Every superannuation fund purchase is a little bit different. Image by Alex Proimos.

How self-managed super funds impact settlement

Buying property though a self-managed superannuation fund is not as straightforward as buying in an individual’s name. Because of this, it’s wise to allow extra time for settlement. When buying property through a super fund, the fund’s trust deed must allow for borrowing money inside of the super fund. Some banks have specific requirements for …

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The time needed for booking can cause settlement delays.

Small banks and settlement delays: what you need to know

Due to the time needed for booking, clients of small banks could experience settlement delays. These delays aren’t experienced by all clients of small banks: if everything in a settlement goes to plan, the use of a smaller lender generally doesn’t cause any issues. However, if for some reason the bank isn’t ready to book …

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As with passports, real estate contracts must have the full legal name.

Is that contract in the wrong name? How to avoid identification mistakes

When writing contracts, ensure you use the buyer’s and seller’s full legal names as per their passports and/or birth certificates. A recent case study has shown that driver’s licenses don’t always have the client’s full legal name. Our client, Michaelo (name changed), is currently in the process of settling the purchase of his new home. …

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Final inspections shouldn't be a full house.

How many people can attend the final inspection?

The final inspection is the buyer’s chance to ensure that the property is in the condition promised by the Offer and Acceptance before the transaction is finalised on settlement date. From electrical sockets to floor coverings, there are several things to check during a final inspection – so as a buyer, you may be tempted …

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Stamp duty changes will impact buyers in the future.

What you need to know about stamp duty changes for first home buyers

Last week the state government announced changes to the First Home Owner Rate of Duty, which will impact buyers in the future. Previously, stamp duty was waived for first home buyers buying a property of $500,000 or less. From $500,000 to $600,000, first home buyers were charged a reduced rate of duty. Under the new …

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During property settlement, be sure to avoid this fine from Office of State Revenue.

Why two months can be the difference between a happy settlement or hefty fines

When it comes to choosing a settlement agent and sending the contract on to them, time is of the essence. After finalising a contract, buyers have just two months to nominate a settlement agent and have them lodge it with the Office of State Revenue. Failure to do so can result in significant fines, but …

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Are you making an offer on behalf of a trust?

Trusts and settlement: how to save buyers from double stamp duty

When a buyer is making an Offer on behalf of a trust, a trip to an accountant could be the difference between a hassle-free settlement, or double stamp duty. For tax purposes, accountants sometimes advise trustees to have offers written in a specific way. For example, in a past settlement case, Mr Townsend’s* accountant advised …

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