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Local Law 17 in the Gold Coast City Council area imposes specific obligations on Sellers of waterfront properties or those with certain structures like revetment walls, jetties, or pontoons. If your property falls within these categories, you must ensure that the Contract includes required disclosures before a Buyer becomes bound. This law aims to inform Buyers of their ongoing maintenance responsibilities related to these structures. While failing to include the necessary disclosures doesn’t give Buyers the right to terminate the Contract, it could result in fines for the Seller. It’s crucial for Buyers to conduct thorough due diligence, including consulting with the Gold Coast City Council or professionals, to understand any potential maintenance obligations and associated costs.

Transfer duty, previously known as Stamp Duty, is a crucial tax to understand when purchasing property in New South Wales. This state tax applies to various property transactions and can significantly impact the overall cost of buying a property. In this article, we'll explore what Transfer Duty is, how it's calculated, and the key considerations for Purchasers, including potential exemptions, concessions, and additional duties for foreign Purchasers and high-valued properties. Understanding these factors can help you navigate the property market more effectively and avoid unexpected costs.

The Windfall Gains Tax (WGT) is a recently introduced tax imposed on the increase in value of property in Victoria as a result of a rezoning of that land. WGT came into effect on 1 July 2023 with significant implications on Victorian real estate and especially in the property development sector.

It is important to note the following issues for foreign Buyers:

Ensuring pool safety is a critical responsibility for property owners in Victoria. The state has specific regulations and standards in place to protect residents, especially young children, from pool-related accidents. It’s important to understand the obligations that pool owners must adhere to, including obtaining necessary certificates, maintaining safety standards, and understanding the potential consequences of non-compliance. By familiarising yourself with these regulations, you can help ensure that your pool is both safe and legally compliant.

What are contract conditions?

Steps that must be taken in relation to conditions to which the Contract is subject (such as a finance condition or a building and pest inspection report condition) and the exercise of rights of termination that may arise.

How is the real estate agent's commission handled?

The real estate agent typically deducts their commission from the deposit held in trust and transfers the balance to you after settlement.

When does the risk transfer to the buyer?

The property is at the buyer’s risk from 5pm on the first business day after the contract date. However, you should maintain your insurance until settlement is confirmed to protect against potential losses.

When purchasing a property, obtaining thorough building and pest inspection reports from a registered building practitioner and licensed pest control operator is essential to ensure the property's condition. If unsatisfied with the inspection results, Buyers may terminate the contract, provided the Contract has been formed subject to satisfactory B&P inspection/s.

People across NewSouth Wales have lost money when hackers have impersonated a law practice or another party involved in a legal matter by altering electronic communications including email, fax, social media, text, instant messaging, applications, filesharing and documents including PDF or Word documents.