Off the plan sales and changes to the property

Can the purchaser of an apartment off the plan terminate the contract because the carspace allocated to the lot contained a PWD symbol? Perhaps surprisingly the issue was recently considered by the Supreme Court of New South Wales[1].  The decision provides a useful reminder of the principles which apply to variations between contract and settlement. […]

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Real estate agent email hacked but buyer pays the price

If you have bought or sold a property recently, you probably received a warning about relying on emails directing you to pay money to a particular bank account without first checking with the sender that the email has not been altered. Given the amount of money involved, real estate transactions are a prime target for […]

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Stamp duty changes to hit residential developments in Victoria

The Victorian Government is proposing a sweeping reform of the “economic entitlement” provisions of the Victorian duties legislation. The result of the proposed changes would be to effectively bring to duty a common form of project funding and structuring used for residential developments in Victoria. Typically these transactions enable a residential developer to secure rights […]

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The sun sets on developers using Sunset Clauses

Developers are in the firing line again as the Victorian Government seeks to restrict the ability of developers to terminate an “off the plan” contract of sale. The Sale of Land Amendment Bill 2018 (Vic) (Bill) was introduced to the Parliament by the Minister for Consumer Affairs on 21 August 2018.  The Bill seeks to […]

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Are you ready for the GST withholding regime?

Changes to the payment of GST on new residential property are due to take effect from 1 July 2018.  The changes are an administrative measure which although not imposing a new tax, do have significant ramifications for property developers as it will impact the settlement process and cash flow. The changes apply to sales of […]

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Use of electronic signatures

Most documents used in day-to-day business can be signed electronically in Australia. The Electronic Transactions (Victoria) Act 2000 (ETA) governs electronic transactions in Victoria.   Electronic signatures The ETA does not contain a prescribed definition of what would be an ‘electronic signature’. Therefore, an electronic signature may take the form of an image of an individual’s […]

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