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Posts Categorized: Conveyancing

What happens if you die before paying off your mortgage?

Do you own property with a mortgage over it? What happens if you die before paying off the mortgage? Picture this: You bought a house on your own in your young, single days and took out a mortgage. You have recently married the woman of your dreams. However, you are now having concerns as you want to ensure she gets […]

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Changes to Legislation, Gst, Developer

SELLING A NEW HOME – changes to legislation

Are you a developer? Legislation has changed in respect to the sale of new homes. In addition to normal contract requirements, an off the plan contract must include: A completed disclosure statement; A draft plan prepared by a registered surveyor, and Other draft documents, as set out in the new clause 4A of the Conveyancing (Sale Land) Regulation 2017. A […]

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GST

GST law change for the purchase of new residential properties

Tax Laws have changed from 1 July 2018. What is the new Tax Law? Purchasers of new residential properties, where the vendor is registered for GST, are required to pay a portion of the purchase price directly to the Australian Tax Office (ATO) on or before settlement of the purchase. How much GST is payable? The purchaser will be required […]

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Electronic contracts

How binding are electronic contracts?

Electronic contracts are becoming more frequent in both business and personal use. There are a number of ways an electronic contract can be executed: • Clicking a checkbox to acknowledge agreement. • Typing yes or I agree in a form online. • Signing a document with a stylus or your finger. • Using a facility such as DocuSign to electronically sign a document. These […]

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Transfer of property

The transfer of property and stamp duty

At Sheridan Legal, we often get asked about the transfer of property (as opposed to the sale) between related parties. It’s possible to do a transfer of property from one party to another. One major cost that you will usually have to pay is stamp duty. However, there are a few situations where stamp duty is exempt (or at least, […]

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DIY Conveyancing

DIY Conveyancing

Whether you are buying or selling, there are a number of pitfalls to DIY Conveyancing. DIY Conveyancing is where you decide to act for yourself, rather than paying for a professional service. The sale or purchase of a property is likely the largest financial transaction that you will experience during your lifetime. It is best that this transaction is left […]

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off the plan

Purchasing real estate “off the plan”

What does buying “off the plan” mean? Often, buying off the plan means that the land hasn’t been subdivided yet. The developer will have plans in place, but the subdivision won’t be registered. An “off the plan” purchase may include the construction of a house. This is usually referred to as a “house and land package”. The contract will include […]

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Selling Property

Your Quick Guide to Selling Property in NSW

Are you considering selling property in NSW? We’ve formulated a quick guide to selling property – everything you need to know and consider, right here. Know your “why”. Why are you selling? – Have you outgrown your home? – Do you want to move into a better area or closer to work/school? – Is your home getting too old and you simply want […]

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Verification of identity

Verification of Identity (VOI)

In most transactions solicitors are now required to verify their client’s identity. This process is known as Verification of Identity (VOI). As conveyancing turns electronic, all buyers and sellers are required to have their identity verified to prevent fraud. But the process is also used in other matter types too. What documents are needed to verify your identity? Photo identification […]

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