What does it mean if I'm told my sale or purchase is an electronic transaction?

Posted by Joanne Anderson on 1 May 2018
What does it mean if I'm told my sale or purchase is an electronic transaction?

Property Exchange Australia (PEXA) is Australia's online property exchange network, and was formed under the direction of the Council of Australian Governments to simplify and digitise the property exchange process.

By July 2019, all standard property transactions in NSW will be conducted electronically.  At the moment, not all conveyancers and solicitors are on board with this option, so not every transaction can occur on the PEXA platform.

If your sale or purchase is however, able to transact this way, it means all parties involved at the time of setltement lodge documents and complete financial settlements electronically in real time, rather than needing to meet and hand over cheques and paper documents.

The benefits are:

  • the risk of errors and delays are reduced, giving greater certainty that you transaction will be processed on time;
  • when selling a property, you will generally have access to your sale proceeds within an hour of the settlement taking place, a  as funds are transferred electronically via Australia's central bank, the Reserve Bank of Australia;
  • when purchasing a property, your title ownership will generally take place within an hour of settlement, vastly minimising your ownership risk following the transfer of funds to the vendor;
  • settlement times can be more flexible, not needing to wait for all parties to arrange a convenient time to travel and meet at a mutual physical location
  • once settlement takes place an e-title will issue, meaning there will no longer be any paper title deed to keep safe, or locate at the time of a property sale
For more information visit: http://www.nswlrs.com.au/plan_and_title_registration/national_e-conveyancing_nsw
 

Electronic Conveyancing

Posted by Joanne Anderson on 28 February 2018
Electronic Conveyancing

What is electronic conveyancing?

What started as an idea to make the legal transfer of ownership of property a fully electronic system from start to finish, ended up as just a platform to finalise the end part of the transaction (settlement). 

By July 2019, all standard property settlements in NSW will take place electronically.  At the moment, not everyone is a member of the electronic settlement system (PEXA), so not every transaction can currently occur this way.

If your sale or purchase is however, able to transact this way, it means all parties involved at the time of setltement lodge documents and complete financial settlements electronically in real time, rather than needing to meet and hand over cheques and paper documents.

We are an early adopter of the system, and are nearly up to our 100th transaction.  We have plenty of experience and enthusiasm for making the property transfer system simpler and less overwhelming.  We have systems and tools to assist you remotely so you can keep moving on with every day busy life at the same time as being looked after when dealing with your most important asset.

 

What if I want to buy or sell during the Christmas break period?

Posted by Joanne Anderson on 21 December 2016
What if I want to buy or sell during the Christmas break period?

Generally, there is no active marketing of real estate during the week's break between Christmas Day, and New Year's Day.  So relax and do some planning and reflection (mixed in around your festive celebrations!), to get prepared for when the action starts once again in January.

Whilst our office does not open until Monday 9 January, please feel welcome to send us an email via our "Contact Us" page.  

Let us know whether you have found the perfect property to purchase, or have decided to sell up and make a move in 2017.  We can then respond back with some information and guidance on the steps to take to be poised and ready to hit the ground running in the New Year.

 

Stamp duty surcharge for residential property

Posted by Joanne Anderson on 15 September 2016
Stamp duty surcharge for residential property

The NSW Budget introduced a 4 per cent surcharge duty on the purchase of residential real estate by foreign persons, commencing on 21 June 2016. The surcharge is in addition to the duty payable on the purchase of residential property.

What is a foreign person?  

The Office of State Revenue has a defined list of what a foreign person means, including (but not limited to):

  • an individual not ordinarily resident in Australia; or

  • a corporation in which an individual not ordinarily resident in Australia, a foreign corporation or a foreign government holds a substantial interest; or

  • the trustee of a trust in which an individual not ordinarily resident in Australia, a foreign corporation or a foreign government holds a substantial interest; or the trustee of a trust in which 2 or more persons, each of whom is an individual not ordinarily resident in Australia, a foreign corporation or a foreign government, hold an aggregate substantial interest

An Australian Citizen does not fall within the definition of a foreign person, irrespective of where they reside.

In addition to the surcharge duty, foreign persons will:

  • no longer be entitled to the 12 month deferral for the payment of stamp duty for off-the-plan purchases of residential property;
  • incur a 0.75% surcharge land tax of the taxable value of residential land owned as at midnight on 31 December in any year, commencing with 2016

Whether a purchaser of residential property is deemed as a foreign person or not, the Office of State Revenue requires a declaration be lodged in an approved form.

At Anderson Conveyancing we have the necessary declarations available for signature in our office or can provide a list of approved witnesses if you are unable to attend our office to sign.

If you would like further information, please do not hesitate to contact us.  You may also wish to refer the Office of State Revenue website for more details. 

 

Importance of pre purchase inspections

Posted by Joanne Anderson on 25 May 2015
Importance of pre purchase inspections

When you've seen a property to buy, even if all looks right on the surface, pre purchase inspections are important.  If you've spotted something that looks a bit different eg not quite finished, or with a different finish to the rest of the dwelling, it is even more important.  Ask your inspector to look carefully at those areas to comment on whether they've been done professionally, and in compliance with Council's requirements.  

A trip to the Council would also be well worthwhile to question what records they have about any works that have been done to the property.  

Depending on what you discover, you can then follow up any issues with the vendor before you are locked into the purchase.

 
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IGS Ventures Pty Ltd

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Cyber security is a priority which is why we share documents with you via a secure portal: Law Connect. Our trust account details will be notified within that portal and will not change during your transaction. Please ensure to be cautious of any emails you receive purporting to give account details or requesting yours. We cannot accept responsibility if you transfer money into an incorrect bank account.

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