Latest News
14 July 2010 - Review of Vendor Disclosure for Residential Property in NSW
The Minister for Lands supports a review of the vendor disclosure requirements for real property sales in NSW. The Review will be carried out by Matt Brown, MP and will focus particularly on whether pre purchase reports (such as building and pest inspection reports) should be provided by vendors to potential purchasers of land in New South Wales. At the conclusion of the review, a report will be prepared and released to the public with support from the Land and Property Management Authority (LPMA).
Comments and written submissions from the public are encouraged in the review process.
A Discussion Paper, including full terms of reference and further information about this Review are available here.
8 June 2010 - Introduction of ad valorem fees
Further amendments to the fee schedule of the Real Property Regulation 2008 were introduced in Parliament on 8 June 2010 as part of the 2010-11 State budget process. These amendments cater for the introduction of ad valorem fees as announced by the Minister for Lands in May 2010. They are set out in the State Revenue Legislation Amendment Bill 2010 published on the NSW Parliament website http://www.parliament.nsw.gov.au.
Under the amendments, some transfers of ownership under section 46 of the Real Property Act 1900 will attract an additional Torrens assurance levy, based on ad valorem - a sliding scale according to purchase price. This will be in addition to the existing $4.00 levy currently included in the lodgment fee for all dealings lodged for registration. The additional levy will apply where the purchase price is above $500,000. For transfers where the purchase price is above $500,000 but less than $1,000,000, the levy will be calculated as $4.00 plus 0.2% of the amount by which the purchase price exceeds $500,000.
For properties purchased for $1,000,000 or more, the levy will be $1004.00 plus 0.25% of the amount by which the purchase price exceeds $1,000,000. All levies will be rounded down to the nearest dollar. Levies will be payable to LPI upon lodgment of transfers for registration. LPI will generally use information supplied on the notice of sale of transfer of land (NOS) accompanying the transfer to determine whether or not an ad valorem component is payable.
An ad valorem component will not apply in any case where the transfer lodged for registration relates to a contract of sale or other agreement entered into before 1 July 2010, or the date of commencement of the amendments to the Act, which ever date is later.
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