Over the last few years there have been so many changes to property and conveyancing laws that if you blinked you could have missed some.
So who do they effect? Well, everyone looking to buy or sell property. The following is a summary of the recent changes:
Purchasers who wish to obtain the deferral will need to declare an intention to occupy the property as their principal place of residence. The land must be occupied as the purchaser’s principal place of residence for a continuous period of 6 months, commencing no later than 12 months after completion of the sale or transfer, otherwise interest and penalty tax may apply from the liability date.
An additional sewer diagram is required (if available) to show the location of sewer lines in relation to the subject property.
If the property has a swimming pool, then either a Swimming Pool Compliance Certificate or Non Compliance Certificate must be attached to a Contract before contracts exchange (excludes strata plans with over 2 Lots)
All strata by-laws in force for the scheme to be included in the contract.
A new warning statement in the prescribed form must be included in the Contract which alerts potential purchasers to the possible presence of Loose Fill Asbestos in certain properties. Click here for the full list of prescribed documents