(03) 9720 2922

Jansen Walsh and Grace

 

What we do
We know that selling your property can be a very anxious and stressful experience.  We provide personalised service with up to date property advice for both residential and commercial property.  You want a firm which has the specialist expertise and resources to take the sale of your property through to completion with expertise. You do not want to be working with a firm where the conveyancer works one day a week or where the time taken to deal with the sale of your property can be far too long.  Our aim is therefore to ensure that our clients are at ease and confidant throughout the transaction.

Tracking the progress of your settlement
We can reduce the stress of selling your property by instantly updating you on the progress of your property settlement (we cannot do this yet if the purchaser insists upon using the almost obsolete old-fashioned method of meeting face-to-face in the city).


Selling agent's commission
On 19 April 2018 the Court of Appeal in Advisory Services Pty Ltd v Augustin [2018] VSCA 95, the Court of Appeal dismissed an appeal against a decision by Her Honour Judge Marks that the selling agent was not entitled to commission on the sale.  Her Honour found that the selling agent had had not complied with subsection 49A(1) of the Estate Agents Act 1980, as the Exclusive Sale Authority had not contained a ‘rebate statement’ stating that the agent was not entitled to retain any rebate and must not charge the client an amount for any expenses that was more than their cost, as required under paragraph 49(4)(c) of the Act.  As a result, the Exclusive Sale Authority was unenforceable by the selling agent.  The vendors did not have to pay the selling agent’s commission.

In response to the decision, on 6 June 2018 the Victorian Government announced it would introduce amendments to the Estate Agents Act 1980 to ensure estate agents who have followed their regulatory responsibilities in good faith and have legitimately performed work, are paid for that work.  The amendments to the Act will deal with the rebate statement and will operate retrospectively to cover estate agents who performed services in the past using Exclusive Sale Authorities with incomplete rebate statements.

Sale of property “subject to contract”
Offers to purchase property “subject to contract” are often ambiguous.  In The Edge Development Group Pty Ltd v Jack Road Investments Pty Ltd [2018] VSC 326, Riordan J held that an offer to purchase real property which stated “The offer is subject to the contract being executed” was not intended to create binding relations until a formal contract of sale of land was executed.

Rogues offering to buy your property for less than its value
Watch out!  Rogue developers and estate agents are targeting elderly and unsophisticated home owners with unsolicited offers to purchase their properties.  Recently bereaved widows are a favourite target.  The catch is that the price their offer is always significantly below the market value.



Properties for $750,000 and over
Contracts of Sale entered into after 1 July 2017 where the sale price is $750,000 or above are subject to a 12.5% withholding tax unless the vendor provides a tax clearance certificate to the purchaser. What this means is that unless the purchaser receives the certificate from the vendor, the purchaser must retain the 12.5% tax on the sale price and remit it to the ATO.  To avoid 12.5% being deducted from the sale price, the vendor must obtain a tax clearance certificate from the ATO and provide it to the purchaser.  We can do this for you.  The pre-1 July 2017 rate for properties sold for $2 million and over with the lower rate of 10% withholding tax continues to apply to Contracts of Sale entered into before 1 July 2017, even if they are not due to settle until after 1 July 2017.


Concealing material facts in Vendor Statement
The Sale of Land Act makes it a criminal offence for a vendor to makes or publish any statement, promise or forecast which they know to be misleading or deceptive, or fraudulently conceals any “material facts,” or recklessly makes any statement or forecast which is misleading or deceptive.  This is sometimes an area of dispute, as we have sometimes enuntered vendors of $1 million plus properties who are reluctant to pay for government or municipal authority certificates which must be attached to the Vendor Statement.  Legislation before Parliament will authorise the Director of Consumer Affairs Victoria to make guidelines to assist vendors and their agents to understand what a “material fact” is likely to be for the purposes of this section.  Those guidelines have not yet been published.  However, they may require revealing that a person had been murdered on the property or that it had formerly been used for making illegal drugs.


Co-owner refusing to sign Client Authorisation Form

What if your co-owner refuses to sign the Client Authoriation Form?  In Ventura & Anor v Ventura & Ors [2018] VSC 485, Derham AsJ made an order on 29 August 2018 that the co-owner sign the Client Authorisation Form and, if he failed to do so, the Prothonotary sign it.



Storing your Certificate of Title
We provide a free custodial service. You can store your Certificate of Title in our fire-proof facility, where it will be safe.


 




 

 




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Property investment lending just got tighter!  APRA has issued a directive to the banks which requires them to tighten up the lending criteria for property investors.  This includes a stricter assessment for the borrower's income and increasing the amount the borrower must contribute to the purchase.  As a result, Westpac requires borrowers to contribute 20% of the purchase price.  The other banks have introduced, or are in the process of introducing, similar measures for lending for property investment. 

Property investment lending just got tighter!  APRA has issued a directive to the banks which requires them to tighten up the lending criteria for property investors.  This includes a stricter assessment for the borrower's income and increasing the amount the borrower must contribute to the purchase. As a result of the directive from APRA, lenders are now tightening up their lending to investors to meet APRA’s requirements that annual investor lending growth be no more than 10%.


Furthermore, we are finding that many valuations for investment properties are coming in at 10% to 15% lower than purchase prices or because of the new APRA directive to lenders.

As a result, Westpac requires borrowers to contribute 20% of the purchase price.  The other banks have introduced, or are in the process of introducing, similar measures for lending for property investment.  However, one lender based in the Hong Kong Special Administrative Region of the People's Republic of China is offering lending for property investments in Australia, including Melbourne, without the investor having to fund any of the purchase price.   However, one lender based in the Hong Kong Special Administrative Region of the People's Republic of China is offering lending for property investments in Australia, including Melbourne, without the investor having to fund any of the purchase price.  

From Monday, 9 November, you will not be able to buy and sell real property in Victoria without verification of your identity.  This requires a client authorisation and an identity agent certificate.  This is the first step in the process of abolishing paper titles.  As Jansen Walsh & Grace was one of the first law firms in Melbourne to become a PEXA subscriber and has conducted electronic settlements, we can guide you through the process. 

Latest news 

The federal government has announced that it will not implement the recommendation by the Financial System Inquiry (chaired by David Murray) to prohibit limited recourse borrowing arrangements by SMSF superannuation funds.

Small businesses, like consumers, are vulnerable to unfair terms in standard form contracts as they are often offered contracts on a ’take it or leave it‘ basis and lack the resources to understand and negotiate contract terms.

The Treasury Legislation Amendment (Small Business and Unfair Contract Terms) Bill 2015, if enacted, will amend the ASIC Act and the Australian Consumer Law to extend the unfair contract term protections currently available to consumers to cover those businesses with fewer than 20 employees where the contract price does not exceed $100,000, or $250,000 if its duration is more than 12 months.

It will allow unfair contract terms to be declared void or for the contract to continue to bind the parties if it can operate without the unfair term.


Property investment lending just got tighter!  APRA has issued a directive to the banks which requires them to tighten up the lending criteria for property investors.  This includes a stricter assessment for the borrower's income and increasing the amount the borrower must contribute to the purchase.  As a result, Westpac requires borrowers to contribute 20% of the purchase price.  The other banks have introduced, or are in the process of introducing, similar measures for lending for property investment. 

Property investment lending just got tighter!  APRA has issued a directive to the banks which requires them to tighten up the lending criteria for property investors.  This includes a stricter assessment for the borrower's income and increasing the amount the borrower must contribute to the purchase. As a result of the directive from APRA, lenders are now tightening up their lending to investors to meet APRA’s requirements that annual investor lending growth be no more than 10%.


Furthermore, we are finding that many valuations for investment properties are coming in at 10% to 15% lower than purchase prices or because of the new APRA directive to lenders.

As a result, Westpac requires borrowers to contribute 20% of the purchase price.  The other banks have introduced, or are in the process of introducing, similar measures for lending for property investment.  However, one lender based in the Hong Kong Special Administrative Region of the People's Republic of China is offering lending for property investments in Australia, including Melbourne, without the investor having to fund any of the purchase price.   However, one lender based in the Hong Kong Special Administrative Region of the People's Republic of China is offering lending for property investments in Australia, including Melbourne, without the investor having to fund any of the purchase price.  

From Monday, 9 November, you will not be able to buy and sell real property in Victoria without verification of your identity.  This requires a client authorisation and an identity agent certificate.  This is the first step in the process of abolishing paper titles.  As Jansen Walsh & Grace was one of the first law firms in Melbourne to become a PEXA subscriber and has conducted electronic settlements, we can guide you through the process. 

We offer advice on your Contract of Sale before you buy: normally $275, but only $110 (free if you retain us for your conveyance) or$150 for off-the-plan purchases (also free if you retain us for your conveyance).


Buying off-the-plan
Watch out!  Several of our clients have purchased from developers selling properties off-the-plan in order to show the pre-sales to the bank to get finance.   Once the developer gets finance and the dwellings are almost finished, they delay registration and use the "get out of jail" card in the Contract of Sale to terminate the contract and resell the same property at a higher price, often to the same purchaser, who must sign a new Contract of Sale to re-purchase the same property at a higher price.
We offer advice on your Contract of Sale before you buy: normally $275, but only $110 (free if you retain us for your conveyance) or$150 for off-the-plan purchases (also free if you retain us for your conveyance).


Buying off-the-plan
Watch out!  Several of our clients have purchased from developers selling properties off-the-plan in order to show the pre-sales to the bank to get finance.   Once the developer gets finance and the dwellings are almost finished, they delay registration and use the "get out of jail" card in the Contract of Sale to terminate the contract and resell the same property at a higher price, often to the same purchaser, who must sign a new Contract of Sale to re-purchase the same property at a higher price.