Information for Vendors and Purchasers:
The introduction of electronic conveyancing in South Australia has brought with it changes that need to be complied with and Cornerstone Conveyancing performs settlements electronically where permitted. Electronic settlements reduce the risk of errors and delays, provides funds immediately thereby giving greater certainty of a successful, on time settlement. CLICK HERE for further information.
Verification of Identity (VOI)
Under the Real Property Act, we are required to verify the identity of all clients before settlement. You can choose to do your VOI by either making an appointment to come into the office or you can visit any participating Australia Post Office in Australia with a Post Office Land Title Identity Verification form which has a unique bar code for our office. CLICK HERE for further information.
Pool and Spa Safety
As a swimming pool or spa pool owner, you are responsible for safety. CLICK HERE for further information.
Legislation relating to smoke alarms came into force from the 1st February 1998. CLICK HERE for further information.
Information for Vendors:
GST at Settlement
From 1 July 2018, if you are selling new residential premises or potential residential land you must:
• notify the purchaser in writing (we will supply you with a form)
• advise whether you need to pay a withholding amount – or not – from the contract price for the property
• state the withholding amount.
Your accountant will advise you accordingly.
CLICK HERE for further information.
Foreign Resident Capital Gains Withholding Certificate
For all contracts entered into from the 1st July 2017, each Australian resident vendor selling real property over $750,000.00, will need to obtain a clearance certificate from the ATO prior to settlement. CLICK HERE for further information. To apply for the Foreign Resident Capital Gains Withholding Certificate CLICK HERE.
If your property has solar panels its important to know that these must be paid off prior to settlement or an arrangement is to be made to pay them off at settlement with your settlement funds. If you choose to pay them off at settlement, we will liaise with your finance company and arrange a payout figure.
Information for Purchasers:
GST Withholding Tax
From 1 July 2018, if you purchase new residential premises or potential residential land that is GST Withholding Tax applicable, pursuant to Section 14-255 Of Schedule 1 of the Taxation Administration Act 1953 (Cth), we are required to withhold the vendors amount from the price of their sale funds and pay it direct to the Australian Taxation Office.
In order for us to comply and complete the vendors payment, you will be asked to sign a GST Withholding Notice – Purchasers Declaration Form. CLICK HERE for further information.
Joint Tenants v Tenants in Common
There are important differences in the way you may hold property. When purchasing a property its important to understand your options. CLICK HERE for further information.
When purchasing a property, you will have the option to purchase title insurance for a one-off premium payable at settlement. Title insurance protects you against legal risks that can threaten the ownership of your property or affect your right to occupy and use your land. CLICK HERE for further information.
A Priority Notice is a notice which is lodged against a Certificate of Title or Crown Lease to reserve priority for a pending transaction that will affect your land. When purchasing a property, we recommend lodging a Priority Notice and lenders are now starting to include it as a loan condition. CLICK HERE for further information.