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What is Land Tax?

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,

commercial or industrial units, or vacant land.

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

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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

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.

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

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

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

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

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.

The Property Purchase Process

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.

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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

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.

Buying Property – Pest and Building Inspection Reports

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

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

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

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.

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,

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

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

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.

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

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.”
Planet Ark National Recycling Week

“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

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.

Ern Phang

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. is the solicitor director of Phang Legal.

Ern Phang receives 2010 Law Society President’s Award

Ern PhangWe 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

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.

Ern Phang

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. is the solicitor director of Phang Legal.