Note: You can click the words in blue highlights
|Pre - Purchase/Sale||After Exchange of Contract||After Cooling Off Period Ends||The Settlement||A Must to Read Articles!|
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What should I do before I sign a contract to purchase a property?
Make sure that you already have the idea to that certain property because once you already signed the contract, it already means that you are already legally bound with the vendor/seller. In that instance, you already have the obligation to pay the seller to its selling price. Before affixing your signature, you need to understand fully the contract. You need a conveyancer/solicitor to guide you through the process. Failure to do so may lead to some problems after the sale has taken place.
Securing finances is one of the greatest things to consider when planning to sign a contract.
Most people think that buying a vacant land is easier than buying a house. I find that the opposite is true.
When you buy a house, you already know or see the finished product.
However, when you buy a vacant land, here are some of the things that you must consider:
The above are only some answers you must ask. It is not exhaustive.
Who should you ask?
The real estate agent?
This is not reliable and often biased because they work for the vendor.
The best people you need to ask are:
(We only act for one party to avoid conflict of interest.)
*Make sure it's a GOING CONCERN (otherwise it will attract GST).
A NEW LEASE OR TRANSFER OF AN EXISTING LEASE
If the lease is nearing expiration, should always get a new lease. (A new lease is always preferred.)
What does 'exchange' means?
Answer: Exchange is define as the situation when the vendor and purchaser (literally means exchange) exchanges contracts with the following conditions:
- > The contract holds by the purchaser bears the signature of the vendor and
- > the contract holds by the vendor bears the signature of the purchaser.
- > Both contracts are dated (with the same date) and
- > deposited, (normally 10% of the purchase price).
Where do you see this?
You will see this word “exclusive” when you sign the agreement form with the real estate agent when you agree to sell your house. Actually, you will not see it because it is so small and well hidden. (TRAP)
What does it mean?
It means for a period of 3 months (usually that is the agreed period, but it can vary) that is when your property is sold within that period the agent is entitle to their commission. This means even if you are the vendor and you sold the property yourself without the agent finding the buyer, the agent is still entitled to their commission.
If the agent has introduced a buyer and then (that same buyer and seller got together say in 4 month's time , which is after the exclusive agency period and sells it privately), do you (seller) have to pay commission to the real estate agent?
Yes, because it was the agent who introduced this buyer to the vendor in the first place.
What if you do it secretly so that the agent will not find out?
This is not ethical not to pay commission for someone who has done the work. Agents always check the record for updates on RP Data (via their subscription) to see who is the new owner and they will find out and they will sue you for the commission. It’s not worth the worry so you better not cheat.
Agents always record in their book all the names of the people that make inquiries on the property, is that so that they can find out whom they have introduced to the property?
Regarding Off the Plan
Off the plan literally is a plan not yet realised, so purchasing "off the plan" property is buying a property before it is even built. Off the plan property is a property that has not yet been fully constructed. It is best to understand that an off the plan purchase is the purchase of property (real estate) that, at the moment the contract is signed (exchange), the property does not actually exist.
The advantage of purchasing off the plan is good as it was stated above and anyone may focus only on that side without the understanding of the whole part of the "off the plan" purchase. The risk associated on the purchase may take around these few mentioned here:
It is recommended to have all the necessary report before signing a contract.
Building Report is a report of the condition of a property. It will tell you about any significant building defects. It is usually done before you sign contract so you can identify any problems with the property.
Pest Report is a report carried out to check the condition of the property in relation to termites attack.
ID Survey shows the dimension of the land and the placement of the building and also with any non-compliance of the Local Council Government rules.
Strata Report shows if there is any problem exists with the building, proprietors, and any financial liabilities. (Applicable only if you're buying strata titled property.) Read more...
What is "holding deposit"? Do I need to deposit to secure the property?
Holding deposit is only an invention made by some agent to hook-up a possible buyer/purchaser. There is no legal obligation for the vendor to sell at this point and also the purchaser has no legal obligation to buy the property. Holding deposit is meaningless. You have not secured the property by depositing such "Holding Deposit".
Deposit (also term as "initial deposit" but this is so very different from 'Holding Deposit') is the amount, normally 10% from the purchase price, which is payable upon exchange of contracts or must be paid in full before 5:00 pm of the last day of the Cooling off Period.
Hold by the Real Estate Agent and must be safeguard until the settlement is commence and receive an 'Order on Agent' from both parties and/or if there is no Real Estate Agent, by the Trust Fund of the Vendor's conveyancer (by means of request).
Deposit WILL NOT BE RELEASED unless agreed by both parties.
The purchaser can pay the deposit by Five (5) ways:
1. Deposit by cheque
As a purchaser you can pay by drawing a Cheque for the deposit amount. Then it must be receive personally by the Agent upon exchange of contracts.
If there's no Real Estate Agent, it is receive by the Vendor's Conveyancer for safekeeping.
2. Deposit by Cash
The law gives the purchaser the authority to give unconditional cash up to $2,000 for deposit. ($2,000.00 cash are allowed in the contract, any higher cannot be in cash.)
3. Deposit by Deposit Bond
If a purchaser does not have a ready cash to pay 10% deposit on the purchase of property. The purchaser can request by serving a "notice of request" to the vendor through their Licensed Conveyancer or Solicitor a permission to pay by means of Deposit Bond.
Deposit Bond is a substitute of paying cash deposit. It is a policy documents from an Insurance Company that assures the Vendor that the Insurance Company will pay 10% deposit or any balance of the deposit on behalf of the purchaser.
There is no actual cash money hand over under the Deposit Bond. As an alternative, all balance is paid at settlement and the purchase price will be paid in full. The expiration of the Deposit Bond is depending on the date of the settlement or on the day the purchaser is able to pay the balance.
(It is wise to read carefully in the Special condition of the contract if there is a Condition regarding of paying the deposit bond.)
4. Bank Guarantee
If the purchaser does not have ready cash to pay 10% deposit on the purchase of property. The purchaser can request by means of serving a "notice of request" to the vendor via their Conveyancer by asking permission to pay through Bank Guarantee.
Bank Guarantee is a form of guarantee from the Banks or other lending institution ensuring that the payable deposit of the purchaser will be met. In the event the purchaser cannot settle the deposit the bank will cover it.
(It is wise to read carefully in the Special condition of the contract if there is a Condition regarding of paying the (initial) deposit through Bank Guarantee.)
5. Reduce deposit, less than 10%, need permission from vendor via conveyancer.
Reducing of deposit is possible only if the Vendor will accept the request of reducing the deposit via their conveyancer or negotiated and agreed by both parties.
(Be wise not to erase the "10% Deposit" indicator at the Front page of the contract.) back
Stamp Duty is the amount payable to the Office of State Revenue as other form of tax for the purchase (or any transaction where such duty arise or deemed payable) of a certain property and is calculated based on the total purchase price.
|$ 160, 000||$ 4090||$ 340, 000||$ 10, 790|
|$ 180, 000||$ 4790||$ 360, 000||$ 11, 690|
|$ 200, 000||$ 5490||$ 380, 000||$ 12, 590|
|$ 220, 000||$ 6190||$ 400, 000||$ 13, 490|
|$ 240, 000||$ 6890||$ 420, 000||$ 14, 390|
|$ 260, 000||$ 7590||$ 440, 000||$ 15, 290|
|$ 280, 000||$ 8290||$ 460, 000||$ 16, 190|
|$ 300, 000||$ 8990||$ 480, 000||$ 17, 090|
|$ 320, 000||$ 9890||$ 500, 000||$ 17, 990|
When would the Seniors Principal Place of Residence Exemption apply?
It applies where the agreement or transfer falls within the New Housing concession category (that is a completed new home purchase or an off the plan purchase where construction has commenced) and the agreement or transfer meets the following additional criteria:
i. all of the purchasers are aged 65 or over (55 from 1 July 2011), or the spouse of a purchaser aged 65 or over (55 from 1 July 2011);
ii. the eligible senior (and spouse, if any) must move into the home within 12 months of completion of the agreement or transfer and occupy the property as their principal place of residence for a continuous period of at least 12 months;
iii. the eligible senior must have owned and occupied a home in NSW within the 12 months before the date of the current agreement for sale;
iv. the eligible senior (and spouse, if owner) must dispose of such former home either prior to, or within six months of completion of, the current agreement for sale.
Who is an eligible senior?
A person is an eligible senior if:
a) the person is 65 years of age or older (55 from 1 July 2011), and
b) the person is an Australian citizen or permanent resident, and
c) neither the person, nor the person's spouse (if any), has previously had the benefit of the Senior's Principal Place of Residence Exemption.
Are there value limits?
Yes. The value of the property the subject of the agreement or transfer must not exceed $600 000.
When must applications be made?
Applications must be made within three months of the date of the agreement for sale (or transfer where there is no preceding agreement). This includes for off the plan purchases.
The Chief Commissioner may accept an application after expiry of the three month period if satisfied that the delay in making an application was caused by circumstances beyond the control of the applicant or applicants.
Is there an application form?
Yes, the Application for NSW Home Builders Bonus is available on the OSR website.
Can seniors apply for the New Housing exemptions?
Yes, for an off the plan purchase where construction has not commenced, and a vacant land purchase, seniors should apply for that exemption. The relevant application form must be completed within three months of the date of the agreement for sale. This form will be available on the OSR website before 1 July 2010.
What is a new home?
A new home is a home that has not been previously occupied or sold as a place of residence, and includes a home that is a substantially renovated home.
What is a substantially renovated home?
A substantially renovated home is a renovated home:
a) that is new residential premises within the meaning of section 40-75(1)(b) of the A New Tax System (Goods and Services Tax) Act 1999 of the Commonwealth, and
b) that, as renovated, has not been previously occupied or sold as a place of residence.
Under that legislation, "substantial renovations" of a building are defined as renovations in which all, or substantially all, of a building is removed or replaced. The renovations may, but need not, involve the removal or replacement of foundations, external walls, interior supporting walls, floors, roof or staircases.
Can the Chief Commissioner vary the residence requirement?
Yes if satisfied there are good reasons to do so, the Chief Commissioner can approve a shorter period of occupation or exempt an eligible senior from the residence requirement.
Can the Chief Commissioner approve a longer time to dispose of the former home?
Yes if the delay in disposing of the former home is caused by circumstances beyond the control of the eligible senior.
When is the former home considered disposed?
A person disposes of a home if the person ceases to be the owner of the home. Generally that would be at completion of the sale of that home.
Can I get the Seniors Principal Place of Residence Exemption more than once?
No, neither the person nor the person's spouse can have previously had the benefit of the senior's principal place of residence exemption.
Does the scheme apply to replacement agreements?
An agreement for sale or transfer is not eligible if:
a) it replaces an agreement made before 1 July 2010, or
b) it replaces an agreement made before 1 July 2011 and the eligible senior was under the age of 65 at the date of the first agreement
and the replaced agreement was an agreement for the sale or transfer of substantially the same dutiable property.
Can the home or land be used for other purposes?
An agreement or transfer is not eligible if the new home, or the land on which the new home is located or to be built, is intended to be used for any purpose other than residential (such as commercial, industrial or professional). However, an agreement for the purchase of a farming property on which there is a new home or on which a new home is to be constructed is eligible for consideration.
Must the agreement be for the whole of the land?
The agreement or transfer must be for the whole of the land or, if the land is a parcel of land on which two or more homes are built, or are being built (such as a duplex), for one of those homes.
What if the eligible senior is the purchaser under an agreement for sale and a transfer from the vendor to a "related person" is executed?
The agreement would not be eligible as there can be no other purchasers or transferees, other than the spouse of an eligible senior who is a purchaser or transferee.
The same would apply in the reverse situation where the eligible senior was not a purchaser under the agreement but a transferee only and a "related person" was the purchaser. Section 18(3) of the Duties Act 1997 refers.
Can Seniors Principal Place of Residence Exemption transactions be stamped on EDR?
Yes, the relevant application form must be completed and the transaction processed within three months of the date of the agreement for sale. An EDR process bulletin will be issued shortly.
Can an application be approved in advance?
Yes, the Chief Commissioner may approve an application in relation to any agreement or transfer in advance of the requirements of the scheme being met, provided the necessary application form and evidence is produced. back
2. The processes in Cooling off Period
A land tax basically is a tax collectable on the one who is in possession of the land in a year as a form of government revenue.
- vacant land, including vacant rural land;
- land where a house, residential unit or flat has been built;
- a holiday home;
- investment properties;
- company title units;
- residential, commercial or industrial units, including car spaces;
- commercial properties, including factories, shops and warehouses;
- land leased from state or local government.
The land tax charge
Under section 47 of the Land Tax Management Act1956, land tax is a charge on land owned in NSW at midnight on 31 December of each year. The charge applies from the taxing date and does not depend on the issue of a land tax assessment notice. Land tax is an annual tax so a new charge may occur on the taxing date each year.
To remove the charge
A land tax charge remains until the tax is paid or an exemption is allowed. The vendor will need to contact the Office of State Revenue (OSR) to arrange for the charge to be released.
Vendors should allow at least 10 working days for a request to release the charge before settlement.
Cleared certificate from land tax
The certificate may be issued as clear if:
- the land is not liable or exempt from tax,
- the tax has been paid,
- the Chief Commissioner is satisfied payment of the tax is not at risk or
- the owner of the land failed to lodge a land tax return when it was due and the liability had not been detected when the certificate was issued.
A clearance certificate protects...
A clear land tax certificate protects a purchaser from any outstanding land tax payable by a previous owner. It means that once they become the owner, they cannot be made to pay a prior land tax liability, unless they had been given notice of the unpaid charge prior to the issue of the certificate.
It does not provide any protection to the owner of the land at the time the land tax charge occurred. That owner must still pay any unpaid land tax, even if the unpaid land tax is not assessed until after the sale is completed.
What Is It All About
A Tax Depreciation Schedule is in a form of document stating the amount of depreciation that can be claim on the property. The wear and tear of the property is of great loss so , then it is just to claim for tax depreciation every year, most likely on the property used for investment where the income is less compared to the expenses and the other expenditures like the interest when it is on the mortgage. Sometimes refers to as the negative gearing (where an investor borrows money to buy an asset, but the income generated by that asset does not cover the interest on the loan).
Tax depreciation schedule is also a tool that helps calculate/determine the tax basis or the value of a specific asset. Based on how much time the asset has been used or on how much the asset was used during a specific period of time and is the amount subtracted each year from the tax basis of an asset. Here are few of the listed assets:
It shows what amount may be deducted each year of the asset's tax life, therefore having a lot of savings. Some of the tax depreciation methods can be complicated, and the tax depreciation schedule allows a taxpayer to easily recognize the allowable deduction for each tax year.
Tax depreciation is the deduction from tax payable for the wear and tear of the property.
Should I apply for it? It depends on you. We can look one for you if you like. We know how to contact them. We will refer if you would like to have tax depreciation.
The Tax Depreciator
Depreciator is a tax depreciation specialist allowed to do tax depreciation and is recognized by the ATO (Australian Taxation Office).
Would it benefit me if I do have Tax Depreciation? We'll if you do understand the above mention, about the Tax Depreciation, maybe the answer is a big yes! Or I may state this way... Is the deduction for the Tax Depreciation means a lot of savings? If the answer is yes, then you can contact us in the matter.
Tax depreciation is not known for some reason like the following:
So conclusion would be if those people mentioned here are not familiar so we guess that there is no question why this very useful thing is really unknown.
What is that so called 'Section 109 Certificate'? Who order it, and who pays for it?
Regarding Strata Report
Will the one who wants to purchase a strata property, would not consider the content of a strata report where it gives knowledge on:
- it's by-laws,
- levies (impose tax by the management),
- special levies,
- it's mode of payments,
- the funds it holds,
- administration funds,
- sinking funds,
- arrears (obligations, unpaid something etc.),
- building specs,
- insurance issues,
- the management,
- its budget,
- etc. especially the neighbours and surrounding environment?
All of these are of great value for the one who loves to secure and have its property on the right place. So the answer, one needs to secure! It benefits to have the idea on this matter because it helps decide and weigh things up before purchasing!
The Home Warranty Insurance Scheme is established under the Home Building Act 1989 and commenced on 1 May 1997.
Home warranty insurance is an important component of a comprehensive consumer protection regime for homeowners undertaking building work in NSW.
Home warranty insurance provides a safety net for homeowners undertaking residential building projects where the contract price exceeds $12,000 and a builder is unable or unwilling to honour their fundamental responsibilities under the building contract, that is, to complete the construction of a dwelling or return and rectify defective work.
Home warranty insurance is required to be obtained where the contract price is over $12,000 or, if the contract price is not known, the reasonable market cost of the labour and materials involved is over $12,000.
Where the contract price or the reasonable market cost of the labour and materials involved does not exceed $12,000, there is no legal requirement for home warranty insurance to be obtained.
Contractors who carry out residential building work must still hold an appropriate licence with Fair Trading where the labour and materials involved are valued at over $1,000.
Persons who contract and/or carry out specialist work (i.e. electrical wiring, plumbing, gas-fitting, air-conditioning and refrigeration) require a licence regardless of the value of the work.
Home owners should be wary of any builder or tradesperson who says they do not need insurance, or who suggests you do the work as an owner-builder.
Home warranty insurance needs to be provided by:
You can minimise delays with your application by:
You are generally required to provide the following information:
The name on your licence and the name on the application form must be the same. That is, if you are:
We define overcharging as the term which describes the type of situation where a client/customer (or whatever term it might be called to the one who [wants to] acquire a services/products to someone else) is charge too much.
This means that there is a usual or normal fees/price that is intended for a certain services or products, but is ask/charge higher than what it should probably be or expected to be.
Others defines overcharging as short as 'excessive price', 'overload', 'to overcharge', 'to exaggerate', 'to overstate' and even as a 'burden'.
From the word overcharge (difference between the fee/price and a fee/price that would have been observed) we can see that or find that it is really irregular. Often times, some may call it and considered it illegal, similar to profiteering and price gouging. Overcharging may also be expressed as a mark-up on the benchmark price.
Double-charging can also be regarded as an overcharging. When we find out that (the thing is) we are double-charge it would only mean that there is an overcharging. In a plain word, we are double-charge so the actual fee/price is being doubled which is illegal (in most cases) or not fair enough.
Gross overcharging is also an overcharging. Often read in some blogs that states they really been experiencing gross overcharging (that they have been charge more). This is also more likely to be found in some legal practice where they make the cases move further and charge more.
There is no better solution to this (overcharging) than to make an arrangement to the trusted entity. The entity where you can be sure of the fees they're asking for [is justified, fair and acceptable to both parties].
Conveyancing is not a sexy word so most of you have never heard of it but it is good for you to know and you can save a lot of money and stress.
Conveyancing is the legal process of transferring real (e.g. land or house) property from one person to another.
Who can do conveyancing in Australia?
You. The law will allow you to do your own conveyancing if you know how to.
Barrister. They are members of the Bar Association and they specialise in arguing a point of law in court. Barristers are 'Officers of the Court'. Barristers work in Chambers. Chambers are officers shared with other barristers. Barristers usually will not see clients directly but are referred by other legal professionals. Although they can do it but will choose not to because it is too simple for them.
Solicitor. This word was first used in the 15th century. It comes from the French word Soliciteur which means 'one who conducts matters on behalf of another'. They spend most of their time outside of court. They are involved in the day-to-day affair of their client. Although solicitors do attend court, they also prepare cases for barristers to try in higher courts. Solicitors are members of the Law Society. Some solicitors will do conveyancing and some will not.
Conveyancer. A specialist in the legal aspects of buying and selling real property known as conveyancing. They are member of the Conveyancing Institute. Licensed Conveyancers were formally recognised due to the NSW Parliament passing the Conveyancers Licensing Act in 1992.
- A lawyer is an American term for anyone dealing with all levels of law.
- The term Solicitor is mainly used in UK, New Zealand, Ireland and Australia.
- The term Attorney comes from the Old French word 'Attorne' meaning a person acting for another as an agent or deputy.
- QC stands for Queen's Counsel and in NSW as of 1993 they are known as Senior Counsel (SC). They are appointed because of their high merit and not based on experience. You can see them in court wearing horsehair wig with curls at the sides and ties down the back. A QC or SC will not do conveyancing.
Some solicitors will not do conveyancing because it is too routine and there is little money in it.
Others will not do it because they do not know how to.
There are 29 law schools in Australia as of 2011 but nearly all the law schools in Australia do not offer the course in conveyancing.
Most law schools will offer a combined law or a straight law degree. A combined degree for example: a Bachelor of Business and a Bachelor of Law, a Bachelor of Engineering and a Bachelor of Law, a Bachelor of Science and a Bachelor of Law, a Bachelor of Art and a Bachelor of Law.
A straight law degree is faster because you get only a Bachelor of Law. One degree.
The area of law is so huge. For example you can study the following law: Law of the Sea, Criminal Law, Australian Constitutional Law, Sports Law, Law and Medicine, Islamic Law, Environmental Law, Entertainment Law, Human Rights Law, Law and Mental Health and so forth.
It is impossible to know all the law.
Therefore when you choose someone to act for you, make sure that you pick someone who specialise in their area of law that they are practising in e.g. A firm who only specialise in family law or intellectual property.
If you have a heart problem, would you like to be operated on by a surgeon who specialises in plastic surgery or would you like to be operated by a heart surgeon?
Stephen Lu, a licensed conveyancer
B. Comm, Adv Dip Conv Law, CPC, COSL, JP, ESQUIRE
Any comments and suggestions are welcome. Please contact me.
0412 567 886
The title of Certified Practising Conveyancer (CPC) is awarded to conveyancers who annually meet the standards set by each Division to maintain best practice through constant professional development.
Conveyancer members who qualify annually are entitled to use the CPC title, CPC post-nominal, CPC logo and slogan on their stationery, advertising and on other forms of publicity. It is a brand recognising conveyancers who are making the effort to keep up to date with developments and technology in order to deliver the best service.
The State programs are very similar but currently operate independently of each other. A national review is developing national minimum requirements across Australia, including:
The national review is also considering replacement of the state logos with a national logo which is recognisable by all as a symbol of the best specialist conveyancers.
The full name and street address (a PO Box or DX is not acceptable) of every witness attesting the authenticity of the execution of a dealing must be stated, except for a witness:
Unlike the Real Property Act 1900, the Conveyancing Act 1919 stays silent on the requirement for the name and address of the witness to a document registered in the General Register. Usually the name and address of the witness is not required, but can be requested for identification purposes, e.g. where the signature of the witness is illegible.
A question like...
CAN A wife witness the signing of mortgage for/of her husband?
How about if she is a witness for her sister?
How about if they witness in a transfer or any other documents?
The answer is...
if the witness is a member of the family - it cannot be - it would be bias,
else, if the witness is not related then ...yes.
The witness must:
there is also a "prescribe witness" like:
The above statement, regarding the witness, can be/might be applicable in some other (related) dealings and/or document. (An information from LPI/LPMA NSW.) back
Statutory Declaration is a written statement stating certain facts to the best of the declarant's (the person making the declaration) knowledge or belief and is made subject to the provisions of certain legislation. A prescribed functionary (someone authorised by the appropriate Act to take the declaration) must witness the declarant's signature.
Statutory declarations must be made pursuant to the legislation applicable in the State they are made. In New South Wales, statutory declarations are made pursuant to the provisions of the Oaths Act 1900. The Oaths Act prescribes penalties for making a false declaration and/or for taking (witnessing) a declaration without authority (that is, by someone who is not a prescribed functionary).
A statutory declaration made in New South Wales shall be in the form, or to the effect of the form, in either the Eighth or Ninth Schedule of the Oaths Act 1900.
I,......., do solemnly and sincerely declare that, and I make this solemn declaration conscientiously believing the same to be true, and by virtue of the provisions of the Oaths Act 1900.
Ninth Schedule Declaration
I,......., of (residence), do hereby solemnly declare and affirm that [the facts to be stated according to the declarant's knowledge, belief, or information, severally]. And I make this solemn declaration, as to the matter (or matters) aforesaid, according to the law in this behalf made - and subject to the punishment by law provided for any wilfully false statement in any such declaration.
Real Property Act 1900 (Torrens title) dealing forms that require a statutory declaration, for example, Caveat (form 08X), or Application to Record Change of Name (form 10CN), have the appropriate wording incorporated in the form.
Prescribed functionaries in New South Wales:
A statutory declaration is similar to an oath and can only be made by a natural person. A statutory declaration on behalf of a corporation can be made by a director, secretary or some other authorised officer of the corporation who should state their name and source of knowledge and authority in making the statutory declaration.
A statutory declaration by an attorney (someone appointed under a power of attorney) must be made and signed in the name of that attorney. The attorney must only declare facts to the best of her or his knowledge or belief. (An information from LPI NSW.)
List of few JP's within the following Suburbs:
Bankstown Area JP
Cabramatta Area JP
|1. Susan Ang||02 9708 1266||1. Dr Narith Van||02 8704 4522|
|2. Duc Hung Bui||02 9793 3092||2. Phiny Ung||02 9725 8906|
|3. Thanh Lan Bui||02 9793 9388||3. Chi Quang Lu||02 8704 3739|
|4. Annetta Onnie Chan||0401 242 800||4. Dr Manh Tien Nguyen||02 9726 6595|
|5. Stanley Hing Cheung Chan||02 9790 0551||5. Rosa Lavarato||0411 818 866|
|6. Grace Xiao Yan Chen||0416 079 988||6. Dr Malcolm La||02 9726 2323|
|7. Ji You Chen||04 1058 3821||7. Van Sanh Pham||0402 484 156|
|8. Chheng Chhor||02 9708 6275||8. Dr Michael Yep||02 9726 8900|
|9. Tao Chi||02 9707 4045||9. Rev Chi Ai Bui||02 9724 1674|
|10. Kevork Chichian||04 1043 1365||10. Rev Victor Yeung||0413 087 339|
|11. Thai Son Chu||0421 651 671||11. Milena Trujic||0407 251 207|
|12. Hoa Dinh||02 9793 3280||12. Van Vinh Le||02 9755 5575|
|13. Dr Jeanne Patricia Du Toit||02 9708 5694||13. Ken Chapman||02 9727 8820|
|14. Tina Duong||0416 916 338||14. Dr James Ngo||02 9727 6688|
|15. Siaosi Fuifui||02 8725 4086||15. Beresford Carloss||02 9727 0613|
|16. Ping Han||02 9790 7154||16. Rev Djuric Djurdjevic||02 9602 4358|
|17. Anthony Hoang Ngoc Lam||02 9796 4825||17. Ky Chhay Lim||02 9727 5355|
|18. Hong Diep Le||02 9707 3347||18. Thida Yang||02 9724 7811|
|19. Hung Son Le||04 1204 5239||19. Dr Frank Keh||02 9726 2682|
|20. Dr Van Nghi Le||04 0672 2757||20. Tich Huy Lu||02 9727 6222|
|21. Desmond Garry Lee||02 9708 3188||21. Bun Kim Chhoeu||02 9727 2999|
|22. Ravikash Jeet Singh||02 9790 3703||22. Stephen Sun Huat Lu||0412 567 886|
Liverpool Area JP
Parramatta Area JP
|1. James Chan||02 9602 0910||1. Sally Sow Fong Chan||02 9687 5188|
|2. Lorraine Carol Chen||02 9601 6677||2. Sow Chee Chan||02 9687 5188|
|3. Stephen Chensee||04 1258 8582||3. Sylvia Chan||04 0316 1688|
|4. Huy Leng Chhay||0414 911 591||4. Brenda Hei-Yen Cheng||04 1238 6899|
|5. Maria Kieu Oanh Do||0414 299 595||5. Patricia Cheng||04 1477 4833|
|6. Garry Jon Dunn||02 9602 4600||6. Johnny Ching||02 9894 2092|
|7. Kim Anh Duong||02 9602 1885||7. Daniel Kyu-Bum Choi||02 9890 7177|
|8. Sunny Kwong||0418 966 690||8. Michael Cheng Zhi Deng||02 9687 1041|
|9. Evelyn Yee Cheng Lam||0421 165 994||9. Anh Do||0420 206 969|
|10. Sean Matthew William Langshaw||04 1941 7683||10. Stella Kam Fung Fan||02 9687 8981|
|11. Kim Chhun Ly||02 9600 7733||11. Hollis Tat Sang Ho||0411 189 945|
|12. Rev Paul Naggar||02 9602 8466||12. Mark Kam Hung Lam||0414 298 434|
|13. Rangelene Prasad||0421 719 187||13. Rita Kumar||02 8835 9445|
|14. Shalendra Singh||0424 190 908||14. Sukhjinder Pal Singh||02 9687 6777|
The Australian Government is introducing a range of measures which increase competition to help you get a better deal.
The first reform is a ban on mortgage exit fees on new loans from 1 July 2011.
So talk to your lending institution today and start looking around, you have plenty of choices!
Questions to ask your Mortgage Brokers and Bankers
Note: "Pre-approval or conditional approval or approved in principle" ...all means that your loan is not yet finalised and still can be declined. Never believe anyone who tells you otherwise. Read this...
If You're Looking for a/an...
then... will Do!
|Accountant:||South East Tax (Andrew Chhoeu) 02 9727 2999|
|Acupuncture:||Mouv Ly (Cnr Arthur St and Park Rd, Cabramatta)|
|Architect:||Winston Chu 0403 325 765|
|Builder and Project Manager:||Arthur 0412 486 418|
|Chinese Buns:||Henry Buns (Canley Vale Rd, Canley Heights)|
|Electrician:||Neou Electrical (Seng Hean Neou) 0418 113 176|
|Fried "Char Kway Teow":||Dong San Restaurant (Park Rd, Cabramatta)|
|Real Estate Salesman in Cabramatta:||Sam Tea with Laing+Simmons 0420 989 999|
|Thai Food:||Thai Food in Bkk Shopping Centre (Park Road, Cabramatta)|
|Travel Agency:||Connie @ Travelscene in Casula (02 9821 4661)|
|Vegetarian Restaurant:||Loving Hut (Cabramatta Rd, Cabramatta)|
|Vietnamese Noodle:||Pho 54 (54 Park Road, Cabramatta)|
These Guidelines have been issued by the Commissioner for Fair Trading and are intended to help
real estate agents verify the identification of vendors when dealing with clients in order to prevent
real estate fraud.
Identity fraud and scams are increasingly prevalent throughout the community and the property
industry is not immune to falling victim to such events.
Two highly publicised incidents in September 2010 and March/April 2011 resulted in properties
being sold in Western Australia without the knowledge and consent of the lawful property owners.
These sales were undertaken by real estate agents who were contacted by criminals masquerading
as the true owners. In both cases, the properties were tenanted and being managed by a real
estate agent on behalf of the registered proprietor, prior to a fraudulent request being made to sell
the property. Contact with the agent by the fraudsters was made by telephone in addition to
other forms of contact. The person masquerading as the owner notified the agent of new contact
details which formed the basis of future contacts.
These two events highlight how easily a fraud can commence and emphasise that agents need to
be on high alert for potential fraudulent real estate transactions.
85-year-old Allan Fitch has been a loyal Commonwealth Bank customer for years, but now his local branch won't even serve him.
For 78 years Allan Fitch has been a customer of the Commonwealth Bank - but that is about to end - not because Allan wants to change banks but because he has to.
His local branch won't serve him anymore.
"They've got their rules. I don't like it but other people have got to put up with it too", Allan said.
As you can appreciate, at 85 Allan is not as nimble as he once was.
He can still get to his local branch but it's standing in line and at the teller that he struggles.
"Pretty difficult really, I run out of wind. I get there, I pull up a couple of times, but I can make it", he said.
Until this week he was able to take a seat and a teller would come to him, stamp his passbook and he would be on his way.
But Allan's daughter Jodie says that stopped when the branch manager said their most loyal customer now would need to line up like everyone else.
"Now they've stopped it I've got to go in with him - he's 85 but he doesn't need his hand held", Jodie said.
It's a bit rich when you consider the CBA's Customer commitment which states: "Determined to focus on service and on service and on service.
The relationship we have with each and every customer is incredibly important to us. And that means working tirelessly every day to give all our customers the best possible service at every point of contact they have with us”
"There are a lot of people worse than me but they should be looking after them as well as me", Allan said.
"We have contacted our customer today to apologise regarding his recent experience and are committed to provide the help and support he, and other customers, may need when banking with us. Our team at Springwood will provide him with the same level of service he has received previously for many years".
STAMP DUTY NSW BUDGET OF 2011
From January 1, 2012, confining stamp duty concessions for first home buyers to newly-constructed homes valued up to $600,000. Except for off-the-plan purchases up to $600,000 by all buyers will remain until July 1, 2012
Transfer duty revenue in 2010-11 was lower than originally budgeted; with $3.902 billion collected as opposed to $4.049 budgeted (down 3.6%). Transfer duty for 2011-12 is expected to decline further to $3.653 billion before making a rebound in 2012-13. The Government has followed through with previous commitments to scrap the relatively inefficient mortgage, non-real property transfers and marketable securities stamp duties by 1 July 2012 – a key taxation commitment the Property Council sought from the new Government.
First home buyers stamp duty concessions
From 1 January 2012, first home buyers will be eligible for the First Home Plus and First Home Plus One schemes only for newly constructed homes, including off-the-plan purchases. [The $7,000 First Home Buyers Grant will also remain available.]
Off-the-plan stamp duty concessions
Against a backdrop of widespread cuts elsewhere in the Budget, the exemption for all buyers of homes and apartments off-the-plan remains until July 1, 2012 – and with the Treasurer not yet ruling out its extension.
NSW State Taxes 2011
As of September 2011, NSW-OSR have this Seminar Notes. With this are the Regional Relocation Grant, the Duties, Payroll Tax and Land Tax.
Regional Relocation Grant
The (Regional Relocation Act 2011) Home Buyers Grant's object is to provide assistance to persons who purchase homes in regional areas, and are doing so as part of a relocation from a metropolitan area. In that, this act authorises the payment of a Regional Relocation Grant of $7000 in respect of an eligible home relocation.
First Home - New Home Scheme (*This replaces the First Home Plus Scheme from 1 January 2012.) The scheme is intended to help people who are acquiring a new home that is their first home or vacant land upon which they intend to build their first home.
NSW Home Builders Bonus - Senior's principal place of residence exemption (*available to persons 65 years of age or older is extended to persons between 55 and 65 years of age) This exemption from duty for new housing purchases is available to persons in that age range in respect of agreements or transfers entered into or occurring on or after 1 July 2011 and before 1 July 2012.
Section 68 exemptions - break-up of marriages and other relationships (Break-up of marriage, Break-up of de facto relationship, Break-up of domestic relationship) No duty is chargeable on a transfer, or an agreement for the sale or transfer, of matrimonial property if (1) the property is transferred, or agreed to be sold or transferred, to the parties to a marriage that is dissolved or annulled, or in the opinion of the Chief Commissioner has broken down irretrievably, or to either of them, or to a child or children of either of them or a trustee of such a child or children.
Section 63 - Deceased estates (Duty of $50 is chargeable in a transfer of dutiable property by the legal personal representative of a deceased person to a beneficiary.)
NSW payroll tax is payable by any NSW employee whose total Australian wages, including their NSW wages, exceed $678 000 for the 2011-12 financial year.
An owner with one or more parcels of taxable land (e.g. strata lots, investment properties, holiday houses, commercial premises, vacant land, company title units, etc) is liable for land tax.
September 12, 2011
It's a reminder that prospective buyers should always sign contracts only 'subject to finance'.
As if getting a loan and finding the right property were not difficult enough for most home hunters, apartment buyers now face another hurdle – banks are keeping a "blacklist" of buildings on which they refuse to lend finance.
According to mortgage brokers, the big four banks keep a tightly held list of apartment projects for which they will not give money to borrowers because of the type of building, the quality of construction or because of investors turning over units in the building too quickly.
A list of "unacceptable" buildings obtained by BusinessDay, circulated by one of the big four banks to its mortgage brokers late in 2010, bars finance for all developments associated with the federal government's National Rental Affordability Scheme, an initiative designed to boost housing for low-income earners around the country.
Most other banks have also refused to finance investors or buyers for NRAS properties, apart from St George, which accepts borrowers for one project in Queensland.
The list of unacceptable properties also bars or severely restricts finance for at least 146 projects in Victoria, 100 in New South Wales and the ACT and a further 127 in Queensland, most of which are serviced apartments, resorts or student accommodation. The list also includes inner-city apartments, cottages on the coast west of Melbourne and a resort south-east of the city near Western Port Bay.
A development in Forster, between Newcastle and Port Macquarie, is tagged “No lending. Refer to credit hotline” on the list. Another entry on the list in Pymble, in Sydney's north, cites the developer as having difficulty obtaining an occupation certificate.
In Melbourne, a Flinders Street office conversion into one-bedroom units was deemed unsuitable by the bank "due to poor amenity" - the bedrooms had no windows - and a King Street development's "poor location" made it ineligible for residential loans, the document said. One Queensland project was barred because "there are concerns the developer may not be able to complete the project, which may impact on the saleability of existing homes".
BusinessDay cannot identify the buildings for legal reasons.
The list serves as a warning to developers to avoid projects where purchasers face stringent investment hurdles, and to buyers to be wary of entering a contract without checking if finance will be available.
Catherine Cashmore from JPP Buyer Advocates said anyone buying an apartment without a "subject to finance" clause in the contract faced the "hefty risk" they might default on the sale and lose their deposit because the bank's blacklist would mean they were unable to get finance.
Mortgage brokers say lenders are also refusing to provide finance for buyers on many apartment buildings once they reach banks' pre-set "exposure limits", commonly when 15 to 25 per cent of the total number of apartments are already financed by the one lender. "To be safe, this would mean every deal needs to be submitted 'subject to finance' or the buyer risks defaulting on the purchase," Ms Cashmore said.
Shape Home Loans mortgage broker Michael Chan said the big four banks' traditional lending restrictions on apartments of less than 50 square metres were crumbling in the face of a flood of smaller apartments coming on to the Melbourne market.
Bank of Melbourne began financing smaller, inner-city apartments of up to 35 square metres on a loan-to-value ratio of 80 per cent in June, as long as the dwellings did not include shared bathrooms or kitchens. Other banks have, since followed the trend.
NAB and Macquarie Bank will consider lending on units down to 40 square metres in size if they are in a high demand - generally inner-city - location, said Mr Chan.
ANZ will now consider any size down to 30 square metres on a significantly reduced loan-to-value ratio of under 60 per cent.
Determined buyers can get around the financial roadblocks put in place by the big banks on certain developments if they want, said Mr Chan. But buyers should be aware of the risks. The big banks refuse finance for sound reasons.
Most smaller banks do not have the resources or past experience to check and rank all developments. Shopping around or getting a broker to do the work for you can also help.
Offsetting the risk for the bank by offering an extremely low loan-to-value ratio, under 50 per cent, can also change your bank manager's mind.
A spokeswoman for CBA said the bank had a “watch list" of developments that required extra care for credit and valuations but did not have a black list of buildings it would not finance "in Victoria or elsewhere”.
A spokeswoman for NAB said: "NAB does not keep a list of buildings that the bank will not finance. We look at every inquiry on its merits and make a decision on a case-by-case basis."
Mr Chan said apartment buyers should check with their bank or mortgage broker as to whether the building in which they wanted to buy was acceptable for finance before seeking pre-approval for a loan.
Westpac and ANZ were approached for comment but did not respond.
Issued: Monday, 5 March 2012
People asking Justices of the Peace and lawyers to witness documents will now be required to show their face as part of new identity check laws announced today by the Attorney General, Greg Smith SC.
Mr Smith said a case last year involving a woman who made a complaint about a policeman’s conduct after a routine traffic matter highlighted the need for the rules to be clarified.
The new laws, which come into effect on April 30, will apply to NSW statutory declarations and affidavits and cover anything which conceals a person face – including motorcycle helmets, masks, veils, scarves, niqabs and balaclavas.
Authorised witnesses, such as JPs and lawyers, will now be required to follow three additional steps:
“The laws provide clarity to JPs, legal practitioners and the public about what is required of them, which will reduce the potential for confusion or embarrassment,” Mr Smith said.
“In some situations, it means individuals wearing full and partial face-covering garments will need to reveal their face for the purpose of identification.
“If a person is wearing a face covering, an authorised witness should politely and respectfully ask them to show their face.
“The person would only be required to show their face for as long as it is necessary to establish identity.’’
“If a person refuses to show their face, an authorised witness must decline to sign their documents unless the person has a legitimate medical reason for keeping their face covered.’’
The reforms follow changes to traffic laws, under which a driver who refuses to show their face can be jailed for up to a year or fined $5500.
The Attorney General said the reforms would enshrine in law a practice that many authorised witnesses have routinely undertaken when checking documents for services including land transfers, mortgages, banking and health care.
Authorised witnesses who do not comply with the new requirements face a fine of $220.
The valuation system is continuously being monitored and improved. The Valuer General has made a number of enhancements to ensure valuations are more accurate, cost effective and easier to understand. Some of these include:
Question sent as: