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Paul's Opinion

Happy Holidays from all of us at Paul Denny Conveyancing!

We hope you have a wonderful time celebrating this magical time of year!  We will be open during the Christmas and New Year period, with the exception of the public holidays. Our holiday hours will be as follows: 

The role of conveyancers and real estate agents sometimes overlap - often with exchange of contracts. With this in mind, we see a need to keep agents (with whom we interact) fully informed of possible situations which could lead to either a purchaser having the right to rescind or a vendor being otherwise adversely affected.

To fill this gap we have designed a 60 minute briefing session for agents to give them advice on:

1. Prescribed documents. Those documents often omitted from contracts which give a purchaser a 14 day right of rescission. We will also investigate some detail on the legislatio...

I first became a conveyancer (then called a “Land Broker”) in 1978 in Adelaide. I am still amazed at just how fast the 40 years of conveyancing have flown by. I guess it is a testament to just how much I enjoy the work, that time does not matter.

Having reached this milestone I have found it interesting to reflect on those aspects of “conveyancing” which have changed in that time - and those which have not.

What has changed?

Undoubtedly the most profound change has been the uptake of technology.

I recall when new technology was being introduced in the early 1980’s (facsimile machines, mobile phone...

Moving forward after the fraud

In June this year, a fraud occurred in Victoria involving PEXA, Australia’s national e-conveyancing platform. This fraud involved the payment of sale proceeds of a house to a bank account that was not the sellers.

Paul Denny Conveyancing has been an enthusiastic user of the PEXA platform for nearly 4 years. In fact, we conducted the world’s first electronic settlement in November 2014.

The overwhelming advantage of using the PEXA platform is the elimination of anything going wrong at the very last minute. A traditional property settlement involves a group of partici...

Two important measures affecting home owners and buyers.

A few weeks have now passed since the annual budget. Everyone knows that debate continues, unresolved, about the proposed personal and company tax cuts. In such circumstances it is easy to overlook two important initiatives - of vital importance to two groups of home owners – both current and potential.

One such initiative affects older home owners who are considering ”downsizing”. The new measure allows a person (both, even if a home is not owned jointly by a couple) to contribute up to $300,000 (tax free) into their superannuation accoun...

Is conveyancing keeping up?

In the 40 years I’ve been involved in conveyancing, the one thing I have noticed is how technology is increasingly a key feature of how we do “things”. This has been of enormous benefit to our clients and it has been a significant factor in limiting cost increases!

With this in mind, it is interesting to note how certain parts of the conveyancing process have not changed.

The “42 day” settlement period.

For as long as I can remember there has been a view that this is the “standard”.

When this period was suggested as the “norm” – it was necessary to allow time for “enquir...

As I write this it occurs to me that we are already 1/6th of the way through the year. Where did those few weeks go?

The start of the real estate year has been unusually (but, perhaps, not unexpectedly) slow. We have noticed an increase in properties being offered for sale but a developing reluctance of buyers to “stretch” themselves financially.

Anecdotally, talking to colleagues in the property world, it seems that many properties have come down in value by as much as 10%. I will keenly read industry reports, as they are published in the next few weeks, to confirm this observation.

I suspect th...

In my two earlier bulletins I alerted you to the new costs associated with the buying and selling of property in NSW – particularly for non-residents. These new imposts are:

  1. The retention of 12.5% of the purchase price by purchasers (properties $750,000 and above) and remitting this to the ATO.

  2.  Additional 8% stamp duty for non-residents.

  3. Additional (annual) Land Tax for non-residents.

  4. A fee (at least $5,000) payable to FIRB to “rubberstamp” purchases by non-residents.

All of these new measures are bundled up into an enhanced level of information sharing between the (Common...

Yesterday we posted about recent changes to selling property. Tune in to Paul's interview about this to hear some more detailed information. 

DON’T WANT TO FORFEIT 12.5% OF THE PRICE TO THE ATO?  YOU MUST READ THIS!

This year on July 1st the Federal Government activated a new measure to capture capital gains tax on the sale of property by foreign owners. This was in response to a realisation that almost all foreign owners selling property at a profit have quickly been moving their money off-shore – thus avoiding payment of capital gains tax.

The new regime affects all properties sold for $750,000 or more. The purchaser of a property must hold back 12.5% of the sale price at settlement and remit this to the ATO.

Sellers can apply f...

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Going to a last minute auction and need a contract reviewed or need to waive a cooling-off period? Our Lane Cove Office is now open Saturday mornings.