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during their first term in office – in this article, we are pleased to announce that the NSW Parliament has now repealed the law that originally introduced the Torrens Assurance Levy.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.