This checklist will help you to avoid many mistakes made by vendor’s practitioners in conveyancing transactions.
This checklist covers:
Claiming a duty exemption for the transfer of real estate from a trust to a beneficiary may seem simple however, the case law indicates an exemption can be fraught with complexities and risks to practitioners. Missing a crucial requirement can trigger unexpected duty liabilities.
Many contracts for the sale of land include a ‘subject to finance’ clause giving the purchaser the right to end the contract if they cannot get loan approval. The clause imposes a number of things that the purchaser must do, usually within a tight time frame, before they can use the clause to end the contract.
Practitioners are often engaged by a client to ‘do the conveyancing’ associated with the sale or purchase of real property. Typically, they are not specifically instructed to provide taxation or stamp duty advice, but there is usually no transaction relating to real property that doesn’t have taxation or duty implications
Legal practitioners acting in property transactions take note that the foreign resident capital gains withholding (FRCGW) rules are changing on 1 January 2025.
The Legal Practitioners’ Liability Committee (LPLC) is pleased to announce the appointment of Mary Maini as LPLC’s new Chief Executive Officer from 6 January 2025.
The LPLC Annual Report for 2023–2024 was tabled in the Victorian Parliament on 31 October 2024.
