The sale and purchase of land is a complicated process regardless of which party you act for. Did you know there are over 30 pieces of legislation conveyancing practitioners need to know about? When acting for a vendor one crucial role for a practitioner is to ensure that the section 32 statement is correct. It takes a lot of work to get it right.
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The Sale of Land Act 1962 (Vic) regulates a vendor’s right to end a contract of sale pursuant to a ‘sunset clause’ in residential off the plan sale contracts (ROTP contracts).
There is a good reason why you should always include a water information certificate in a section 32 statement. The certificates will show the water and sewer lines, which are unregistered easements, and need to be disclosed.
LPLC continues to see claims involving land transfer duty (stamp duty) and other state property taxes.
The LPLC Annual Report for 2023–2024 was tabled in the Victorian Parliament on 31 October 2024.
The Victorian Government has introduced the State Tax Amendment Bill 2024 which, amongst other taxation changes, will (if passed) broaden the holiday home exemption to allow shareholders of companies, as well as certain beneficiaries of trusts and relatives of those shareholders and beneficiaries, to satisfy the exemption for a property owned by a company or trust.
The State Taxation Acts and Other Acts Amendment Act 2023 received Royal Assent on 12 December 2023. The new law introduces significant property tax changes in Victoria with effect from 1 January 2024.
