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Buying a residential property is a massive investment and this is why many individuals try to cut costs by doing the conveyancing themselves. If you should attempt the conveyancing process yourself, be sure to be comfortable coping with the legal matters, carrying it out yourself shall help you save a great deal. However, if you should be a first-time buyer and inexperienced in the process and paperwork, hiring a conveyancing company would be a much safer and smarter decision. Check out major conditions that you may possibly face if you opt to proceed without a conveyancing expert:

  • You may invite huge financial liabilities

Buying a residential property requires plenty of legal compliance and paperwork. Even a tiny mistake can land you up in some trouble in addition to other party may sue you personally. For major mistakes, you may possibly invite legal actions and can even have to cover a massive compensation pay-out. Hiring a conveyancing company is an economically safer option since in general they are a team of professionally trained and licensed people that are well experienced in the legalities tangled up in property transactions. They will certainly therefore, make sure the complete process is without any error.

  • You may not be able to manage the desired time

Conveyancing is not merely about signing a contract; it involves plenty of legalities that you may not be aware of. There are numerous documents which need to be completed and plenty of conditions that should be handled. If you are a full time professional, you may find it difficult to dedicate the time expected to fill out a lot of forms and manage most of the paperwork yourself. Hiring a solicitor will ease your stress during this process and will manage everything for you. There isn’t any paperwork stress, there isn’t any negotiating stress; your conveyancing company is the one that will manage the responsibility, thereby freeing you for any other priorities in your life. They will keep you updated during the proceedings. For your convenience The Conveyancing Shop also offer online conveyancing so you do not need to travel and see the solicitor face to face. All documents can be prepared and signed online.

  • You may land up in serious trouble

Unfortunately, there are scams and fraudulent parties involved in the property market. Falling victim to such a scam can be easily missed if you’re not experienced in identifying the signs of foul play. To ensure the secure property transaction can be very difficult even for a professional. Hiring an experienced and trusted conveyancing company can prevent you from taking a huge financial risk and minimize the opportunity for you to be targeted by a scam.

Property transactions are far more complex than hearing the concept of it, you are strongly advised that you should not try carrying it out yourself.  Make sure you hire a conveyancing expert that will provide efficient and effective services and have a wealth of experience to draw on conveyancing services like Conveyancing Shop Baulkham Hills. With a conveyancing professional, you can expect them to simplify the whole process to make it easy for you to understand what’s happening and what you need to do without any unnecessary legal jargon that can leave you baffled:  They will prepare a contract for sale for the real estate agent, help with your purchase or sale through all the steps from when you first find a property to the binding exchange of contracts and the settlement of your sale and purchase of a property.

Amongst the biggest concerns for anyone buying a home prior to them applying for a loan is how much they will repay through the interest rate. To be honest, the interest rate varies according to present market circumstances. Nevertheless, there are two things that you can do in order to help yourself lock in the most ideal rate possible. With that in mind, there are a couple of key factors that influence mortgage interest rates.

  • Your credit scores

The most significant factor that can help determine what you get on your mortgage loan is your credit history. To put it simply, loan providers use this number as an indication of how most likely you are to be reliable at repaying your loan. If you have trouble trying to repay lower loans like personal credit card debt or a car loan, you’re very likely to have trouble with paying off bigger debts like home finance. It is essential to get your credit history in the best form possible before you submit an application for your home loan. Start with investing in helping to make your payment on time on a monthly basis. Then, make sure to pay a bit over the minimal cost if possible, to help pay your loan off sooner.

  • Your down payment

In case your credit history is not the best, the one thing that you can do in order to help decrease the interest rates that you are given by lenders, is to make a considerable advance payment. This works out in two ways: by proving to the lender that you are with the capacity of saving and by reducing the total amount that you are borrowing from the lender. Nowadays, the majority of borrowers only have to create around 3% to 5% of the home’s purchase value so that you can be eligible for that loan. Nevertheless, if you are looking to utilize the advance payment to lessen your rate, you should target to save around ten percent to twenty percent of the home’s purchase value.

  • Your loan term

In the present mortgage market, mostly, offers for loans could be 15-year or 30-year loans. Although a lot of homeowners choose for the 30-year option, it is important to mention that reduced loan terms are frequently qualified to receive improved interest rates. However, on the one hand, the bank will regain their investment quicker with a reduced loan term. On the other, they are also heading to be getting an increased payment from you every month. Hence you will need to be very certain that you’re in a position to pay for much more when the loan term is reduced.

  • Your interest rate type

There are two different sorts of interest rates that soon-to-be homeowners can pick from when they submit an application for home finance, adjustable rate and fixed rate. Adjustable-rate loans normally get started with a reduced, basic interest rate. Then, after a group amount of time, the rate corrects itself to be in line with whatever the existing interest rates are at the time. During this time, your payment also updates, consequently. On the other hand, fixed interest rates are commonly more than adjustable rates from the beginning. However, they remain the same when it comes to the duration of the loan.

When you have finally found your dream home and you are ready to buy, it is time to engage the services of a professional solicitor. The purchase of your new home should be exciting, so enlist the help of Conveyancing Shop  to do the hard work for you. Find out more about our services here

Buying a new home isn’t easy, especially for first home buyers. They don’t have a property to sell or an established credit history that includes paying off big mortgages. The government has introduced several programs to help these buys and make the purchase process easy. One of these programs is the First Home Super Saver Scheme. This allows buyers to make voluntary contributions to their Superannuation fund with the intention to withdraw them for new home purchase down the line. Here are some things you need to know about voluntary superannuation contributions and the benefits of this scheme:
1. When and how much?
You can start making voluntary contributions at any time as long as you have a superannuation fund. The scheme has been open since 1st of July, 2017. Investors are allowed to contribute as much as $15,000 per annum and $30,000 overall. If you’re buying property with someone like a parent, sibling or spouse, they can take advantage of this scheme as well.
2. Investment
Your funds will be invested according to previous superannuation fund instructions and FHSS return will be calculated on the basis of the deemed rate. The contributions will get healthy returns despite market conditions.
3. Withdrawal
You can withdraw the funds precisely one year from the scheme launch date. That means the funds are accessible from 1st of July 2018. The withdrawal amount is calculated based according to relevant taxes, returns, and other such factors.
4. Using the funds to purchase a home
These contributions, along with other savings, can be the deposit or down payment for your new home. You just need to submit an application to the Australian Taxation Office for a withdrawal. This money can’t be used to purchase investment property and you must live in it for at least 6 months in a year after the purchase (as long as the property is liveable).
If you want to know more or are interested in our services here at Conveyancing Shop, feel free to contact us through our form or call on 61-2 9686 3366

The Conveyancing (Sale of Land) Regulation was introduced last year and enforced on 1st September, 2017. It introduced several changes that had a direct impact on vendor disclosure obligations, especially on matters concerning sale of land contracts and purchase of residential property options. These regulations are put in place to protect a buyer’s interests and ensure they have all relevant information regarding the property.
The vendor is required to attach a number of documents to the contract of sale. These documents include disclosures, warranties, conditions, etc. They need to disclose and describe any serious damage or defects in the property and title. The buyer must read and accept these documents before they sign the contract. Without this disclosure, vendors are liable to get into legal trouble. Most contracts include zoning or planning certificates, certificate of home warranty insurance, property certificate, official plan of land, etc. The 2017 regulations made some additions to the already established set of requirements. Here’s a small introduction to these obligations:
1. Additional sewer diagram
The vendor must attach an additional sewer diagram wherever necessary. This diagram will show the location of main sewer lines in relation to the property so future owners can carry out digs and repairs without any problems. If property owners aren’t aware of sewer line locations, they may hit and damage them during renovations.
2. Strata Bylaws
Vendors are obligated to include all strata bylaws applicable to the scheme in the contract. This ensures prospective buyers are aware of these bylaws and understand their obligations as well.
3. Warnings
Vendors are required to include a warning for the possibility presence of loose fill asbestos. If this warning isn’t included, the contract can’t be considered valid.
If you want to know more or are interested in our services here at Conveyancing Shop, feel free to contact us through our form or call on 61-2 9686 3366

Windows are a very desirable feature in any property, but they can also pose a safety risk. Unsupervised children can open a window and fall through the opening and injure themselves. As many as 50 children fall through windows every year, which led to the government taking action and introducing regulations to prevent these accidents. The body made changes to the Building Code and also introduced changes in Strata Schemes Management Act. These amendments are enforceable from 2018 and Owners Corporations can be fined for not complying with them. Here are some things you need to know about this regulation:
1. Why is it necessary?
Most windows can be easy to open and even regular locks can be bypassed. The only way to ensure a child doesn’t open the window and fall is to install secure and efficient window safety devices. These devices need to be child-proof and robust so children can’t find a way to bypass them.
2. Which windows need these locks?
This regulation applies to windows that are more than 2 feet above the ground and less than 1.7 metres above the interior floor. Windows closer to the floor are easier to reach so children will be more likely to open them. They need to have functional locks that ensure the window can’t be opened more than 12.5 centimetres. Locks that allow windows to open and close fully with a special mechanism but only open 12.5 centimetres in normal circumstances are also permitted.
3. Who should install the locks?
The Owners Corporations are required to install the locks by law, but tenants can install them with special permission from the landlord. Property owners can’t refuse permission unless they have a real and valid reason for it. The contract should include a Residential Tenancy Condition Report with a list of all windows safety devices.
If you want to know more or are interested in our services here at Conveyancing Shop, feel free to contact us through our form or call on 61-2 9686 3366

Property purchase is a big transaction and buyers invest a lot of money in it. They need to make an informed decision based on an understanding of the strengths and weaknesses of the property. The vendor is legally obligated to disclose all relevant information including the items included in the Conveyancing (Sale of Land) Regulation. If a vendor fails to disclose the information, they can get into legal trouble down the line.
Some of this information is disclosed in the form of Vendor Warranties in the contract of sale. In this disclosure, a seller warrants that the property doesn’t have any adverse Affectations on the date of the contract aside from the ones already mentioned in it. A vendor must attach several documents to the contract of sale and ensure all warranties are stated clearly.
The regulation includes a number of prescribed warranties and they include council upgrade order, railway or roadway proposal, education proposal, boundary encroachments or problems with titles, electricity line proposal, and an interim heritage order. All of these actions can compromise the future of the property and its value so the buyer should be made aware of them.
Changes after 2017
The Conveyancing (Sale of Land) Regulation was updated in 2017. The update simplifies existing regulations and makes them easier to understand. It also updates terminology and includes new disclosure agreements. One of these alterations includes warranties for investigation of Strata Renewal Proposal.
From 1st of September, 2017, all contracts should include a vendor warranty that the property’s strata scheme hasn’t passed a motion for further investigations into Strata Renewal Proposal. It should also mention no strata renewal committee is established to give effect to the motion and no minutes of the meeting recording this resolution have been prepared. It’s important to keep these changes in mind when examining the contract of sale.
If you want to know more or are interested in our services here at Conveyancing Shop, feel free to contact us through our form or call on 61-2 9686 3366

Foreign property ownership has had an impact on the real estate market, driving up the prices and limiting supply. In response to this, the Australian Government has introduced stronger regulations to control foreign investors owning Australian property. These rules will help make accessing housing easier for Australian citizens. The new regulations introduced in 2017 limit foreign investments in new developments and reduce capital gains tax avoidance.
Regulations for Unoccupied Residential Property
Many foreign investors purchase residential property and keep it vacant for months, if not years on end. These properties are just investment pieces and keeping them vacant can increase the average rent costs. With new regulations, the government hopes to push foreign investors into the rental market. This will make more homes available to Australian renters and bring the rental costs down. The recent Federal budget stipulates that:
• The government has placed a 50% cap of new development property ownership. New Dwellings Exemption Certificate won’t be granted for sales above that cap.
• Foreign owners will have to pay an annual fee of minimum $5,500 on properties kept vacant for more than six months on any given year. The fee is equivalent to the amount the investor paid during foreign investment application.
• The regulation will encourage foreign investors to place their property on the rental market instead of keeping it empty, which can be a win-win situation. Investors gain secondary income and Australians have a larger pool of rental homes to choose from.
• The fee will be administered and monitored by the Australian Taxation Office. They will make sure no property remains vacant for more than six months without paying the fee.
These measures will also generate around $40 million in revenue for the government. That can be reinvested in projects to help Australian citizens.
If you want to know more or are interested in our services here at Conveyancing Shop, feel free to contact us through our form or call on 61-2 9686 3366

Conveyancing is the process of transferring a property title from one person to another. It’s a lengthy process regulated by a set of laws, and can be quite complex. It can also be quite intimidating, which is one of the reasons why it’s a good idea to hire professional to help you through conveyancing. It’s important to understand all the rules and regulations that govern the process and ensure you’re aware of the recent changes. Making mistakes during the conveyancing process can prove to be expensive and cause legal trouble down the line. All new laws are introduced to protect the interests of everyone involved and to ensure all participants follow the law. The new changes are also introduced to streamline the workings and make it less complex.

The new conveyancing requirements 

These requirements were introduced recently and include both traditional and electronic conveyancing to make both transactions more secure.

  • Vendors must provide a land tax certificate to purchasers – Furnishing the land tax certificate will showcase that the property doesn’t have any tax liens pending and the buyer doesn’t have to worry about any additional expenses. It also protects the buyer from paying tax that’s overdue and must be paid by the previous owner. This means the original owner will have to pay the overdue amount before completion of the contract.
  • Vendors must obtain a Foreign Capital Gains Tax Exemption Certificate – This is only required for properties valued over $750,000 but is essential to carry out the transaction legally. This measure was introduced to ensure foreign investors don’t avoid tax by buying property on Australian soil. The certificate is issued by Australian Taxation Office or ATO and must be presented to the buyer before completion of the agreement. This protects the vendor as the buyer can’t hold back 12.5% of the purchase price and remit it to the ATO as withholding tax.
  • Bylaws must now be annexed to strata contracts for sale – By-laws are a set of rules that owners of the property, tenants, and even the visitors must follow. These can vary from one strata scheme to another, which is why it’s essential to understand them before committing to a purchase. Vendors are now required to include bylaws in strata contracts to ensure the buyers have all the information they need and sign the contract with their open eyes.
  • Pool compliance certificates or non-compliance certificates must be annexed to contracts – No property with a pool can be sold legally if it doesn’t have a valid compliance, non-compliance, or occupation certificate. These certificates also need to be annexed into a Lease or Residential Tenancy Agreement for them to be considered valid. They also need to be annexed into the Sale Contract for it to be considered complete. Sale of pool properties without this certificate is illegal and carries considerable risk.
  • Purchasers must sign a purchaser declaration form – The government has levied a 4% surcharge on property purchases by foreign persons and entities, which is why buyers need to provide the declaration on every purchase. It must be submitted to Office of State Revenue to help calculate the amount of tax applicable.

If you want to know more about electronic conveyancing, don’t hesitate to get in touch with us at The Conveyancing Shop today. You can call us at 02 9686 3366 or contact us through this form.

The Internet has significantly changed the manner in which people carry out their transactions and the real estate industry has experienced this change as well. Many real estate transactions are now carried out online through secure and monitored platforms. Electronic conveyancing is one such transaction and it has risen in popularity over the years. It has a number of distinct advantages that makes real estate transactions easier.

What is electronic conveyancing? 

Electronic conveyancing is a transaction carried over the Internet through a digital medium instead of traditional paper medium. The participants in the transaction carry out the agreement by signing digital documents with electronic signatures. The platform for this transaction is provided and supervised by Property Exchange Australia Limited (PEXA). The participants, representatives, and their financiers interact and communicate through this platform.

Electronic conveyancing doesn’t cover all aspects of conveyancing but it’s getting there. In its current form, the platform is a settlement room where all initial transactions leading to the final agreement signing is carried out. This platform is regulated by Electronic Conveyancing National Law (ECNL) to protect the interests of the participants and ensure all transactions are legal.

What are the characteristics or advantages of electronic conveyancing?

 E-conveyancing makes the entire transaction easier and more convenient for participants. It’s also a secure platform so you can trust it for high-value transactions. Here are some of the characteristics and advantages of this system:

  • Contracts can be issued electronically – The contracts in the transaction can be issued electronically with all the negotiated clauses and provisions in them. Participants can negotiate the clauses over this platform and alter the contracts according to their requirements before signing the agreement.
  • Contracts can now be signed electronically – You don’t need to print out the agreement and sign it physically. Electronic signatures are valid and legal so it can be used as proof in court if needed. 
  • Settlement can occur electronically without paper signing – As the signatures are legally valid, there’s no need for paper documentation. The settlement can happen without any need for signing physical documents.
  • Vendors receive money faster – As there is no exchange of paper documents between the buyer and seller, the money also changes hands faster. Once you’ve reached an agreement, the money can be transferred legally via the platform immediately and vendors don’t have to wait for weeks to complete the entire transaction. 
  • Purchasers don’t need to provide bank cheques for settlement – The money is transferred electronically so there’s no need for bank cheques or physical transactions. This also saves time and is very convenient as vendors don’t need to spend time depositing the check at the bank, waiting until it’s cleared, and then getting access to the funds.

Most industries have started to replace their paper documentation with digital agreements. Eventually, title paper certificates will be phased out and the industry will largely use this type of digital documentation in their transactions. The platform is quite secure and every day new technologies are introduced in the market to make electronic conveyancing more convenient and far safer too.

If you want to know more about electronic conveyancing, don’t hesitate to get in touch with us at The Conveyancing Shop today. You can call us at 02 9686 3366 or contact us through this form.