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Don’t get caught out – Be aware of what constitutes a “terms contract” when selling an interest in land

When parties negotiate settlement terms of a contract of sale of real estate, particularly when it is a long term settlement, they can inadvertently structure the terms of the transaction in a way where the contract is deemed to be a ‘terms contract’ under the Sale of Land Act 1962 (t
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What is “Protection Work” under the Building Act 1993 (Vic)?

For the uninitiated, being served with a Form 3 “Protection Work Notice” can be confusing. We have endeavoured to provide a short explanation of what “Protection work” actually is, and the process involved. Building Permit If a building permit is required, then
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Neighbourhood Tree Disputes

Written submissions to the VLRC inquiry into neighbourhood tree disputes closed on 28 February 2018. Practitioners in this area will await the outcome of the inquiry with bated breath. In the interim, the consultation paper prepared by the Commission contains an impressive recap of th
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New GST Rules Affecting Property Transactions – ATO cracking down on developers who avoid paying GST

How these new obligations will affect both developers and purchasers Treasury has released draft legislation which proposes a new process for the remittance of GST to the ATO for property transactions that relate to the supply of “new residential premises”. Why the Changes The purpose
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The widening definition of “Retail Premises”: Is your commercial lease affected?

The Supreme Court of Victoria’s recent decision in IMCC Group (Australia) Pty Ltd v CB Cold Storage [2017] VSCA 178 has confirmed that a wide interpretation of ‘retail premises’ should be used for the purposes of the Retail Leases Act 2003 (Vic) (Act).  This included a finding that ‘t
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Vendors Beware – Purchasers Of Australian Property Worth $750,000 Or More May Now Be Required To Withhold 12.5 Per Cent Of Purchase Price At Settlement

If you are a vendor or purchaser of an Australian property with a market value of $750,000 or more, the Government’s recent reforms to improve housing affordability may directly affect you. The Government announced, as part of the 2017-18 Budget, that purchasers of certain taxable Aus
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Land banking and primary production exemption from land tax – are they mutually exclusive?

At first thought, ‘land banking’ and primary production exemption from land tax would appear to be mutually exclusive. A landowner’s intention when land banking is to profit from future sale of its land, which is significantly different to the intention of a landowner that uses its la
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From 1 July 2017 stamp duty will be payable on certain transfers between spouses and domestic partners

The stamp duty exemption on transfers of property is about to change. The Victoria Government pursuant to its 2017 Budget and the introduction of the State Taxation Acts Amendment Bill 2017[1] (the Bill) intends to withdraw the exemption for payment of stamp duty between spouses and d
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Variations to the plan of subdivision – Are you jeopardising your presales?

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Securing presales is a critical aspect of any property development project – but that’s only half the battle. The trick is making sure they settle. Long construction lead times and project delays mean settlement may not occur until up to several years after a purchaser signs a c
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Managing Settlement Risk

Ted Vlahos, Director at Pointon Partners, writes about managing settlement risk in high-volume, off-the-plan transactions in the current property development market. This article was recently published on page 6 in Marshall White’s newsletter. MW Project Market Newsletter_E10_V9
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