’ve had the privilege of experiencing the property market through my clients as well as my own activities. I’ve ‘bought’ and ‘sold’ hundreds of property vicariously and those experiences have influenced some of my thinking. Of course I’m more than happy to lend a personal opinion, and even though it’s a personal opinion that has evolved over time, it’s still far from a professional opinion.

After all, from a professional perspective, I’m just a lawyer (and still practicing/practising – pun intended). I’m able to advise clients on the process and procedures, as well as the legal rights with respect to the property transaction or property ownership – but questions that go beyond that are not with my professional expertise, and I make that very clear to my clients.

Often, if I’m pressed for more than a personal opinion and clients want a definitive answer, I answer their question with a question. WHAT DO YOU WANT? Sounds annoying, but it’s a legitimate question to a question.

At the end of the day, that’s the key question that needs to be answered, isn’t it? If you don’t know what you want, no one else can nor should tell you – or at least that’s what I think.

What you buy and whether it’s suitable to you depends largely on your dreams or desires, your motivation or your plan, or even your stage in life. Everyone’s different, so what might be right for someone else won’t necessarily be right for you. If you’re buying for investment, you might be looking at a totally different property to what you’d look at if you’re buying your home. You might be looking at one kind of property if you’re single or a couple without kids, and another kind of property if you’ve got a family.

For anyone who’s not familiar with the property market or the property industry, there’s always the danger that you’ll sign a contract for something you don’t really want (perhaps because you were persuaded or influenced by an accomplished real estate agent). I guess that’s why in New South Wales, the law provides that a cooling off period applies to residential property purchased under private treaty. The cooling off period minimises the consequences of buyer’s regret. For more information regarding the cooling off period, have a look at some previous/related articles listed below.

On the other hand, if you really feel you need professional assistance there are professionals like some financial planners, or maybe real estate agents or more appropriately buyers-agents who can provide advice or at least help you clarify your property goals. Perhaps they’re the most appropriate professionals to be speaking to regarding property – especially if you don’t know and you need someone to help you work through those questions yourself (after all, you don’t know what you don’t know, right?).

So there you have it – as many of my clients would testify, I’m more than happy to share my personal views on buying or selling property. I haven’t done poorly through property, but I’m certainly no property tycoon (far from it). I’ve just got a modest property holding which I hope/plan to continue to grow over the years. My strategies are based on my personal and professional experiences but not formulated on anything too formal or complex.

If you’re still hungry like me, then the best advice is to really speak to as many people as you can. There are so many people involved in or ancillary to the property market. Aside from real estate agents, you have bankers and finance brokers, other lawyer and licenced conveyancers, accountants and tax agents, as well as builders and developers. I don’t think it matters how experienced or inexperienced you might think you are in buying or selling property, be open to learning something new and you never know what will come of it. I know I’m constantly learning from all the people around me and enjoying every moment. I’m sure you will too – and then maybe I’ll come and ask you ‘what property should I buy?’

Conveyancing Enquiry

Ern Phang
Director - Property Lawyer

This website is supported by Phang Legal, an incorporated legal practice based in Parramatta CBD providing conveyancing services across Sydney and New South Wales. Ern Phang is the solicitor director of Phang Legal.

Lawyers and Licenced Conveyancers

Ern Phang — Wed, 19 Dec 2012 22:00:38 +0000

Would you use a lawyer or a licenced conveyancer?

Many of the older generation of lawyers complain about the introduction of licenced conveyancers to assist people with their property transactions. Obviously, they remember the times (ie,’ the good ole days’) when the conveyancing services market was only for lawyers. It was also the time when legal fees for conveyancing services were according to a scale rather than subject to market forces as they are today.

For me, I can’t provide any personal comparisons. Even though I’ve been in the legal industry since the late 1990s, the changes to the conveyancing services market took place before my time. For me, licenced conveyancers are an accepted part of the market in which I operate. I know a fair few licenced conveyancers and I think they have their place along side lawyers and offer clients a valuable alternative to using a lawyer for buying or selling property.

Without overly stereotyping the market, some clients only want conveyancing services and don’t want other information/advice regarding other areas of law, even if it’s relates in some way to their property transaction (yes, this is true). Sometimes that’s because clients make an informed choice but sometimes it’s because they’re not fully aware of how all areas of law and life are interrelated. For clients who can and do make an informed decision, then of course this is in their best interest. Those clients need and want a licenced conveyancer – and that’s it. There’s nothing wrong with that, right? A competent professional is a competent professional regardless of whether they’re a lawyer or a licenced conveyancer. But for the purpose of the clients’ property transactions a licenced conveyancer might not only be suitable but might also be the most appropriate professional.

HOWEVER, if clients only ask after licenced conveyancers because of a misunderstanding or lack of understanding of what a lawyer does or how their property transaction might give rise to other issues in other areas of law, that’s a real shame! I think there’s an opportunity and an important responsibility to educate and increase awareness about the differences between lawyers and licenced conveyancers and the different types of services that they provide.

For example, while the buying or selling of a property may be the key objective, many clients forget that this could have further reaching consequences on other areas in their lives, such as their estate and their estate planning or may their personal liabilities, arising from such things as taxation or duties. Couples who buy or sell property may also find themselves in more complex situations arising from relationship issues, which of course are rarely considered in the midst of their property transaction, but arise at a time when it is most convenient only to be compounded by not having considered it in the first place. A licenced conveyancer may assist them with their property transaction, but then who provides the right advice regarding how that property transaction affects other parts of their lives? Of course I’m not saying that in providing conveyancing services every lawyer takes a more holistic approach and provides advice to a clients that is beyond the property transaction. But this is what I do.

I think one of the biggest disservice a lawyer could provide would be to not advice their client about certain issues that the lawyer knows affects or will affect their client just because it was outside of the scope of their current retainer. The law is much more than just the immediate here and now.

A pessimistic outlook from an optimistic lawyer could save you a lot of cost and heartache in the future.

Conveyancing Enquiry

Ern Phang
Director - Property Lawyer

What is an off-the-plan purchase?

Kenneth Ti — Thu, 22 Nov 2012 22:30:35 +0000

Some property purchases are “off-the-plan” purchases. These purchases are different than a standard purchase in a few ways.

Generally speaking however, an “off-the-plan” purchase means purchasing land or an apartment that does not currently exist. The idea is that the vendor – typically a developer – intends to build a number of houses or apartments on the property and then to subdivide the land, allowing the vendor to sell those houses or apartments to prospective purchasers.

An “off-the-plan” purchase can be thought of as a “promise” that in the future, a separate and distinct parcel of land will be available to be transferred to the purchaser. There are no inspections that can be made and unfortunately the display home does not necessarily show what the final product would look like.

A typical “off-the-plan” contract will include a draft plan by the vendor showing how the subdivision would look like. It would also include a “sunset date”, or a time limit, of when the vendor must complete the works and the subdivision. This time limit is typically within 15 months to 3 years. The contract would also contain clauses that say that if these conditions are not met the purchasers can cancel the contract and recover any deposits paid.

Because of the nature of an”off-the-plan” order viagra online purchase, it is difficult to predict when settlement is to occur. Due to this there is some level of uncertainty – at least when it comes to timing – when it comes to “off-the-plan” purchase.

Every contract is different, however a typical “off-the-plan” contract will contain provisions in relation to any changes in the plans, or where building work is part of the contract, a defects warranty period.

In the end, due to the differences between an “off-the-plan” purchase and a standard contract, you do need to consider whether an “off-the-plan” purchase is suitable for you.

If you have any questions, please don’t hesitate to contact us or drop us an e-mail through the quick enquiry form!

Conveyancing Enquiry

Kenneth Ti
Property Lawyer

Conveyancing services leading up to Christmas

Ern Phang — Thu, 08 Nov 2012 22:00:14 +0000

Avoid unexpected delays and nasty surprises with forward planning

The Christmas and New Year period every year presents a challenge for anyone buying or selling property. In New South Wales, the standard settlement period for conveyancing transactions is 42 days, or 6 weeks, which means that any contracts dated around the middle of November, the standard completion date will fall around the holiday period.

Aside from the actual public holidays, the Christmas and New Year period is traditionally the time of year that many business will close or be operating with reduced staff. It is the the holiday season after all.

So what does the holiday season mean when it comes to buying or selling your property? The main concern is delay – especially if it is unexpected delay. It is quite normal for the contract for sale of land to include a term addressing the issue of delay. Usually, it is a penalty interest rate, but if there is extensive delay then it may also give rights for termination and forfeiture of the deposit. Basically, what this means is that failing to properly address the issue of delay because of the holiday season could result in serious consequences.

What can you do? If you are buying or selling property during this period, and the standard completion date falls within the holiday season, you should consider whether it is possible to adjust the settlement period so that the completion date falls before or after the holiday season. Unnecessary complications and unwanted consequences can be quickly avoided if you recognise that they can arise from attempting to settle during the holiday season and you take steps to negotiate your contract (especially the settlement period).

Before you sign the contract for sale of land, speak to your lawyer or licenced conveyancer and to your bank to ensure that the completion date is practical and achievable – on a worst case scenario assessment. Most experienced operators will be able to factor likely holiday season delays into ‘normal’ operating conditions to give you a realistic assessment of what is probably against what is possible. Taking this simple step will be well worth the effort.

Conveyancing Enquiry

Ern Phang
Director - Property Lawyer

Auction or Private Treaty? What are the Benefits of a sale by Private Treaty?

Kenneth Ti — Thu, 18 Oct 2012 22:30:27 +0000

Last month we discussed briefly in relation to what’s the best way to sell property. As mentioned, this is a question that a lot of people – particularly real estate agents – have a lot of opinions on! No doubt you wish to get the best price possible for your property. So what is the right way?

This month we’ll focus on the benefits and drawbacks of a sale by Private Treaty.

Benefits of Private Treaty

Higher control of the conveyancing process.
Control of what you ask for and what you can negotiate.
Take the time to find a suitable purchaser for the home that is willing to pay the price you are asking for.
Less stressful as there is no time limit for the sale of the property.
Purchasers may be more comfortable as their offers for the property are not disclosed to anyone else.

Drawbacks of Private Treaty

Take longer to find a suitable purchaser.
Dependent on your real estate agent’s negotiation skills.
Purchasers may not be final about their decision and may exercise their cooling off rights.
Vendors should be careful about initial asking price, as too high
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in the beginning might scare off potential purchasers.
Stigma may attach to a property that has been on the market for far too long

As you can see there are both advantages and disadvantages of a sale by way of private treaty. At the end of the day however you should consider what’s most suitable for your purposes.

If you have any questions, please don’t hesitate to contact us or drop us an e-mail through the quick enquiry form!

Conveyancing Enquiry

Kenneth Ti
Property Lawyer

Contract for Sale of Land – Review for Buyers

Ern Phang — Fri, 12 Oct 2012 22:00:23 +0000

Legal advice BEFORE signing a contract

It’s simple, yet probably the best advice you could get – and it’s free!

Buying property is a big financial commitment for most people, yet many people sign a contract to buy property without fully understanding or considering the legal consequences – often while they’re in the real estate agent’s office. For residential properties under private treaty, there can be some protection under the statutory cooling off period, however this doesn’t always apply (ie, buying at auction). See my previous posts regarding “What are my Cooling Off right? and “Why do I need a Cooling Off period?”.

But why would you need to rely on a cooling off period in the first place if you’re fully aware (or at least think you are) and appreciate the consequences of signing a contract to buy property in the first place? Knowing what you’re doing is important regardless of whether you’re a first home buyer or an experienced property investor, and one way to get that knowledge is through professional legal advice.

Lawyers or conveyancers may be able to assist you because of their ‘legal expertise’, the reality is that the value these professionals (my team of property lawyers and myself included) can provide is through their experience in handling many different transactions over many years. The last thing you’d probably want is to be frustrated and bogged down in legal technicalities when all you want to do is ‘buy that property’. Therefore, it’s necessary for your professional adviser to be able to provide you with advice and guidance that’s not only legally sound, but practical and has the best chance of achieving your goals while minimising the costs and the risks. Wow – sounds like an impossible task?

But, that’s what we do. Providing advice in relation to contracts, especially a contracts to buy property is what we do best as property lawyers. That advice is available to you, and BEFORE you sign a contract is the best time to get that advice. Once you’ve signed a contract, it’s presumed that you accept the terms and conditions of that contract. As mentioned previously, you might have an opportunity to pull out under a cooling off period, but even then you’ll be forfeiting 0.25% of the purchase price. There’s always a cost.

The best way to save is to get the right advice at the right time, and make an informed and advised decision when you’ve got the opportunity to do so.

Conveyancing Enquiry

Ern Phang
Director - Property Lawyer

From First Home Owner Grant to First Home Owner (New Homes) Grant

Kenneth Ti — Thu, 20 Sep 2012 23:30:00 +0000

In July we wrote about a number of important changes in the property market. One of these changes are changes to the First Home Owner Grant.

From 1 October 2012 the First Home Owner Grant will be replaced with the First Home Owner Grant (New Homes), and the grant will be increased from $7,000 to $15,000. This applies to first home owners who purchase or build a new home. The date of the contract must be on or after 1 October 2012.

There are additional changes to the

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First Home Owner Grant – for one, From 1 October 2012, the cap will be reduced from $835,000 to $650,000. This means that any first home buyers purchasing or building a new home will not be eligible for the First Home Owner Grant (New Homes) if the value of the contract is more than $650,000.

These changes will remain in place until 31 December 2013 – after that date, the First Home Owner Grant (New Homes) will be reduced from $15,000 to $10,000.

If you are eligible for the First Home Owner Grant (New Homes), you cannot apply for the NSW New Home Grant Scheme of $5,000.

This change is welcome for first home purchasers who want to purchase new property – however it is our experience that first home purchasers typically try to save some money by purchasing pre-existing property.

It is difficult to anticipate how these changes will affect the property market – fortunately however, we assist the full spectrum of the market, from first home purchasers to established property investors.

Conveyancing Enquiry

Kenneth Ti
Property Lawyer

Auction or Private Treaty? What are the Benefits of a sale by Auction?

Kenneth Ti — Thu, 16 Aug 2012 23:30:01 +0000

We often get questions in relation to what’s the best way to sell property. This is a question that a lot of people – particularly real estate agents – have a lot of opinions on! Some real estate agents swear by auctions. Others prefer to be patient and to sell the property through private treaty.

Selling your property can be stressful and no doubt you wish to get the best price possible for your property. So what is the right way? Generally, we think that this isn’t a question with clear answers and it will depend on what you intend to achieve and how you want to achieve it. There are benefits and there are drawbacks of both methods.

This month we’ll focus on the benefits of a sale by auction.

Benefits of Auctions

Potential to sell the property at above market value due to competition by the auction attendees.
Time limit for auction means that property is likely to be sold within the time limit or at auction.
Suitable for situations where the value of the property is in dispute.
Suitable for situations where
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the value of the property cannot be determined due to unique aspects of the property.
A sale at an auction does not allow the purchaser to exercise any cooling off rights.

Drawbacks of Auctions

Loss of control of what the sale price is.
Dependent on interest of attendees and the turnout at the auction.
Potential to sell the property for less than market value if not much interest in the property or if attendees are not competitive.
Failure to sell property at auction could attach negative stigma to property.
Purchasers may be put off by competitiveness and the disclosure of how much they are paying for the property.

As you can see there are both advantages and disadvantages of a sale by way of auction. At the end of the day however you should consider what’s most suitable for your purposes. Tune in next month, where we will discuss the advantages and disadvantages of a sale by way of private treaty.

If you have any questions, please don’t hesitate to contact us or drop us an e-mail through the quick enquiry form!

Conveyancing Enquiry

Kenneth Ti
Property Lawyer

It’s Never Too Late To Buy Property

Ern Phang — Tue, 31 Jul 2012 23:00:03 +0000

When should you buy property?

If you’re in Sydney, you might have heard that if you had bought property 10-15 years ago just before the Sydney 2000 Olympics and before the property boom that followed, you’d be enjoying some significant capital gains in your investment. Also a few years ago, the changes to the First Home Owners Grant also created a little ‘buying fever’ resulting in a little boom – especially around the lower end of the market. But were these ‘good times’ to buy property?

Some investors try to read the market and naturally look to buy when the price is low and sell when the price is high. That’s a logical way to make a profit. If you were able to gaze into your crystal ball and pick the lowest point as well as the highest point, then you’d be maximising your possible return from your property transactions – that’s simple, yet effective mathematics.

I appreciate that commercial property may be a little risky at the moment, but have you seen some of the new residential suburbs lately? Maybe only 5 years ago, some of these suburbs were just farmland – and now they’re a bustling suburbia, and the farmland beyond them are prime for development. The Australian population is continuing to grow whether naturally or by migration (people want to come to this country) and they all have to live somewhere, right?

In Australia, I think it’s safe to say that there’s a common desire to own your own home (and I’m told it’s different in other countries especially some parts of � �Europe which have a renting culture). The government supports that with its policies like the first home owner benefits, and the banks also support this through its lending products for home loans. Of course this may eventually change over time due to the increasing challenge of housing affordability, but at least for now there’s always someone somewhere�buying property regardless of whether you are or not.

Of course, I don’t say that you should because someone else is, but if you’re asking me whether it’s too late to buy or whether you’ve missed the market, my simple answer is ‘No. Don’t stress or over think whether you should or you shouldn’t. If you want to buy and you can afford to buy, then buy’.

Anyway, I don’t proclaim to be a property investment advisor or a prophet of profit – but there is a saying, “When’s the best time to buy property? 10 years ago. When’s the next best time to buy property? Today!”

Conveyancing Enquiry

Ern Phang
Director - Property Lawyer

Understanding Conveyancing – Pre-Purchase Inspections [Video]

Kenneth Ti — Thu, 19 Jul 2012 23:30:48 +0000

Welcome to the Understanding Conveyancing Video Series. In this post we will briefly touch on Pre-Purchase Inspections.

Pre-Purchase Inspection reports are highly recommended because a majority of properties are purchased on the basis of “what you see is what you get”. More importantly, a pre-purchase inspection can tell you what you don’t� see, such as whether there are any signs of termites in the property or if the property is being well cared for by its owners corporation.

Because purchasing property is such an important and expensive decision, it is always best to make sure that you have all the information necessary to make such a decision.

Look out for our other articles on conveyancing and property transaction in New South

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Wales. We are conveyancing lawyers in Parramatta providing fixed fee conveyancing services and updates in property law.

Conveyancing Enquiry

Kenneth Ti
Property Lawyer

Important Changes from 1 July 2012

Ern Phang — Sat, 30 Jun 2012 23:00:32 +0000

So you would have probably all heard about the carbon tax being introduced on 1 July 2012. It is the political hot topic and has been reported on in every media outlet at every opportunity, and while the carbon tax may have stolen all of the attention, there have also been some significant changes in the property market around 30 June 2012 and 1 July 2012. Here are some examples.

Starting

From 1 July 2012, the New South Wales government introduced a $5000 grant to anyone buying new homes, whether off the plan or newly built, with a value up to $650,000 or to anyone buying vacant land valued up to $450,000 with the intention that it is to build a new home.

Ending

The NSW Home Builders Bonus was introduced to stimulate the construction of new homes in New South Wales by offering exemptions and concessions on new homes, off the plan purchases, and vacant land. There was a full concession on stamp duty where the building work had not commenced, and a partial concession of 25% where building work had commenced. The NSW Home Builders Bonus ended on 30 June 2012.

The future

The First Home Owner Grant as we know it (currently $7,000) is coming to an end. From 1 October 2012, the grant will only apply to new homes but increases to $15,000. The cap also reduces from $835,000 to $650,000.

From 1 January 2014, the First Home Owner Grant (New Homes) will reduce from $15,000 to $10,000.

These changes follow the already implemented change to the stamp duty exemption and concession when the First Home Plus Scheme was replaced by the First Home New Home Scheme on 1 January 2012.

What does this mean?

In the past, we have witnessed the trends and experienced the flow-on effect in terms of the number of property transactions due to announced changes to stamp duty and first home owner benefits.

There have been times when those announcements have results in significant changes in the market. For example, when the First Home Owner Grant of $21,000, first home buyers literally flooded the market with unrealistic expectations and ridiculous offers, many offering beyond their capacity and much higher than advertised asking prices just so that they could be the successful buyer (please note that at the time interest rates were also at an all time low).

There have been other times when the effect has been less dramatic, but still noticeable – like when the First Home Plus Scheme came to an end on 31 December 2011 we also experienced an increase in first home buyers hoping to take advantage of the stamp duty exemptions before it ended.

No doubt, the announced end to the First Home Owner Grant on 30 September 2012 will encourage some first home buyers to take action rather than wait – but with any change, there are always going to be perceived winners and perceived losers.

First home buyers entering or leaving the market because of the various benefits also influences whether investors enter or leave the market. Maybe for an investor, waiting until after 1 October 2012 means there are less first home buyers to contend with or compete against. In any case, only time will tell.

Fortunately, we assist first home buyers and home buyers alike, as well as property investors and so from our perspective we see a full spectrum of how changes to law and policy influence different parts of the property market at different times. Our insight is your benefit, so if you are in the property market regardless of whether you are buying or you are selling, we should talk and hopefully our experience proves to be valuable to you in your property dealings.

Conveyancing Enquiry

Ern Phang
Director - Property Lawyer

Understanding Conveyancing – Stamp Duty Liability [Video]

Kenneth Ti — Thu, 14 Jun 2012 23:30:07 +0000

Welcome to the Understanding Conveyancing Video Series. In this post we will look at stamp duty and what liabilities arise from the purchase of property.

In New South Wales, the sale or transfer of land (including improvements) is normally liable to stamp duty. The liability arises when the sale or transfer occurs. Duty is payable within 3 months of the date of the transaction, or on settlement, whichever occurs sooner. The purchaser or transferee is liable to pay the duty.

Depending on your circumstances, as well as the type of property you are purchasing, you may be eligible for stamp duty concessions or exemptions. The most well known benefit is the

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“First Home Plus” benefit. This benefit grants you a concession or exemption if you are purchasing your first residential property to live in. The property must be a new property or an off-the-plan property and it grants you an concession or exemption on stamp duty for the property, so long as the property is not more expensive than $600,000.

Look out for our other articles on conveyancing and property transaction in New South Wales. We are conveyancing lawyers in Parramatta providing fixed fee conveyancing services and updates in property law.

Conveyancing Enquiry

Kenneth Ti
Property Lawyer

Understanding Conveyancing – Cooling Off Period [Video]

Kenneth Ti — Thu, 17 May 2012 23:30:54 +0000

Welcome to the first post of the Understanding Conveyancing Video Series. In this post we will have a brief look at the Cooling Off Period in a Contract for Sale of Land, and what it means.

If you buy residential property in New South Wales, you will be generally covered by a cooling off period, which starts on the date of exchange and expires at 5pm on the 5th business day after exchange.

During this period you may exercise a right to rescind, to get out of the contract, for any reason whatsoever. If you do this during the cooling off period you will forfeit 0.25% of the purchase price – but that is better than losing your deposit or more.

Some people negotiate on the terms of the contract during this period. Most people use the cooling off period to order pre-purchase searches such as strata inspection reports or pest and building inspections. We will cover this in a different post.

Cooling off periods do not apply on residential property purchased at auction, or where you have waived this period by providing the vendor with a certificate from your lawyer or solicitor.

Look out for our other articles on conveyancing and

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property transaction in New South Wales. We are conveyancing lawyers in Parramatta providing fixed fee conveyancing services and updates in property law.

Conveyancing Enquiry

Kenneth Ti
Property Lawyer

Buying at an Auction? Some things to look out for.

Kenneth Ti — Thu, 12 Apr 2012 23:30:08 +0000

Purchasing property at an auction is different from purchasing property under private treaty. While you may come away with a deal, you have certain responsibilities at an auction that you do not have if you purchase property under private treaty.

It is important that you are informed about your rights and responsibilities at an auction. In New South Wales, the NSW Office of Fair Trading publishes a guide called the Bidder’s Guide. Real estate agents must give all potential bidders at an auction a copy of the guide before the auction.

The person conducting the auction is known as an auctioneer. The auctioneer will typically inform or display that the auction is conducted under certain conditions, which are set by law. These include:

the highest bidder is the purchaser, subject to any reserve price
the auctioneer is entitled to make one bid only on behalf of the seller
before the auction, the auctioneer must announce that the auctioneer is permitted to make one bid on behalf of the seller
the auctioneer must announce immediately before, or in the process of making the bid, that he/she is making a vendor bid
the auctioneer can refuse a bid that is not in the interests of the seller
the auctioneer has no authority to accept a late bid, that is, a bid after the fall of the hammer
if there is a disputed bid, the auctioneer is
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the sole arbitrator and makes the final decision
the successful buyer�s name must be given to the auctioneer as soon as possible.

The reserve price is the lowest amount that the seller will accept for the property. The reserve price is typically not disclosed to the bidders, although the auctioneer will normally advise the bidders if the reserve price has been passed.

If the reserve price is not reached the seller must make the decision to pass the property in and re-list the property on the market, or to negotiate with any interested bidders present at the auction.

The most important thing for prospective purchasers to know is that if the prospective purchaser is successful at the auction, and that the reserve price has been passed, the prospective purchaser must sign the contract and pay the deposit on the spot. Unlike properties purchased through private treaties, no cooling off period applies to properties purchased at auction.

Because of this it is important for you to ensure the following before going to auction:

Have your solicitor or conveyancer review the contract before the auction, and seek amendments where necessary
Have your finance in order
Have made the necessary pre-purchase inspections before the auction.

We can help you with purchasing your property at auction. If you have any questions you should contact us using the quick enquiry form on this blog.

Conveyancing Enquiry

Kenneth Ti
Property Lawyer

Do I need a Strata Inspection Report?

Kenneth Ti — Thu, 15 Mar 2012 22:30:51 +0000

Strata Title properties commonly refer to properties located in apartment complexes or multi-storey complexes. In some situations they may refer to townhouses or a block of homes, which are all owned and managed collectively by the owners, though an entity called the “Owners Corporation”.

The Owners Corporation manages the common property of the complex or block of units, and organises for maintenance, repairs, and upkeep of the common property – for example, for the maintenance of the exterior paint, guttering, and lifts.

The Owners Corporation sets down an annual budget, determines what needs repairs, pays for maintenance of the common property, and determines what each individual owner needs to contribute in relation to the costs of maintaining the common property.

If you are purchasing a strata title property, you should consider ordering a strata inspection report. A strata inspection report is a report compiled by examining the books of cheapest cialis the Owners Corporation and can reveal information such as:

The Annual Budget of the Owners Corporation
What Insurances the Owners Corporation have secured over the property
The amount the Owners Corporation retains in its Administrative and Sinking Funds
The amount of each quarterly contribution payable by you
If there are any “special levies” outstanding or if a “special levy” is to be imposed soon
Any proposals for maintenance to the building
Recent maintenance done to the building

Overall a Strata Inspection report can reveal information about the condition of the building, the attitudes the owners have towards the building, the financial health of the Owners Corporation, and if there are any other issues that you should be concerned about when buying the unit.

If concerns are raised in the report, then, depending on the nature of those concerns, a further pest and bulding inspection may be ordered or specialists may be engaged to identify or address those issues.

At the end of the day however, as previously mentioned, the buyer must be beware and must be completely satisfied before moving ahead with purchasing their dream home!

Conveyancing Enquiry

Kenneth Ti
Property Lawyer

What is Land Tax?

Kenneth Ti — Thu, 16 Feb 2012 22:30:35 +0000

It is common for vendors to specify that Land Tax is adjustable on the settlement of the transaction, especially where the property was used as an investment property by the vendor.

Land Tax is a tax levied on all owners of land in New South Wales. Land Tax is based on the average value of the land over the last 2 years, and the tax is calculated and levied on midnight, 31 December, every year. Land Tax is calculated on the combined value of all the taxable land you own. This is defined as the combined value of the land less the “threshold amount”. If the combined value of all land you own does not exceed the “threshold amount”, then no land tax is payable. In 2012 the threshold amount is $396,000.

Generally, your principal place of residence is exempt from Land Tax. You are likely liable to pay land tax if you own investment property,

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commercial or industrial units, or vacant land.

Both the vendors and the purchasers must ensure that Land Taxis paid before settlement.

Other Links

Conveyancing Enquiry

Kenneth Ti
Property Lawyer

Exchanging the Contract – Now or Later?

Kenneth Ti — Thu, 26 Jan 2012 22:30:40 +0000

A major milestone in the conveyancing process is the process of exchange. Understanding when this happens, when it should happen, and what happens during this process is important.

A contract to purchase residential property is always issued in duplicate – one copy for the vendors and the other for the purchasers. The contract is entered into when it has been dated and exchanged – that is, when the vendor is in possession of the purchaser’s contract and vice versa.

Once a contract has been exchanged, all other potential purchasers are locked out of the contract and the vendor cannot accept any other offers. By law, the purchaser also has the right to rescind the contract within a five business day period, unless they have waived such a right to do so or the contract has been exchanged following an auction.

If a purchaser exercises its cooling-off right however they will forfeit to the vendor a sum of money equal to 0.25% of the viagra 50mg purchase price.

Locking into a contract has its benefits especially where time is short and there are many other potential purchasers looking to purchase the property.

That being said however, where possible, it is always advisable to carefully check the contract and conduct inspections on the property prior to signing and exchanging the contract. If the contract has not been exchanged and purchaser doesn’t wish to proceed after conducting its inspections, the purchaser is saved from forfeiting 0.25% of the purchase price.

There is no right way to go through this process and it will depend on the circumstances at the time as well as the property market at that time. Prospective purchasers will need to consider what is the right move to make at all times.

Conveyancing Enquiry

Kenneth Ti
Property Lawyer

Hurry – First Home Plus Scheme to end on 31 December 2011!

Kenneth Ti — Tue, 13 Dec 2011 22:30:44 +0000

We at Phang Legal have seen an increase in conveyancing enquiries as of late by First Home buyers.This is likely a result of the expiry of stamp duty concessions for existing homes under the First Home Plus Scheme.

The First Home Plus Scheme offers exceptions or concessions to the stamp duty payable on a property transaction. An exemption is offered for property valued at up to $500,000 and concessions are offered for property valued up to $600,000.

From 1 January 2012

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the scheme will be amended and these benefits will only be available to purchasers of newly-built or off-the-plan properties.

The deadline of 31 December 2011 has caused a lot of first home purchasers to enter into the market.

If you are a purchaser, so long as you enter into a contract to purchase property by 31 December 2011, you will be eligible to receive exemptions or concessions under the First Home Plus Scheme and you are not limited to purchasing new property in order to receive these benefits.

Conveyancing Enquiry

Kenneth Ti
Property Lawyer

The Property Purchase Process

Kenneth Ti — Mon, 12 Dec 2011 22:30:43 +0000

The transfer of property from one person to another is called conveyancing. As with all purchases, a buyer has to be beware. As purchasing property is a long term investment you must be aware of any long term legal issues or financial consequences to your purchase.

It is then quite important to have a general idea of the property purchase process.

The Property Purchasing Process generally follows the following order:

Find a suitable property to purchase.
Negotiate and agree on the price with the vendor or real estate agent.
Receive and Review Contract of Sale.
Conduct pre-exchange searches such as building and pest inspections or strata inspections.
Sign and exchange the contract, and pay the deposit.
Wait for the cooling-off period to expire.
Conduct Post-Exchange Due Diligence Searches and prepare for Settlement
Attend Settlement.
Move In.

This process is a general guide only and may not apply to your specific situation – each property transaction is a little different. For instance, a vendor may

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insist that the purchaser waives their cooling-off rights if the purchaser has had the opportunity to conduct pre-property searches.

While it may initially seem daunting and complicated, we at Phang Legal can guide you through the whole process and put your mind at ease.

While it is possible to carry out the property purchase process on your own or with the assistance of conveyancing kits, you may want to free yourself from the stress of this procedure by obtaining processional assistance. At Phang Legal, we can alert you to the presence of unfavourable terms in the contract or identify issues raised in the due diligence searches. We at Phang Legal can provide you with peace of mind when going through your transaction.

Conveyancing Enquiry

Kenneth Ti
Property Lawyer

Conveyancing Services for First Home Buyers

Ern Phang — Thu, 10 Nov 2011 22:00:48 +0000

Take advantage of First Home Plus before 31 December 2011

You may have already heard that the stamp duty exemptions and concessions for the existing First Home Plus Scheme will end on 31 December 2011. It will be replaced by the First Home New Home Scheme as announced in the recent NSW Budget. So if you are already in the market to buy your first home, now might be the time to act.

Buying your first home can be both daunting and exciting at the same time. For most people, buying their first home is generally their first major investment and while the process of buying property may be unfamiliar, it is important to get the right advice to ensure that this investment is properly protected.

Over the last few months, we have experienced a clear increase in the number of first home buyers in the market, more enquiries for conveyancing services from first home buyers, and more clients who are first home buyers. Our reputation precedes us. First home buyers find our simple and hassle free approach to professional conveyancing services to be especially suited to meet their needs time and time again.

While there will always be first home buyers, the current first home benefits in the form of stamp duty exemptions and concessions under the First Home Plus Scheme ends soon. Take advantage of these first home benefits today.

Whether you are considering buying a house or an apartment (or anything in between), our experienced property lawyers can provide you with practical and plain language advice to guide you through the conveyancing process. Our fixed professional fees means you can accurately budget for your transaction expenses and be confident in your expectation of the outcomes.

Conveyancing Enquiry

Ern Phang
Director - Property Lawyer

Buying Property – Pest and Building Inspection Reports

Kenneth Ti — Thu, 06 Oct 2011 22:30:06 +0000

As a purchaser, you must be satisfied with the property that you are purchasing. A majority of contracts for the sale of property make no promises or warranties in relation to the condition of the property, essentially turning the transaction into a “what you see is what you get” matter.

A pre-purchase pest and building inspection report is always

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recommended, especially where the property is a free-standing property that is not part of a strata property or a community property.

A pest and building inspection normally comprises of a visual inspection of the property by a qualified pest and building inspector, and usually assists you with identifying issues about the property that you as a layperson may not necessarily identify.

Among the issues that a pest and building inspection report can identify are:

The condition of the building
Any building defects
Matters that require rectification work
Estimated costs of rectification
The presence of pests (such as termites) in the building

If concerns are raised in the report, then, depending on the nature of those concerns, specialists may be engaged to identify or address those issues.

At the end of the day however, as previously mentioned, the buyer must be beware and must be completely satisfied before moving ahead with purchasing their dream home!

Conveyancing Enquiry

Kenneth Ti
Property Lawyer

Poll – Does the budget announcement affect you as a first home buyer?

Ern Phang — Thu, 22 Sep 2011 05:00:33 +0000

The NSW Government recently announced changes to the stamp duty benefits for first home buyers to be introduced on 1 January 2012. The changes will limit the stamp duty benefits to ‘new homes’ only. Does this mean that there will be a rush of first home buyers into the market trying to make the most of what’s left of the current First Home Plus Scheme? Let’s find out.

This poll is only really relevant to first home buyers.

Conveyancing Enquiry

Ern Phang
Director - Property Lawyer

Reduction in First Home Benefits on Stamp Duty

Kenneth Ti — Tue, 06 Sep 2011 23:45:58 +0000

The NSW State Government announced its budget for 2011 to 2012 yesterday. An overview of the budget may be viewed here. One of the changes being introduced to the budget is a change in benefits for first home buyers under the First Home Plus Scheme.

Under the First Home Plus Scheme, first home buyers currently pay no stamp duty on properties under $500,000 and receive a discount for properties valued up to $600,000.

From 1 January 2012, the stamp duty savings will apply only to new homes, including new homes purchased “off the plan”. First home buyers of established homes will have to pay full stamp duty from that date.

If you are a first home buyer and you are looking to purchase established property, you should consider purchasing the property before the deadline comes into

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Conveyancing Enquiry

Kenneth Ti
Property Lawyer

What is Title Insurance?

Kenneth Ti — Thu, 28 Jul 2011 23:00:47 +0000

Care should be taken when purchasing your new home, and you should always be diligent in checking on what is contained in the contract as well as do a physical inspection of the property.

However not all matters may be revealed to you when going through the transaction. There may be hidden or unknown risks that exist at the time of the purchase of your home, that may cause you loss or affect your ownership of the property.

Title Insurance is a specialised type of

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insurance that provides protection to purchasers. It is a supplement to the due diligence aspect of the transaction that solicitors and conveyancers usually carry out when carrying out the transaction. Some of the matters that title insurance cover include:

Illegal or unapproved building work
Enroachments
Zoning Non-Compliance
Non-compliance with a positive and/or restrictive covenant or easement
Registration gap
Fraud
Unpaid rates and taxes

One of the situations where Title Insurance may assist is where the local council has identified an unapproved carport or an unapproved extension to the house, and has ordered the demolition of that improvement or extension. In such a circumstance Title Insurance may indemnify the insured property and pay for the demolition costs and re-construction costs.

At the end of the day, it is about managing risk and making sure you’ve got all matters covered.

Conveyancing Enquiry

Kenneth Ti
Property Lawyer

Conveyancing Parramatta – Torrens Assurance Levy Abolished

Ern Phang — Thu, 30 Jun 2011 23:00:05 +0000

Changes to conveyancing in New South Wales

In previous articles we have introduced the Torrens Assurance Levy (when it was introduced) and we have encouraged you to keep an eye out for changes that the new NSW Government would introduce during their first term in office – in this article, we are pleased to announce that the NSW Parliament has now repealed the law that originally introduced the Torrens Assurance Levy.

On 1 July 2010, the then Labor NSW Government introduced the Torrens Assurance Levy. The levy applied to all contracts for the purchase of property on a sliding scale according to purchase price where the purchase price was above $500,500. For properties over $1,000,000 the levy was even higher. Essentially, the Levy was paid by the purchaser on top of the normal registration fee at the time their interest was registered in the property that they just purchased. Fortunately, that all came to an end of 30 June 2011.

On 24 May 2011, some 2 months after the change in government, the NSW Parliament passed amendments to legislation that now abolishes the Torrens Assurance Levy for all contracts entered into on or after 1 July 2011.

Look out for our other articles on conveyancing and property transactions in New South Wales. We are property lawyers in Parramatta providing fixed fee conveyancing services and updates in property law.

Conveyancing Enquiry

Ern Phang
Director - Property Lawyer

Conveyancing Parramatta – Stamp Duty Concessions and Exemptions

Ern Phang — Thu, 23 Jun 2011 22:00:10 +0000

Changes to Conveyancing in New South Wales – NSW Property Buyers benefit from Stamp Duty concessions and exemptions

While it is important to know your stamp duty liabilities, it is just as important to know your stamp duty concessions and exemptions. In a previous article “Buying NSW Property � Calculating Stamp Duty”, we discussed how you can calculate your stamp duty liability when you are buying property in New South Wales. In this article, we look at why it is important for NSW property buyers to keep up to date and informed of stamp duty exemptions and concessions.

For several years now, the NSW Government has announced various financial incentives for NSW property buyers in the form of stamp duty concessions and exemptions. For example, there are the first home buyers benefits such as the First Home Owners Grant, First Home Plus and First Home Plus One, while more recently there has been NSW Housing Construction Acceleration Plan (which ended on 30 June 2010) and the NSW Home Builders Bonus for new property and vacant land, and Seniors Principal Place of Residence exemption.

The Office of State Revenue (OSR), being the government office that administers stamp duty amongst other taxes and duties, may take enforcement action against you if you do not comply with your obligations to them (ie, to pay stamp duty), however it will not ‘remind you’ or ‘alert you’ to any benefits that you could have received from them if you do not apply. The OSR will provide you with information, but after that – it is entirely up to you to apply. So if you are buying property in New South Wales but do not know whether you are eligible for stamp duty concessions or exemptions – you may be missing out, and in many cases you are missing out on thousands if not tens of thousands of dollars in possible stamp duty concessions or stamp duty exemptions. If you need assistance, then contact us so that we can help you to navigate through your entitlements as well as your obligations.

As of 26 March 2011, the State of New South Wales has a new Liberal government, the first in over 16 years. So what does this mean for NSW property buyers? Only time will tell. However, it is now more important than ever for NSW property buyers to keep up to date with stamp duty concessions and exemptions and any changes that may be introduced over the coming months.

Conveyancing Enquiry

Ern Phang
Director - Property Lawyer

Conveyancing Tips – DIY Landlord – Collecting a Bond

Ern Phang — Fri, 27 May 2011 01:34:48 +0000

Conveyancing Parramatta – Do it yourself renting and property management

So you are considering renting your property but not through a real estate property management agent. Instead, you’re going to rent your property yourself. Well done! However, be aware that this will not be as easy as ‘just putting up a sign!’.

The Residential Tenancies Act places a number of obligations on you as the landlord, before, during and after the rental period. You should even consider that the NEW changes to the Residential Tenancies Act that came into effect on 31 January 2011 place even more obligations on landlords and makes it even more ‘difficult’ for do-it-yourself renting and property management. If you want to know more, have a look at our previous article titled ‘The NEW Residential Tenancies Act’ or visit the NSW Fair Trading website.

One key aspects of renting property is collecting a bond. Rental bonds is not compulsory, but it is a widely accepted form of security that you can collect from the tenant to ensure compliance with the rental agreement. You cannot collect more than 4 weeks’ rent, and any amount that you do collect must be lodged with NSW Fair Trading – you cannot keep the money yourself. You must order a Rental Bond Lodgement Form directly from NSW Fair Trading (as each form contains a unique number) to lodge your bond with them, and you must lodge it with them within 10 business days from receiving it. Be aware that you can be find if you do not comply with your obligations under the bond requirements – so when in doubt, always seek professional assistance or advice.

Conveyancing Enquiry

Ern Phang
Director - Property Lawyer

Care When Purchasing your Home

Kenneth Ti — Thu, 28 Apr 2011 23:30:20 +0000

When looking to purchase a home you must always firstly be happy with what you are looking to buy. However, there are a number of things you have to watch out for. It is quite common for a Contract of Sale to essentially state, �What you see is what you get�.

As the purchaser, you must double check the information on the Contract and to check any information left out of the Contract. The Contract of Sale may disclose a number of things about the property you are looking at, and a solicitor or conveyancer may help you with interpreting the Contract and telling you what is contained in the contract.

A solicitor or conveyancer can only interpret what the Contract says and may not be able to help you with physical aspects of the property, such as the buildings on the property or the boundaries of the property. For example, while the Contract may state the boundaries of the property that you are purchasing, there is no way to know for certain unless a property survey is

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carried out on the land. Other examples are improvements to the buildings on the property, unauthorised additions to the building, or even termite damage to the building.

Surveys and pre-purchase building and pest inspections may reveal some of the matters or defects with the property that are not disclosed on the Contract. Another option is to purchase Title Insurance, which may compensate for repairs to the property as a result of matters not properly disclosed in the Contract.

At the end of the day however, you must be happy with what you buy – so make sure you know what you are buying into!

Conveyancing Enquiry

Kenneth Ti
Property Lawyer

Our latest Poll – Lawyer, Conveyancer, DIY – who would you use?

Ern Phang — Sun, 17 Apr 2011 23:00:05 +0000

Since you’re reading this, you’re probably interesting in buying or selling property – right? That’s a reasonable assumption since this website is ALL about conveyancing and property transactions. You might be a first home buyer, or you might be an experienced property investor, but what we’re interested in is who do you (or who would you) use to assist you with your property transactions. Do you retain a lawyer or solicitor? Do you use a licensed conveyancer? Or maybe, you do it yourself. Let us know and checkout responses from other readers too.

Conveyancing Enquiry

Ern Phang
Director - Property Lawyer

Conveyancing Tips – Can I renegotiate the contract during the Cooling Off period?

Ern Phang — Mon, 11 Apr 2011 23:00:49 +0000

Conveyancing Services Parramatta – Renegotiate before it’s too late

Clients often ask us whether they can renegotiate the Contract for Sale of Land during the cooling off period. The simple answer is ‘yes’. So what next?

Understand your bargaining position

While it is possible to renegotiate the contract during the cooling off period, it may not be easy. You should understand your bargaining position before attempting to renegotiate the contract. For example, you have already signed the contract and paid a deposit, and because of that you are considered to have agreed and accepted the terms and conditions of the contract as they are. If you do nothing from this point, the contract becomes unconditional and you will be bound by it. The cooling off period gives you the right to get out of the contract, and because of that possibility – it opens the door to possible renegotiation while that right exists.

By law, the cooling off period expires at 5pm, on the 5th business day after the exchange date. During this time, you (as the buyer) can get out of the contract and avoid the legal and financial consequences of breaching an unconditional contract. The financial cost of exercising this right is 0.25% of the purchase price.

What are your experiences?

If you have had your own experiences, both successful or unsuccessful, with renegotiating a contract during the cooling off period, we would like to hear from you and invite you to leave your comments below.

Conveyancing Enquiry

Ern Phang
Director - Property Lawyer

Conveyancing Tips – Why do I need a Cooling Off period?

Ern Phang — Mon, 14 Mar 2011 22:00:32 +0000

Conveyancing Parramatta – An opportunity to ‘cool off’

There are many reasons why people buy property and rely on the cooling off period. One of the most common is that they are worried that someone else will buy their ‘dream home’ or they do not want to miss out on the opportunity. One way to resolve those concerns and legally secure the property is to sign the Contract for Sale of Land and pay a deposit – a course of action often encouraged by many real estate agents.

If you are buying property, the cooling off period is for your benefit – not for the vendor’s benefit. There are many reasons you might exercise your rights to ‘cool off’ during the cooling off period. For example:

You are still undecided about the property
You change your mind about buying the property
You do not have enough money to buy the property and you cannot raise sufficient finance
You are not happy with the property inspections (ie, building and pest inspections, strata title inspections)

If you do not need a cooling off period, or if a condition of the sale (imposed by the vendor) is that you buy the property without a cooling off period, it is possible to waive the cooling off period – meaning that once you sign the contract and pay the deposit, the contract will become unconditional. Getting out of the contract at that time will be more difficult and likely have more legal and financial consequences.

What are your experiences?

What are your experiences with using or relying on your cooling off period? Have you agreed to waive your cooling off rights to secure a property? Share them here.

Conveyancing Enquiry

Ern Phang
Director - Property Lawyer

Conveyancing Tips – What are my Cooling Off rights?

Ern Phang — Sun, 13 Feb 2011 22:00:48 +0000

Conveyancing Parramatta – Getting out of the contract during the cooling off period

Are you shopping for a new home or residential investment property? If you buy residential property in New South Wales, you will be generally covered by a cooling off period, which starts on the date of exchange and expires at 5pm on the 5th business day after exchange.

Even if you have signed a Contract for Sale of Land and paid a deposit, you are still able to get out of the contract during the cooling off period. Getting out of the contract during the cooling off period means you will forfeit 0.25% of the purchase price, but that is better than losing your whole deposit or breaking the contract and potentially being liable for other penalties.

If the statutory cooling off period of 5 business days is not long enough, you may be able to extend it – but you should seek professional advice and guidance from your lawyer or conveyancer.

When does a cooling off period NOT apply?

A cooling off period does not apply to all property transactions. The cooling off period does not apply if

You buy non-residential property (ie, offices, shops, industrial property etc)
You buy at an auction or on the same day as the auction
Your lawyer or conveyancer provides the vendor with a certificate indicating that you have waived your cooling off rights.

In a further posts, we will address some other frequently asked questions around the cooling off period – including ‘Why do I need a cooling off period?’, and ‘Can I renegotiate the Contract during a cooling off period?’. Post your other questions here.

Conveyancing Enquiry

Ern Phang
Director - Property Lawyer

Conveyancing Parramatta – The NEW Residential Tenancies Act

Ern Phang — Sun, 30 Jan 2011 21:00:09 +0000

Conveyancing Tips – Changes to tenancy laws

From 31 January 2011, New South Wales introduces changes to the Residential Tenancies Act aimed at ‘balancing’ the rights and obligations of tenants and landlords, bring the law up to date with current practices and reduce disputes, and provide more clarity and certainty in the legislative framework. If you are a landlord renting out your property, or a tenant renting your home, you need to know what these changes are and what they mean for you.

For more information, check the NSW Fair Trading website.

Conveyancing Enquiry

Ern Phang
Director - Property Lawyer

Kenneth Ti — Mon, 24 Jan 2011 22:30:46 +0000

From 1 July 2010, the Lands and Property Management Authority (LPMA) will be charging an additional component on the transfer of property – the Torrens Assurance Levy. This levy is in addition to a standard levy of $4.00 charged to all transactions. The Torrens Assurance Levy applies to all property, whether residential, rural or commercial, where the purchase price is more than $500,500.

This additional component is minimal in comparison to Stamp Duty – but as a property purchaser, whether you are a first home buyer or an experienced property investor, understanding all liabilities involved in your transaction will help you to properly budget for your purchase.

For transfers where the purchase price is more than $500,500 but not more than $1,000,000, the levy is 0.2% of the amount by which the purchase price exceeds $500,000, or:
0.2% x (purchase price – 500,000)

For transfers where the purchase price is more than $1,000,000, the additional component is $1,000 plus 0.25% of the amount by which the purchase price exceeds $1,000,000, or:
1,000 + [ 0.25% x (purchase price � 1,000,000) ]

No additional amounts are payable if the purchase price of the land is less than $500,500.

Purchasers under contracts of sale or other property agreements entered into before 1 July 2010 do not incur the additional component, regardless of the date which the transfer was lodged for registration.

If you are concerned that you may have to pay this additional component to your transaction,

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you can check what you may be charged through the LPMA�s online calculator. If you have a bank providing you with finance, you should check with them as well to see what you may be expected to pay under the additional component to the Torrens assurance levy.

Conveyancing Enquiry

Kenneth Ti
Property Lawyer

After The Move

Kenneth Ti — Thu, 16 Dec 2010 22:30:34 +0000

So you�ve bought a house � congratulations!

However, before you can completely relax, there are a number of other things that you

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should take care of after the settlement. It�s not just �move stuff� into the house � there are more matters than that to consider!

Rates and Levies
Council rates, water rates, land tax, and strata rates should have already been adjusted and take care of at the settlement. Your solicitor or conveyancer should have lodged a notice of sale that will inform these authorities that you are now the new owner of the premises.

Changing Locks
One of the first things you should do is change the locks to the front door, the back door, and all other doors that lead outside the property. You just do not know who else has keys to the property, and it�s better to be safe than to be sorry, and replace all the locks in the house.

Utility Connections
While water rates should have been taken care of at settlement, you will still have to connect other utilities such as the electricity, gas, internet, and telephone. If you are currently renting, the sign-up or connection process will probably be familiar to you. A majority of utility suppliers also have a �moving house� service, in which they can transfer their services to your new home.

Before moving you should contact your utility provider in advance of the move and tell them when you intend to move into the new home, and also to let them know that you no longer require services at your old home. You should also check if your current utility provider provides services to that area.

You should consider a number of matters when you are choosing a utility provider, whether it is an electricity, gas, internet, or telephone provider. Many providers offer fixed term contracts. Many providers also charge connection fees. Make sure you know what you are getting into, and if you are really getting the best value from your chosen provider.

Insurance
You should obtain insurance over the property, both public liability and home and contents insurance. As you now own the property you bear all the risks and liabilities associated with the property � and you should consider insuring yourself to protect yourself against unfortunate events.

Your Will
We would recommend that you should consider reviewing your Will. Generally it is a good idea to review Wills after the acquisition (or disposal) of a substantial asset, like a home.

Contact Details
You should update your contact details with the appropriate authorities and service providers. In addition to updating your driver�s license and your electoral details, you should also inform your bank, Medicare, and insurer of your new address. If there is anyone else that you may have missed out, you should consider if you may need your mail to be redirected temporarily.

Conveyancing Enquiry

Kenneth Ti
Property Lawyer

Ern Phang wins 2010 Sydney Mid West Volunteer of the Year

Ern Phang — Mon, 06 Dec 2010 22:00:42 +0000

Volunteering for not-for-profit organisations

We are pleased to announce that Ern Phang, solicitor director of Phang Legal, is the 2010 Sydney Mid West Volunteer of the Year.

The Sydney Mid West Volunteer of the Year award recognises Ern’s work with and dedication to Western Housing for Youth Limited (WHY), a not for profit youth service providing semi supported accommodation to young people who are homeless or in danger of homelessness. Ern was a volunteer director of WHY for several years, holding various formal positions including company secretary and chairperson during his tenure. As the chairperson of WHY, Ern was instrumental in guiding WHY through a review process to revitalise the board and organisation through a new focus on corporate governance and structured organisational management.

“It’s an honour to have been nominated, and I’d like to thank my family, especially my wife Mei, for their support. Without their support I wouldn’t be able to take on the added responsibilities and commitments of being a director of WHY or of other not-for-profit organisations. Volunteering is not an individual effort – it involves the whole family.”

“I’d like to thank Debby Ireson the manager from WHY for her support. I’ve known Debby for several years prior to joining WHY since we we both directors of Western Suburbs Housing Cooperative Limited. Debby is one of the reasons that WHY has continued to exist for over three decades and supported generations of young people in Sydney’s west. I’ve got the greatest respect for Debby and her team, especially Maha Abas, who on her days off from working at WHY volunteered at the Iraqi Women Association.”

“It always amazed me that Maha worked in the community not-for-profit sector, and on her days off also volunteered in the community not-for-profit sector. For me, it was my part time professional hobby, but for Maha it was her life and her passion, dedication and commitment to that life was evident and inspirational. Sadly, Maha lost her battle with cancer only a few months ago while still in her early 40s leaving behind a teenage daughter. They’re right when they say ‘the good die young’.”

“So to all volunteers and your families, I thank you. This award is not just a recognition of what I have done, but what all of you have done – irrespective of whether you have been nominated or not.”

The NSW Volunteer of the Year Award is an annual awards program launched in 2007 by The Centre for Volunteering to recognise the outstanding efforts of the 2.4 million volunteers in NSW, and to promote the importance of volunteering to the community and to companies. Prior to 2007 there was no state-wide recognition program for volunteers. The Centre for Volunteering is working with other state peak bodies to take these Awards nationally in the future.

Conveyancing Enquiry

Ern Phang
Director - Property Lawyer

Phang Legal participates in Planet Ark National Recycling Week – Friday File Filing

Ern Phang — Sun, 14 Nov 2010 22:00:14 +0000

Doing our part for the environment

On 12 November 2010 and as part of an ongoing focus on the environment and sustainability, Phang Legal took part in the Planet Ark National Recycling Week – Friday File Filing by shredding and recycling a large number of old files and office documents. The Friday File Fling encouraged businesses to re-use or recycle unused paper around the office.

“As a law firm, we determined that the majority of documentation that we keep and had kept over the years is confidential in nature. Accordingly, we shredded the paper with a view to recycling”, commented Ern Phang, solicitor director of Phang Legal.

“Resources are always limited, there’s no such thing as unlimited resources. Challenging ourselves on a daily basis to find efficiencies in our practice and processes, whatever they may be, is an important part of moving towards being more environmentally responsible and sustainable. Even though be truly ‘green’ by the strictest of definitions may not be possible, I think the process of improvement is just as important as the end goal.”

“I believe in standing up for what is right and what is important to me and to the local community – and with the environment, it affects everyone, not just the local community. The environment is an individual responsibility on a global scale. This is why I believe Phang Legal needs to be and can be a role model to others. Encouraging others and working with others is the only way to realise the potential of a good idea or good initiative, and what may have seemed impossible to achieve myself or with my team becomes not just a possibility, but also a reality.”

Conveyancing Enquiry

Ern Phang
Director - Property Lawyer

Ern Phang receives 2010 Law Society President’s Award

Ern Phang — Wed, 13 Oct 2010 22:00:32 +0000

We are proud to announce that Ern Phang was awarded the Law Society President’s Award at the 2010 Justice Awards presented by the Law and Justice Foundation of NSW – http://www.lawfoundation.net.au/justice_awards/awards

Ern Phang is the solicitor director of Phang Legal a property and commercial law firm based in Parramatta. Ern has worked tirelessly to develop a firm culture with a strong focus on community services. Over the years, his small team of lawyers have assisted the Law Society Pro Bono Scheme by providing advise and representation to disadvantaged individuals, and have have supported social enterprises in partnership with the National Pro Bono Resource Centre and Parramatta City Council.

Ern also supports various community and not for profit organisations with legal advice and representation, as well as being a volunteer director. With an interest in good corporate governance, Ern has been the catalyst behind the culture change in several organisations guiding them towards a more self-sustainable model with a focus on improving the social dividend.

“I’m actually quite embarrassed to receive this recognition”, mentioned Ern Phang during a recent interview, “and receiving this award was unexpected. I am extremely humbled to have been chosen. Pro bono services and services to the community in general should be part of our social responsibility as lawyers and it should form a part of practice – I would even encourage the it to be a requirement for registration and renewal to practice. I think if anyone is genuinely interested in their local community, and genuinely interested in the people that make up that community, then they will be passionate and dedicated to add value and to make a positive difference. It can only be a good thing, and there’s nothing wrong with that!”

Justice Awards

The 2010 Justice Awards were presented by the Law and Justice Foundation of NSW at the annual Justice Awards dinner at Parliament House, Sydney on 14 October. In their 12th year, the Justice Awards recognise the contributions everyday people are making to improve access to justice in NSW, especially for disadvantaged people.

Conveyancing Enquiry

Ern Phang
Director - Property Lawyer

Conveyancing Tips – Buying NSW Property – Calculating Stamp Duty

Ern Phang — Tue, 14 Sep 2010 20:00:55 +0000

Conveyancing Parramatta – Using the OSR website to calculate stamp duty

In NSW, buying property normally attracts stamp duty. Whether you are a first home buyer or an experienced property investor, understanding your stamp duty liability will assist you to better budget for transaction costs on your intended purchase. Fortunately, the Office of State Revenue website provides clear information regarding stamp duty in New South Wales as well as easy to use stamp duty calculators dealing with different transactions.

Stamp duty is generally calculated according to the purchase price of the property and must be paid within 3 months of the contract date – subject to the date and nature of your transaction, and whether you are entitled to exemptions or concessions on stamp duty.

As part of our fixed fee conveyancing services, we assess and advise you on your stamp duty liability plus assist you with any application for exemptions and concessions for stamp duty.

Look out for our other articles on conveyancing and property transaction in New South Wales. We are property lawyers in Parramatta providing fixed fee conveyancing services and updates in property law.

Conveyancing Enquiry

Ern Phang
Director - Property Lawyer

Phang Legal participates in Save Power Challenge 2010

Ern Phang — Sun, 12 Sep 2010 23:00:06 +0000

PHANG LEGAL is currently participating in the Energy Efficiency for Small Business Program from the Department of Environment, Climate Change and Water NSW (DECCW) and was recently featured in a number of articles in the Daily Telegraph newspaper.

The article titled “Business in line for big savings” appeared in the Sunday Telegraph (page 78) on 12 September 2010.
The article titled “Ern shows the way” appearing in the Daily Telegraph (page 27) on 13 September 2010.
An online version of the article can be found at www.dailytelegraph.com.au.

Other environmentally-friendly initiatives

Phang Legal has completed the first stage of improvements and we are currently reviewing plans for further improvements.

“These initiatives are very important, and while the financial incentives of the program assist the business case, the intention is more far reaching.”

“By taking responsibility for my actions and the (environmental) consequences of those actions at both home and in the office, I hope to be an example and positive influence on the local community, our clients and other stakeholders, and especially for my family and children,” said Ern Phang, solicitor director of Phang Legal.

“Having implemented some planned improvements, it is obvious that there are savings in power consumption and improved energy efficiencies within the office and our day-to-day operations. Although these savings are fairly minimal, we are just one business – imagine if every business or every individual took responsibility for themselves and implemented the same improvements. All those minimal savings would eventually add up to be something much more substantial.”

“I guess it just starts with one, and in the absence of an alternative, I felt that it was important to show leadership through example and expect that others will follow. I have been speaking with clients and business colleagues about the program and support from the Department of Environment, Climate Change and Water, so I am quietly confident that there will be more interest in the Save Power Challenge.”

Conveyancing Enquiry

Ern Phang
Director - Property Lawyer

Conveyancing Parramatta – 2010 Increase for Parking Levy

Ern Phang — Wed, 30 Jun 2010 20:30:14 +0000

Conveyancing Services – What is the parking space levy?

Parking space levy is a levy on off-street commercial and office parking spaces in certain business districts. There are two categories of business districts attracting different rates.

From 1 July 2010, the parking space levy in Sydney, North Sydney and Milsons Point (category 1) increases from $2,000 per parking space to $2,040 per parking space, and the parking space levy in Bondi Junction, Chatswood, Parramatta and St Leonards (category 2) increases from $710 per parking space to $720 per parking space.

Conveyancing Enquiry

Ern Phang
Director - Property Lawyer

Conveyancing Parramatta – NSW Home Builders Bonus

Ern Phang — Wed, 30 Jun 2010 20:00:32 +0000

Conveyancing Tips – Introducing the New Housing Concession

From 1 July 2010, the NSW Government introduced the NSW Home Builders Bonus in the form of New Housing Concession, a range of exemptions and concessions for new homes, homes off-the-plan, and vacant land for new homes. The NSW Home Builders Bonus and New Housing Concession also provides exemptions for eligible seniors (aged 65 years and over) purchasing a new home as their principal place of residence.

How much can I save?

For home buyers who do not qualify for the Seniors Principal Place of Residence Duty Exemption, the New Housing Concession will apply in the following scenarios:

If you buy vacant land for not more than $400,000 to build a new home, you could save up to $13,490 in stamp duty.
If you buy a new home as part of an off-the-plan purchase for not more than $600,000 and construction has not started, you could save up to $22,490 in stamp duty.
If you buy an already built new home or a home as part of an off-the-plan purchase for not more than $600,000 and construction has started or is already complete, you could be entitled to a 25% concession in stamp duty and save up to $5,622.50.

Conveyancing Enquiry

Ern Phang
Director - Property Lawyer

NSW New Home Buyers Supplement ends

Ern Phang — Mon, 14 Jun 2010 20:00:25 +0000

Changes to benefits for home buyers

On 30 June 2010, the NSW New Home Buyers Supplement of $3,000 comes to an end. Transactions dated after 30 June 2010 will no longer be eligible for the supplement. First home buyers may still qualify for the First Home Owner Grant (at $7,000) and the First Home Plus stamp duty exemptions and concessions (saving up to $17,990) subject to meeting the eligibility requirements.

Conveyancing Enquiry

Ern Phang
Director - Property Lawyer

Ern Phang featured in Law Society Journal

Ern Phang — Thu, 11 Mar 2010 13:01:25 +0000

Solicitor director of Phang Legal, Ern Phang was recently featured in an article published in the March 2010 edition of the Law Society Journal (volume 48 number 2) titled “Staying ahead of the game with online social networking” by Amruta Slee.
A copy of the article featuring Ern Phang has been reproduced on the Phang Legal website with the permission of the Law Society Journal and Amruta Slee.

“Combing different forms of online marketing from advertising through Google Adwords, employing SEO techniques or frequent blogging on various sites, plus maintaining an online presence through social networking websites such as Facebook, Linkedin or Twitter, is an integral part of our overall business development strategy.

We ensure that our online presence is consistent with our legal practice – professional and focused on people and the community. Our focus on people is the key. Even at the heart of government departments, big business and corporations, or communities, you will find people. People working together, but people and individuals nonetheless. Each person with their own unique lives, their own hopes and dreams, their own problems and issues. Into that mix then throw the professional legal adviser or law firm and sometimes you will find that people just need someone they can trust, someone they can rely on for sound advice and representation, someone who will give them confidence as well as peace of mind. A personal relationship. We are very fortunate to have people who have found us through our online presence and because of that continue to use and rely on our services.

It might seem a contradiction in terms, but our online presence helps us maintain personal relationships with our clients and the community at large. An online presence has the ability to connect all of us individually in many different ways (sometimes in ways that would normally be considered inappropriate in a physical setting) and connect us with the people who want or need to connect with us. While it may seem distant, in fact it maintains and can possibly sustain strong personal relationships.

Aside from the enquiries and subsequent business that it attracts, the fact that we were interviewed for this article is some proof that there are returns on the investment for our online marketing.”

About Ern Phang

Ern Phang is the solicitor director of Parramatta law firm, Phang Legal. Ern practises in the areas of property and commercial transactions, corporate compliance, and is an experienced company director and company secretary. Ern has extensive experience in civil litigation (ie, commercial and insurance claims, debt recovery and general disputes) and various forms of dispute resolution. Ern is also a notary public.

Ern has and continues to act for a variety of business (domestic and international), government departments and the military, and not-for-profit community/religious organisations – as well as individuals and their families. Ern is passionate about the local community, and enjoys being in local business involved with and supporting local organisations and local people.

Ern’s dedication to his clients and community service continues to drive Phang Legal from strength to strength.

Conveyancing Enquiry

Ern Phang
Director - Property Lawyer

Discount Conveyancing Fees in 2010

Ern Phang — Sun, 31 Jan 2010 22:00:05 +0000

In 2009, we reduced our fixed conveyancing fees to coincide with changes to the government’s First Home Benefits. Our revised pricing policy received such positive response from our clients and their referrals that we have decided to continue pricing promotions on our conveyancing services in 2010.

For a limited time only, we will continue offering discount conveyancing fees for clients looking to purchase property in New South Wales. This pricing promotion now applies to all clients, including First Home Buyers. While the current special is not the same as past offers, it still represents a substantially discounted rate for our conveyancing fees.

Historically, we have intentionally avoided offering conveyancing services on the lower-end of the price competitive market. Licensed conveyancers and volume conveyancing solicitors generally dominate this segment of the conveyancing services market. Unfortunately, clients rarely realise the real cost of discounted conveyancing services. Their initial impression may be that they ‘pay less’ because of the conveyancing fees are low or lower, but this is not always true.

The practical consequence of low conveyancing fees aimed at attracting volume conveyancing work is that there is
less time and attention devoted to each individual client. Time is a limited resource and the licensed conveyancer or volume conveyancing solicitor enjoying the benefits of increased turnover potentially does so at the expense of service devoted each individual client.

Despite offering discounts on our conveyancing fees, our solicitors have been directed to continue providing the same level of time and attention to each and every client. Ultimately, the core value of our practice is to provide value to our clients irrespective of the price that they may pay for our services.�We continue to challenge Common Law of Business Balance by exploring ways to offer better service at a lower price. We will always pride ourselves on the level of service and attention to our clients.

Licensed conveyancers and volume conveyancing solicitors will always service a certain segment of the conveyancing services market, however after trialling variations to our pricing policy, it is clear that this is a segment of the market best left to licensed conveyancers and volume conveyancing solicitors. For us, the focus is providing ‘more time for less clients’.

Conveyancing Enquiry

Ern Phang
Director - Property Lawyer

Cap for First Home Owner Grant

Ern Phang — Sun, 31 Jan 2010 13:00:39 +0000

From 1 January 2010, property transactions with a purchase price of more than $750,000 will no longer be eligible for the First Home Owner Grant. Previously, the purchase price for property claimed to be a first home was not a criteria for determining eligibility for the First Home Owner Grant.

Conveyancing Enquiry

Ern Phang
Director - Property Lawyer