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An off-the-plan purchase may have its benefits, but equally, there are inherent risks.

Whenever two or more people agree to combine resources in order to purchase a property together, if the Family Law Act (1975) does not apply, a co-owners’ agreement setting out the expectations, rights and obligations of the parties is an almost indispensable first step.

In Hartman v Commissioner of State Revenue [2022] VCAT 28 The Tribunal affirmed the Commissioner’s assessment of “double duty” in circumstances where the named purchaser sought a planning permit to subdivide the property before nominating two companies (as trustees of trusts associated with him) to take one title each at settlement.

In addition to the review of the Contract and Vendor Statement, it is also essential that a purchaser conducts their own due diligence. ‘Due diligence’ refers to the searches, enquiries and inspections that a buyer may undertake when considering whether to purchase a property.

Whether you are a first home buyer or experienced property investor, one of the first steps you should take when purchasing a property is to have the Contract of Sale and Vendor Statement reviewed by a property lawyer.

If you are relying on the proceeds from the sale of your property to purchase another, then you may require a simultaneous settlement. This is a common situation where you arrange for the settlement of your current property and the settlement of your new property to happen at the same time.

The State Taxation Acts and Other Acts Amendment Bill 2023 (“Bill”), introduced into the Parliament of Victoria on 3 October 2023, proposes several amendments to Victoria’s taxation laws.

Once your property is sold, you and the purchaser will need to agree on a settlement date. During this period, the vendor is still the registered proprietor of the property and, subject to any contractual arrangements to the contrary, is responsible for keeping the property maintained.

An encumbrance is an interest in a piece of land by someone other than the registered proprietor. Encumbrances place limitations on a property and may affect how a property can be used and developed. Examples of encumbrances include mortgages, easements, covenants, section 173 agreements and caveats.

The Vendor Statement (also referred to as a Section 32) is a legal document separate from the Contract however generally given to the purchaser at the same time.

Landlords under retail leases who do not give their tenant an annual estimate of outgoings cannot recover outgoings from that tenant.

The Contract of Sale is a legally binding agreement between the Vendor and Purchaser. The Contract of Sale includes the usual details of the particulars of the transaction including whether the property is sold with ‘vacant possession’ or ‘subject to a lease’ and the inclusions or exclusions such as fixtures and fittings, carpets, lights etc.

Once you have decided to sell your property, the first consideration will be: how much is it worth? Getting your own valuations/appraisals is important in deciding if selling is viable, if it is the right time, and if you can afford to purchase your next property. Once you know that selling is right for you there are two people you will need to get involved. A real estate agent and a lawyer.

The Victorian Government has announced the 2023-24 State Budget, with a focus to boost business growth and to address the $31.5 billion COVID debt within ten years. To achieve this the Government has announced two major changes to Land Tax in Victoria set to add an estimated $50 billion to the Victorian economy and contribute $4.74 billion to repay COVID debt over just four years.

The commercial leasing sphere is often a contentious legal area. Striking an equitable balance between the landlord and tenant’s interests is a difficult, if not impossible, exercise. One of the most contentious areas that is readily disputed is the classification of such commercial leases, specifically whether the lease can be classified as ‘retail’ or ‘commercial’.

The State Revenue Office issued two new Land Tax Revenue Rulings on 22 December 2022 concerning the exemptions from land tax available for primary production land (LTA- 010) and primary production land within an urban zone (LTA- 011).