"I don’t know what to do. The bills are piling up and I’m behind in my mortgage repayments. Today I received a letter from the bank and they are talking about taking possession of my home. I feel like I’m in a huge hole and I don’t even know where to start to dig myself out of it.” The possibility of losing your family home, your largest asset is increasingly one of the greatest challenges facing … [Read more...]
What is stamp duty and how do I avoid paying it?
As we enter the New Year many people use the holiday break as an opportunity to discuss the potential purchase of big ticket items. When speaking about ‘big ticket’ items I am specifically referring to the purchase of a new family home, investment property, or vehicle (car, boat). Similarly, January is frequently the time of year when many people start making plans to start a new business … [Read more...]
Buying a Home: Your Right to Cool-off
So you have signed the contract for your dream home. Pretty exciting stuff. Following this, prior to the contract moving forward towards settlement, you, the purchaser has the opportunity to ‘cool-off’. In a nutshell the ‘cooling-off’ period is a legislated requirement that enables the purchaser to undertake building or other inspections as well as providing some time to think rationally about … [Read more...]
Understanding the Form 1 and why it MUST be accurate?
Selling your family home? Thinking of purchasing property? At some point, be it as a purchaser or a vendor, you will come across a Form 1. Whichever side of the real estate fence you stand on it is worthwhile understanding exactly what this document is. In a nutshell the Form 1 is a formal statement served on the purchaser which provides details of the property being transferred. This … [Read more...]
eConveyancing: Welcome to a Brave New World!
Without overstating matters the legal profession is reluctant to embrace change. Suffice to say that there are many legal procedures that have stoically remained in place for many years (sometimes a few hundred). Indeed it is this stubborn refusal to budge on tradition that is sometimes to our detriment as professionals. While some things are worth holding onto (we should perhaps keep our … [Read more...]
Understanding Your Title: Strata or Community?
In 2009 Strata Title divisions ceased in South Australia. These divisions have effectively been replaced with Community Title divisions. What is the difference between Strata Title and Community Title divisions? Strata Title A Strata Unit is defined by structural divisions of a building (ie the inside lining of the wall, bottom of a ceiling), not by reference to the land. Common … [Read more...]
Caveat….Say What?
The legal world has an obsession with these lovely little words that, while sounding really special and important to those outside the profession, they really mean something which is actually quite mundane. Take the word ‘caveat’ for instance. The word, originating from 16th Century Latin, translates directly to mean ‘let a person beware’. In other words, or to put it more colloquially, it … [Read more...]
A Franchising Opportunity
Do you have a great idea for a business with a proven track record for success? You may wish to consider franchising your business idea. Franchising is, by definition, not actually a business. In fact, when you create a franchise you are actually selling a marketing idea for a business. This might include a framework for the business operation, rights to logos and marketing materials and the … [Read more...]
Land Held in Trust? What You Need to Know About Registering Trustees
It is increasingly common to find that land is held in a family trust. As a strategy this holds many benefits (particularly those related to assets testing and taxation). However, if you are involved in such a situation it is critical that you understand the importance of having yourself, as a trustee, registered. When land is held in a trust, the trust itself cannot be registered as the … [Read more...]
Building a House? Save money AND your sanity.
My wife loves nothing better than a project (probably symptomatic of her chosen profession as a high school teacher). So I wasn’t too surprised then when she came to me with grand ideas of building a holiday house. “It will be fun,” she told me, “think of it as an adventure.” When I finished rolling my eyes I proceeded to remind her of all the problems associated with the process of … [Read more...]
