Do
I still need a solicitor for a property matter?
What is
tenancy?
Taxes on the contract and transfer (Duty)
What special benefits can
first home purchases obtain?
Power of Attorney
Land Tax
Do I Still Need a Solicitor
For a Property Matter?
No, as licensed conveyancers we can provide legal advice and
act for you in all property matters from beginning to completion.
Conveyancers and solicitors are both practitioners who can assist you legally with your property matter. In NSW a licensed conveyancer has the same legal capacity as
a lawyer except their area of work is limited to property
transactions and any related documents needed for a property
matter. Licensed Conveyancers can act on any residential loan,
and any commercial mortgage up to $7million.
What is Tenancy?
Most persons in long term relationships (married or de facto)
buy property as “joint tenants”. For joint tenants if one joint tenant dies, the other
automatically becomes the owner of the property.
When investors buy property, they usually buy as “tenants
in common”. Here the interest in the property of the deceased
party passes according to their will – not automatically
to any other tenant in common. Tenants in common can hold unequal
shares
and either one can sell their respective share
when and to whom they wish.
Taxes on the Contract
and Transfer (duty)
When you buy property, in addition to the purchaser price, you
will normally be required to pay a government tax called stamp duty which is about 4% of
the purchase price.
Since 1 July 2010, there is a new Land Titles registration fee. It applies to all registrations of transfers of properties where the price is more the $500,000.00.
As the price increases, so the fee increases.
Power of Attorney
If you need another person to act for you in legal and financial
matters, you can appoint that person as your “attorney”.
For example, you may be going overseas, or you may be physically
disabled. Your attorney can do anything on your behalf that
you can do in financial and legal matters. This appointment ends automatically if you die,
but can continue after you have lost mental capacity –
such a grant is called an enduring power of attorney. Jeremy Mawer is authorised to
provide enduring powers of attorney.
For appointing a person to make medical or lifestyle decisions on your behalf, you need to appoint an enduring guardian.
Land Tax
When you own property that is not your principal place of residence,
you may be liable to pay land tax. Following the recent changes,
land tax is about 1.7% of any land value above the
threshold (which changes from year to year). Remember this valuation does not include the house
or unit itself – just the value of the land.
Since 1 July 2010, there is a new Land Titles registration fee. It applies to all registrations of transfers of properties where the price is more the $500,000.00.
As the price increases, so the fee increases.
“I would not hesitate to recommend Property
Legal Services to anyone.
As a first time buyer it was reassuring to have someone explain
the potential pitfalls of property purchase, and to think ahead
of the game to make it as smooth as possible. Despite a difficult
vendor and a complicated contract, I felt comfortable I was
in good hands throughout the process.”
- Ged Gillmore, Coogee
