Our consulting department has received the following document from the Department of Immigration and Border Protection. This provides additional information on changes to permanent skilled visa programmes that are in effect as of 1 July 2017:
Source: Department of Immigration and Border Protection
If you buy two or more properties or enter into two or more contracts that the Office of State Revenue considers arise from the one arrangement, then you may be liable to pay more transfer duty based on the aggregate value of the assets being purchased.
You may wish to contact your legal advisor as soon as possible if you have:
a) previously bought a property from any of the sellers noted in the contract (including family members or associates of any of the sellers, such as companies or officeholders related to any of the sellers);
b) bought an adjoining or nearby property from anyone - particularly to develop together with this current property;
c) bought a business in conjunction with this transaction;
d) negotiated the contract or property together with or shortly after other contracts or property (for example, when purchasing a management right business and a manager’s unit); or
e) otherwise have reason to believe that the Office of State Revenue may consider this transaction as one transaction with another contract or agreement.
THE most common day to settle a property is Friday, chosen by purchasers in order to move into their new home over the weekend — however, the REIQ advises that purchasers may want to consider a either a settlement in the early half of the week.
Settlement is the day when the property ownership passes from the seller to you and the day when the balance of funds is due in full. Settlement is when the purchaser receives the title to the property. It is also the last day the seller is responsible for outgoings, such as rates, water and sewage. The purchaser takes over the outgoings after settlement.
Settlement is also the day when you can collect the keys from your agent. As a risk minimization strategy you may want to consider changing the locks.
Five settlement tips to consider:
Source: REIQ Realestate