Off the plan sales and changes to the property
Can the purchaser of an apartment off the plan terminate the contract because the carspace allocated to the lot contained a PWD symbol? Perhaps surprisingly the issue was recently considered by the Supreme Court of New South Wales[1]. The decision provides a useful reminder of the principles which apply to variations between contract and settlement. […]
ReadmoreReal estate agent email hacked but buyer pays the price
If you have bought or sold a property recently, you probably received a warning about relying on emails directing you to pay money to a particular bank account without first checking with the sender that the email has not been altered. Given the amount of money involved, real estate transactions are a prime target for […]
ReadmoreStamp duty changes to hit residential developments in Victoria
The Victorian Government is proposing a sweeping reform of the “economic entitlement” provisions of the Victorian duties legislation. The result of the proposed changes would be to effectively bring to duty a common form of project funding and structuring used for residential developments in Victoria. Typically these transactions enable a residential developer to secure rights […]
ReadmoreElectricity regulatory framework under further review – changes ahead for both embedded networks and stand-alone power systems
The Australian Energy Markets Commission has recently announced two separate reviews – one into the regulation of embedded networks and the other into stand-alone power systems. With the national electricity framework having been founded on a centralised electricity supply model, the explosive growth of both embedded networks and large-scale localised generation options has presented challenges […]
ReadmoreThe sun sets on developers using Sunset Clauses
Developers are in the firing line again as the Victorian Government seeks to restrict the ability of developers to terminate an “off the plan” contract of sale. The Sale of Land Amendment Bill 2018 (Vic) (Bill) was introduced to the Parliament by the Minister for Consumer Affairs on 21 August 2018. The Bill seeks to […]
ReadmoreAre you ready for the GST withholding regime?
Changes to the payment of GST on new residential property are due to take effect from 1 July 2018. The changes are an administrative measure which although not imposing a new tax, do have significant ramifications for property developers as it will impact the settlement process and cash flow. The changes apply to sales of […]
ReadmoreUse of electronic signatures
Most documents used in day-to-day business can be signed electronically in Australia. The Electronic Transactions (Victoria) Act 2000 (ETA) governs electronic transactions in Victoria. Electronic signatures The ETA does not contain a prescribed definition of what would be an ‘electronic signature’. Therefore, an electronic signature may take the form of an image of an individual’s […]
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