As we get older, some things just get harder to manage. That goes especially for the traditional family home. When you’re in your 30s, maintaining a house with two big yards is something to look forward to on the weekend. But when you’re in your 60s, you just want to enjoy your retirement. For many of my parents’ generation – the Baby Boomers – the decision to downsize is a tough … [Read more...]
Retail and Commercial Lease: What you Must Know Before Signing
So you have your business plan mapped out, have secured funding for your venture and are now ready to take a giant leap and secure premises for your operation. Before signing on the dotted line make sure that you know all there is to know about Retail and Commercial Leases. Firstly, Retail and Commercial Leases are governed by the Retail and Commercial Leases Act 1995 (SA). Before you enter … [Read more...]
Conveyancer versus Solicitor: What is best for the sale of my property?
Maddalena Romano, an experienced solicitor skilled in all facets of property conveyancing, discusses the process for selling a home and advocates for the role of a knowledgeable solicitor in this. There are different reasons homes are sold. For example, you might be up-grading to a bigger home, down-sizing to a smaller one, or finalising a property settlement. Regardless of your reasons, … [Read more...]
Shared Property Ownership: Joint Tenants or Tenants in Common?
The purchase of real estate is nearly always a significant event in a person’s life. During this time, the buyer will be asking some very serious practical questions such a; can I afford a mortgage? What will the repayments be? How is my life about to change? As lawyers, we find that there is one very important question which often gets overlooked by prospective buyers: How do I own the real … [Read more...]
Real Estate Contracts: New Rulings Spell Warnings For Those Signing Contracts
A recent Revenue Ruling by the Commissioner of State Taxation has now made clear that the use and implementation of including the phrase 'and or nominee' in a contract, most likely for the purchase of land, is no longer required. A word of warning. If you think it is now safe to begin executing contracts for the purchase of land on behalf of family and friends and so on, think again. Signing a … [Read more...]
Selling an Investment Property: Know Your Legal Obligations
While property has the capacity to generate an income for the investor, there may come a time when you, the investor, wish to cash the investment in and move on. What happens then, if the property you wish to sell is currently tenanted? More specifically, what are your legal obligations to the tenant in these circumstances? Section 71A of the Residential Tenancies Act 1995 (SA) requires that the … [Read more...]
Mum & Dad Banks Beware
Each morning I like to watch a few minutes of Sunrise. At least I do, until I realise that the kids are no-where close to being ready for school (and the grumbling ensues). At any rate, yesterday morning, I happened to catch a report about the rise of ‘Mum and Dad Banks’. This is the term that has been coined to describe a situation when parents provide money or security to assist their … [Read more...]
Buying Your Dream Home? Why You Need More Than Just a Conveyancer
Purchasing a new home is undoubtedly one of the most exciting, yet stressful of life experiences. Recently we had the absolute privilege to assist a young family secure their ‘dream home’. They, like many new couples, quickly realised that becoming a home owner was about much more than simply identifying their search area, drawing up a wish list and agreeing on a maximum budget. In fact, … [Read more...]
Changes to Stamp Duty in South Australia
As part of the 2015-2016 State Budget, the government has abolished stamp duty on transfers of non-real property, together with stamp duty on transfers of non-residential, non-primary production real property, with phasing-in commencing from 1st July 2016. Abolishment of Stamp Duty on Some Items The abolishment of stamp duty on transfers of non-real property applies to items such as plant … [Read more...]
Swimming Pools: Know Your Legal Obligations
As a father of three I know too well the importance of pool safety especially where young children are concerned. In fact, our youngest child is currently enrolled in VacSwim, a brilliant government-funded program that is designed to promote water safety in our primary school-aged children. While programs such as this are important, alone, they are not enough to prevent water related deaths. … [Read more...]
