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If you are or become a foreign resident, you may not be eligible for the CGT main residence exemption. Additional taxes, such as AFAD, may also apply. Seek tax advice before selling.
eConveyancing is an online process for settling property transactions, allowing for the electronic signing of documents and transfer of funds. It is more efficient than traditional methods but carries some risks, such as system failures or transfer errors.
People across Australia 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, file sharing and documents including PDF or Word documents. The following steps are critical to reduce this risk and if you are involved in a transfer of funds these are steps you should take to reduce the risk of loss.
The Reference Schedule of the Contract contains important details specific to your agreement. It's important to review it carefully to ensure all information is correct and if you notice any inaccuracies, inform relevant parties as soon as possible.
If your property has combustible cladding, you may be required to undertake costly rectification works. This is particularly relevant for units or buildings affected by the Cladding Regulations.
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.
The real estate agent typically deducts their commission from the deposit held in trust and transfers the balance to you after settlement.
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.
Ensure all details in the Reference Schedule, such as names, property description, and dates, are accurate. Notify your conveyancer immediately if you find any errors.
When selling a lot in a Community Titles Scheme, you must make specificbody corporate disclosures, including providing the buyer with details of bodycorporate levies and any relevant searches.