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GST at property settlement: A detailed guide to the new ATO withholding provisions

In this article we outline changes to GST laws that affect relevant property transactions. These laws are set to take effect on 1 July 2018. This guide is intended to provide buyers, sellers and real estate agents with a guide to their withholding obligations. We aren’t tax advisors, lawyers or accountants. Please seek the appropriate …

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6 things you need to do after accepting an offer

6 things you need to do after accepting an offer

Congratulations! Your agent has done their magic and you’ve accepted an offer. Now all that stands between you and settlement is the buyers getting their finance and a couple of property inspections. Nothing to it, right?! Not so fast. Between now and settlement there’s plenty for you to do. As far as settlement goes we’ve …

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White Ants: Don't Let These Little Pests Ruin a Deal

White Ants: Don’t Let These Little Pests Ruin a Deal

Sometimes it’s the little things that cause the biggest headaches during settlement. This was certainly the case for one unsuspecting seller when a dispute arose between himself and the buyer after the discovery of live termites in a tree stump. In this instance, Mr Jones (not his real name) accepted an offer that was subject …

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It's a Case of Sooner, Rather Than Later - Addressing Special Conditions

It’s a Case of Sooner, Rather Than Later – Addressing Special Conditions

It’s important for sellers to be aware that preparations for the final inspection of their property should not be left until the last minute, especially if a seller has entered into an O&A which includes any Special Conditions. In fact any Special Conditions need to be addressed sooner rather than later, as one seller discovered …

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It's the Little Things That Count - Disconnecting Utilities

It’s the Little Things That Count – Disconnecting Utilities

Once an Offer and Acceptance has gone “unconditional” on their property, time seems to literally fly by for most sellers. With the myriad of last minute items to attend to before settlement and the excitement of the big move, it’s easy to see how some details can slip through the cracks, even for the most …

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Keep Your Eye on the Ball - Arranging the Discharge of Mortgage

Keep Your Eye on the Ball – Arranging the Discharge of Mortgage

The sales process can undoubtedly be a stressful time for sellers. With pre sale preparations, home opens, inspections and price negotiations, sellers often feel like sitting back and breathing a sigh of relief once an Offer and Acceptance is agreed upon. However, it’s vital that sellers are made aware of their key responsibilities and the …

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Moving House - It's a Case of Having a Plan B

Moving House – It’s a Case of Having a Plan B

As they say “failing to plan, is planning to fail” however we find that when it comes time for clients to co-ordinate their house move with their settlement date, it’s wise to maintain some flexibility with the planning. This includes the all-important booking date for removalists because a scheduled settlement date is not always guaranteed …

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Ready, Set, Go - Being Ready For Buyers' Inspections

Ready, Set, Go – Being Ready For Buyers’ Inspections

Once the all-important Offer and Acceptance is signed, it’s vital for Sellers to be made aware of their corresponding rights and responsibilities during the settlement process. This is particularly true when it comes to Buyers’ Inspections, as one couple selling their home discovered when a dispute arose over the buyers’ insistence on conducting a second …

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