Month: August 2024

As the population grows and preferences for living in certain areas intensify, land divisions are becoming a more popular and viable option for property owners looking to increase their wealth. Whether you’re considering subdividing land you already own or are thinking about purchasing a property specifically for subdivision, understanding the process is crucial to success.

Step-by-Step Guide to Land Divisions

1. Early Consultations: Start by consulting with your conveyancer. For land divisions, it’s equally important to engage with a surveyor and check local council regulations regarding block sizes early in the process. These professionals play pivotal roles in navigating the complexities of land division.
2. Surveyor’s Role: Your surveyor will evaluate the potential for dividing the land and assist in estimating the costs involved. The costs can vary depending on the number of plots you intend to create and the type of titles you are aiming for (e.g., Torrens, Strata, or Community Title).
3. Drafting Plans and Approvals: The surveyor will then guide you through drafting the necessary plans and obtaining approvals from relevant government bodies. Your conveyancer will need copies of these plans to proceed with the next steps.
4. Conveyancer’s Involvement: As your conveyancer, we handle the legal aspects, including liaising with banks for mortgage consents, developers for encumbrances, and other interested parties. We ensure that all requirements are met and submit the final documentation to the Lands Titles Office to officially create the new titles.

Considerations and Timeframes

Land division is not a quick process. Removing existing structures on the property, if necessary, and negotiating required consents can extend the timeframe. Typically, the process takes 6 to 12 months, but for larger projects involving more than 50 plots, it could extend further. If your project includes building and selling dwellings on the new plots, anticipate an additional 12 to 24 months to complete.

Why Engage Early with Your Conveyancer?

Involving your conveyancer early in the process is critical. They provide crucial legal guidance, help coordinate with other professionals, and ensure that your land division complies with legal standards. If you need surveyor recommendations or more information, we have excellent contacts and can facilitate introductions.

More Information

For more detailed insights into land divisions or to start your land division journey, feel free to visit our website or contact us directly. We’re here to help you navigate this process and maximize the potential of your property investment.

Since 2016, stringent regulations have been implemented in Australia to ensure the verification of identity (VOI) for property transactions. This change was crucial in enhancing the security of both vendors and purchasers, significantly reducing the risk of property and identity fraud.

Why is Verification of Identity Necessary?

The primary goal of VOI is to ascertain that the individuals involved in a property transaction are who they claim to be. This verification process is vital to prevent fraudulent activities where properties could potentially be sold by individuals who do not legally own them. Prior incidents, such as the infamous 2010 case where a homeowner had his property illegally sold without his knowledge, underline the importance of these regulations.

How to Complete Your Verification of Identity

Completing your VOI is straightforward and can be done similarly to how you would verify your identity for other official processes, like obtaining a passport:

• Visit Our Office: The simplest way to complete your VOI is by visiting our office. We can handle everything quickly and securely.
• Use Our Secure App: For added convenience, we offer a digital verification process through a secure app, directly linked to our database. This ensures your personal data is protected with the highest security measures.
• Australia Post Option: You can also complete your VOI at any Australia Post office using a form provided by your conveyance.

You will need to present a combination of documents such as your birth certificate or passport, driver’s licence, and Medicare card. If your name has changed at any time, a relevant certificate (e.g., a marriage certificate) will also be required.

Why DIY Conveyancing Could Cost You More

While DIY conveyancing kits are available, they lack the personalised and professional scrutiny provided by a certified conveyancer. Misunderstandings or errors in property law can lead to significant financial liabilities, which could easily be avoided with professional guidance. The intricacies of property laws, which vary across states and territories, require a nuanced understanding that only a professional conveyancer can offer.

Our Commitment to Your Safety

Our firm takes your security seriously. Unlike some practices that might store scanned or photocopied documents, potentially exposing you to identity theft, we use advanced technology to protect your information:

• No Physical Copies Stored: We do not keep physical copies of your identification documents to prevent any risk of theft or misuse.
• High-Security Standards: Our app and database are secured with the latest technology, ensuring your personal information is safeguarded as if it were our own.

Long-Term Validity and Restrictions

Once completed, your verification remains valid for two years when you use our services. However, please note that due to legal restrictions, we cannot share your verified identity with other parties, including lenders, without undergoing the process again.
Need More Information?

For further details on the verification of identity process or any other inquiries, visit our website or contact us directly at 0497 925 335. We’re here to ensure your property transactions are secure and seamless.

Stamp duty—often a significant expense in property transactions—can sometimes be avoided, offering substantial savings under the right conditions. Since July 2018, certain property transfers have become exempt from stamp duty, but it’s important to understand the specifics to see if you could benefit.

What is Qualifying Land?

Introduced in the legislative changes of July 2018, “Qualifying Land” refers to non-residential or non-primary production land. This includes commercial properties, which have emerged as the primary beneficiaries of these changes. Properties eligible under this category do not incur stamp duty, which can lead to considerable financial savings for buyers and investors.

The Evolution of Stamp Duty Exemptions

The path to eliminating stamp duty on Qualifying Land wasn’t overnight. It began with gradual reductions in December 2015, followed by further cuts in July 2017, culminating in the complete removal in 2018. This progressive reduction has made commercial property transactions more straightforward and less costly.

Is There a Catch?

While the exemption offers clear benefits, it applies strictly to Qualifying Land. Residential properties and lands used for primary production are still subject to stamp duty. For those looking to purchase Qualifying Land, the primary costs will be the Transfer Registration Fee, which is determined by the purchase price listed in the contract or a current property valuation.

Future Prospects

As of now, no new fees or charges have been introduced to replace stamp duty for Qualifying Land transactions. However, it’s essential to stay informed through reliable sources like Revenue SA to catch any future legislative changes that could affect your property dealings.

How Can We Help?

If you’re considering a property transaction and wondering about your stamp duty obligations, or if you need more detailed information on what constitutes Qualifying Land, don’t hesitate to reach out. Our experienced conveyancers can provide you with expert advice and ensure that your property transfers are handled efficiently and compliant with current laws.
Contact us today to learn more about how you can benefit from stamp duty exemptions on your next property investment.