Conveyancing News
New South Wales Conveyancing Alert
Effective 12 December all Contracts and Transfers submitted to the Office of State Revenue for Stamping will need a certified copy of the front page of the Contract.
This has to be certified by a Justice of the Peace, Pharmacist or an Officer of OSR.
Individuals will require evidence of their date of birth and for companies their ABN/ACN/ARBN number.
The new requirments are needed for better Identity assurance and Transaction verification with the Land and Property Information.
New South Wales Conveyancing Alert
As at the 1st of July, 2011 the Torrens Assurance Levy has been abolished.
The levy will remain payable if :
They relate to a contract dated between the 1st July 2010 and 30 June 2011 and the purchase price of over $5000,00.
Government Price IncreASES AS AT 1ST JULY, 2011 IN N.S.W.
Check with the Government departments before sending any cheques as some of the fees have increased.
As at 1st September 2010 a new Prescribed Document for annexure to the Contract for Sale of Land 2005 -edition.
The new Regulation introduces a notice with the heading "Warning- Swimming Pools" and it also provides that the other prescribed notices be in a designated font size .
A new page 2a incorporating the new Swimming Pool Notice and the other prescribed notices in correct font size can be downloaded from the Law Society's website.
www.lawsociety.com.au/
The new prescribed notice is required for All contracts whether or not there is a swimming pool located on the property.
Australian Capital Territory Conveyancing
Government Price IncreASES AS AT 1ST JULY, 2011 IN A.C.T.
Check with the Government departments before sending any cheques as some of the fees have increased.
Victoria Conveyancing
Government Price IncreASES AS AT 1ST JULY, 2011 IN V.I.C.
Check with the Government departments before sending any cheques as some of the fees have increased.
Queensland Conveyancing
Government Price IncreASES AS AT 1ST JULY, 2011 IN Q.L.D.
Check with the Government departments before sending any cheques as some of the fees have increased.
As at 1st August 2010 the Department of Environment and Resource Management has increased the fees for copies of Titles and Plans, lodgement of Transfers & Release of Mortgages.
You may vist the Departments website to obtain the new fees.
http://www.derm.qld.gov.au/services_resources/item_list.php?category_id=152&topic_id=4
NEW SOUTH WALES CONVEYANCING
As at the 1st July, 2010 a new Torrens Assurance Levy ' ad valorem ' is applicable on all Conveyancing purchases over $500,000.
Ad valorem means 'according to value' and involves a sliding scale of charges set as a proportion of the value of the goods to which it is applied.
The ad valorem levy has two tiers.
1. Transfers where the purchase price is more than $500,000 but less than $1,000,000, the ad valorem levy is 0.2% of the amount by which the purchase price exceeds $500,000.
2. Transfers where the purchase price is more than $1,000,000 the levy is $1000 plus 0.25% of the amount which exceeds $1,000,000.
NOTE: All levies are rounded down to the nearest dollar.
The land Property Information Online Shop has a calculator to help purchasers.
www.lpma.nsw.gov.au/land_titles/torrens_assurance_levy
Conveyancing News
New South Wales Conveyancing Alert
Effective 12 December all Contracts and Transfers submitted to the Office of State Revenue for Stamping will need a certified copy of the front page of the Contract.
This has to be certified by a Justice of the Peace, Pharmacist or an Officer of OSR.
Individuals will require evidence of their date of birth and for companies their ABN/ACN/ARBN number.
The new requirments are needed for better Identity assurance and Transaction verification with the Land and Property Information.
New South Wales Conveyancing Alert
As at the 1st of July, 2011 the Torrens Assurance Levy has been abolished.
The levy will remain payable if :
They relate to a contract dated between the 1st July 2010 and 30 June 2011 and the purchase price of over $5000,00.
Government Price IncreASES AS AT 1ST JULY, 2011 IN N.S.W.
Check with the Government departments before sending any cheques as some of the fees have increased.
As at 1st September 2010 a new Prescribed Document for annexure to the Contract for Sale of Land 2005 -edition.
The new Regulation introduces a notice with the heading "Warning- Swimming Pools" and it also provides that the other prescribed notices be in a designated font size .
A new page 2a incorporating the new Swimming Pool Notice and the other prescribed notices in correct font size can be downloaded from the Law Society's website.
www.lawsociety.com.au/
The new prescribed notice is required for All contracts whether or not there is a swimming pool located on the property.
Australian Capital Territory Conveyancing
Government Price IncreASES AS AT 1ST JULY, 2011 IN A.C.T.
Check with the Government departments before sending any cheques as some of the fees have increased.
Victoria Conveyancing
Government Price IncreASES AS AT 1ST JULY, 2011 IN V.I.C.
Check with the Government departments before sending any cheques as some of the fees have increased.
Queensland Conveyancing
Government Price IncreASES AS AT 1ST JULY, 2011 IN Q.L.D.
Check with the Government departments before sending any cheques as some of the fees have increased.
As at 1st August 2010 the Department of Environment and Resource Management has increased the fees for copies of Titles and Plans, lodgement of Transfers & Release of Mortgages.
You may vist the Departments website to obtain the new fees.
http://www.derm.qld.gov.au/services_resources/item_list.php?category_id=152&topic_id=4
NEW SOUTH WALES CONVEYANCING
As at the 1st July, 2010 a new Torrens Assurance Levy ' ad valorem ' is applicable on all Conveyancing purchases over $500,000.
Ad valorem means 'according to value' and involves a sliding scale of charges set as a proportion of the value of the goods to which it is applied.
The ad valorem levy has two tiers.
1. Transfers where the purchase price is more than $500,000 but less than $1,000,000, the ad valorem levy is 0.2% of the amount by which the purchase price exceeds $500,000.
2. Transfers where the purchase price is more than $1,000,000 the levy is $1000 plus 0.25% of the amount which exceeds $1,000,000.
NOTE: All levies are rounded down to the nearest dollar.
The land Property Information Online Shop has a calculator to help purchasers.
www.lpma.nsw.gov.au/land_titles/torrens_assurance_levy