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Conveyancing VIC

6 February 2017 by By Lawyers

Conveyancing

FEBRUARY 

  • Commentary updated to include a discussion of priority notices which were introduced in Victoria in late 2016.

JANUARY 

  • Additions to the commentary to discuss caveats and special conditions concerning the conduct of auctions.
OCTOBER
  • Commentary update regarding Land Tax Regulations 2015 and notices of dispossession of land no longer required by SRO.
  • Commentary added discussing valid clearance certificates for foreign residents.
  • Costs Agreement
    • Clause added on payment of fees when purchaser not proceeding.
    • Disputes section improved, fields for client and firm details added, trust account details added, solicitor’s lien added, execution clauses for individuals and corporations added and general formatting and grammatical improvements.
    • Included reference to time limit for bringing costs assessment, total estimate of legal costs section with provision for variables, and authority to receive money into trust.
AUGUST 
  • Sale of Real Property – commentary updated to include discussion on bringing co-ownership arrangements to an end via partitioning.
  • Sale and Purchase of Real Property commentaries – further content on Foreign Resident Capital Gains Withholding Payments added
  • Purchase of Real Property – major restructure to ensure commentary follows the natural progression of a typical purchase.
MAY
  • Included foreign resident capital gains withholding payments when over $2 million to all necessary precedents, commentaries and contracts.
APRIL 
  • New precedent added – General advice to purchasers.
  • File Cover Sheets for all publications have been completely re-formatted for a better look.
MARCH
  • New section included in the commentary on powers of attorney for land transactions to accompany power of attorney precedents.
FEBRUARY
  • Making life a little easier for practitioners – look out for Blank Deed, Agreement and Execution Clauses folder in the matter plan at the end of each Getting the Matter Underway.

Filed Under: Conveyancing and Property, Publication Updates, Victoria Tagged With: conveyancing updates

Mortgages NSW

1 December 2016 by By Lawyers

NOVEMBER 
  • Letter to owners corporation section 22 notice – Update for commencement of the Strata Schemes Management Act 2015 the Strata Schemes Development Act 2015 and their accompanying regulations on 30 November 2016.

Filed Under: Conveyancing and Property, New South Wales, Publication Updates Tagged With: mortgages

Priority Notice

24 November 2016 by By Lawyers

Land Titles Office will introduce the Priority Notice in December 2016

2014PresBlog_27AugAs part of the shift from paper-based conveyancing to electronic conveyancing the Land Titles Office will introduce Priority Notices in December 2016. This facility is viewed by the LTO as an important tool in the prevention of fraud in the electronic environment and is supported by s 91C Transfer of Land Act.

Traditionally the paper title has been a bulwark against fraud, with a person dealing with the title having an expectation that the paper duplicate would be produced at settlement. However, removal of the paper title in the electronic environment, hastened by the bulk conversion of over 2 million titles held by the Big Four banks on the weekend of 22 October 2016, means that the ‘protection’ provided by a paper title is diminishing. Priority Notices are intended by the Registrar to constitute a ‘unique baton’ to provide protection during the settlement period.

It is intended that a person dealing with the registered proprietor of land will lodge a Priority Notice to foreshadow that a dealing will be lodged at a future time and will thereby ‘protect’ that dealing. The Priority Notice can only be lodged electronically (presently using PEXA) whether the foreshadowed transaction will be conducted in paper or electronically.

Priority Notices resemble the familiar caveat in many ways. Indeed, there is little difference between the two and practitioners may be hard pressed to decide which of the two to lodge.

Virtues of the Priority Notice are:

  • will appear on any search of the relevant title;
  •  gives notification to the world of an intended dealing;
  •  may be lodged in respect of any intended dealing;
  •  temporarily prevents the registration of any other dealing; and
  • gives priority for 60 days from recording of the Priority Notice on the Register to the instrument foreshadowed in the Priority Notice;

A person lodging an instrument, such as a Transfer of Land, within 60 days of lodging a Priority Notice foreshadowing that Transfer is therefore entitled to expect that the Transfer will be registered in priority to any other dealing lodged during that 60 day period.

Disadvantages of a Priority Notice are:

  • cannot be amended;
  • consent cannot be given to registration of a dealing not protected by the Notice;
  • can be withdrawn and re-lodged, but priority will be lost to any dealing awaiting registration;
  • lapses after 60 days; and
  • a subsequent competing dealing lodged in the 60 day period will be registered immediately the Priority Notice expires.

From the Registrar’s point of view, the Priority Notice regime is an improvement on Caveats as the Registrar is NOT obliged to give notice to the registered proprietor of lodgement of a Priority Notice. There is no doubt that the obligation to give notice (often to an old address) imposes a considerable administrative burden on the Registrar, as does the need to play a role in the removal of caveats by disgruntled registered proprietors. The Priority Notice regime involves much less participation by the Registrar and refers all disputes immediately to the court, with the potential to make orders for removal and compensation. Presumably, as the Priority Notice has a limited life span of 60 days, disputes may be resolved by the effluxion of time, although there will no doubt be circumstances where a registered proprietor may need to seek the assistance of the court.

Caveats appear to provide all of the benefits of Priority Notices and few of the disadvantages in that caveats:

  • may be amended;
  • consent can be given to registration of a dealing: and
  • do NOT automatically expire.

It is this latter point that will have practitioners thinking. 60 day settlements are common, as are 90 day settlements. Both can unexpectedly blow out and so lodging a Priority Notice when entering into a 60 or 90 day contract may find the Priority Notice expiring shortly, or even well, before final settlement leaving the Transfer unprotected. A protocol of lodging 30 days prior to the anticipated settlement date may overcome this problem, but leaves the prior contractual period unprotected.

The small price differential between lodging a Caveat or a Priority Notice will not affect this decision.

Like many of the changes flowing from electronic conveyancing, we will just have to see how they work out at the coalface.

TIP 

Priority Notices are intended to provide protection against fraud

The limited lifespan of Priority Notices may cause concern

Filed Under: Articles, Conveyancing and Property, Publication Updates, Victoria Tagged With: Conveyancing & Property, electronic, fraud, notice, prevention, priority

Leases NSW

12 October 2016 by By Lawyers

OCTOBER 
  • Costs Agreements
    • Disputes section improved, fields for client and firm details added, trust account details added, solicitor’s lien added, execution clauses for individuals and corporations added and general formatting and grammatical improvements.
    • Included reference to time limit for bringing costs assessment included total estimate of legal costs section with provision for variables and included authority to receive money into trust.
SEPTEMBER 
  • LEASE – Retail – Annexures A and B – Mortgage consent fees have been updated accordingly.

Filed Under: Conveyancing and Property, New South Wales, Publication Updates Tagged With: conveyancing, leases, updates

Conveyancing QLD

12 September 2016 by By Lawyers

Conveyancing

OCTOBER
  • Costs Agreements
    • Disputes section improved, fields for client and firm details added, trust account details added, solicitor’s lien added, execution clauses for individuals and corporations added and general formatting and grammatical improvements.
    • Clause on recovery of fees added when purchaser not proceeding.
AUGUST
  • Purchase and Sale of Real Property commentaries – further content on Foreign Resident Capital Gains Withholding Payments added.
  • Sale of Real Property – commentary updated to include discussion of how co-ownership may be brought to an end via partitioning.
JUNE
  • Update First Home Owners’ Grants for 1 July 2016 changes.
MAY
  • Foreign resident capital gains withholding payments amendments made to Commentaries and Retainer instructions.
  • Include foreign resident capital gains withholding payments when over $2 million to all necessary precedents and to do lists.
APRIL
  • File Cover Sheets for all publications have been completely re-formatted for a better look.
MARCH
  • New section included in the commentary on powers of attorney for land transactions to accompany power of attorney precedents.
FEBRUARY 
  • Making life a little easier for practitioners – look out for Blank Deed, Agreement and Execution Clauses folder in the matter plan at the end of each Getting the Matter Underway.

Filed Under: Conveyancing and Property, Publication Updates, Queensland Tagged With: conveyancing, property, updates

Conveyancing SA

12 September 2016 by By Lawyers

Conveyancing

OCTOBER
  • Sale and Purchase of Real Property – added in commentary discussing foreign resident clearance certificates.
  • Purchase of Real Property Commentary – clause added on payment of fees when purchaser not proceeding.
  • New Precedents
    • To do list – Sale of real property
    • To do list – Purchase of real property
  • Costs Agreements
    • Disputes section improved, fields for client and firm details added, trust account details added, solicitor’s lien added, execution clauses for individuals and corporations added and general formatting and grammatical improvements.
    • Clause on recovery of fees added when purchaser not proceeding.
AUGUST
  • Sale of Real Property – commentary updated to include discussion on bringing co-ownership arrangements to an end via partitioning.
  • Sale and Purchase of Real Property commentaries – added further content on Foreign Resident Capital Gains Withholding Payments.
MAY
  • Foreign resident capital gains withholding payments amendments made to Commentaries and Retainer instructions.
  • Include foreign resident capital gains withholding payments when over $2 million to all necessary precedents and to do lists.
APRIL
  • File Cover Sheets for all publications have been completely re-formatted for a better look.
MARCH 
  • New section included in the commentary on powers of attorney for land transactions to accompany power of attorney precedents.
FEBRUARY
  • Making life a little easier for practitioners – look out for Blank Deed, Agreement and Execution Clauses folder in the matter plan at the end of each Getting the Matter Underway.

Filed Under: Conveyancing and Property, Publication Updates, South Australia Tagged With: conveyancing, property, updates

Conveyancing TAS

12 September 2016 by By Lawyers

Conveyancing

OCTOBER
  • Added commentary discussing valid clearance certificates for foreign residents.
  • Costs Agreements
    • Clause added on payment of fees when purchaser not proceeding
    • Added client and firm fields company execution clause trust account details solicitor’s lien.
    • Disputes section improved, fields for client and firm details added, trust account details added, solicitor’s lien added, execution clauses for individuals and corporations added and general formatting and grammatical improvements.
AUGUST
  • Sale of Real Property – commentary updated to include discussion on bringing co -ownership arrangements to an end via partitioning.
  • Sale and Purchase of Real Property commentaries – further content on Foreign Resident Capital Gains Withholding Payments added.
MAY
  • Foreign resident capital gains withholding payments amendments made to Commentaries and Retainer instructions.
  • Include foreign resident capital gains withholding payments when over $2 million to all necessary precedents and to do lists.
APRIL
  • File Cover Sheets for all publications have been completely re-formatted for a better look.
MARCH
  • New section included in the commentary on powers of attorney for land transactions to accompany power of attorney precedents.
FEBRUARY
  • Making life a little easier for practitioners – look out for Blank Deed, Agreement and Execution Clauses folder in the matter plan at the end of each Getting the Matter Underway.

Filed Under: Conveyancing and Property, Publication Updates, Tasmania Tagged With: conveyancing, property, updates

Mortgages QLD

11 August 2016 by By Lawyers

Mortgages

OCTOBER 
  • Costs Agreements
    • Disputes section improved, fields for client and firm details added, trust account details added, solicitor’s lien added, execution clauses for individuals and corporations added and general formatting and grammatical improvements.

April 

  • File Cover Sheets for all publications have been completely re-formatted for a better look.
  • Mortgages Commentary added on verification of identity requirements.

February 

  • Making life a little easier for practitioners – look out for Blank Deed, Agreement and Execution Clauses folder in the matter plan at the end of each Getting the Matter Underway.

Filed Under: Conveyancing and Property, Publication Updates, Queensland Tagged With: mortgages, updates

Mortgages VIC

11 August 2016 by By Lawyers

Mortgages

OCTOBER
  • Costs Agreements
    • Disputes section improved, fields for client and firm details added, trust account details added, solicitor’s lien added, execution clauses for individuals and corporations added and general formatting and grammatical improvements.
    • Included reference to time limit for bringing costs assessment included total estimate of legal costs section with provision for variables and included authority to receive money into trust.
JULY
  • The commentary was amended to note that from 1 August 2016, authorised deposit-taking institutions (ADIs) must register stand-alone mortgages and discharges via PEXA.
APRIL
  • File Cover Sheets for all publications have been completely re-formatted for a better look.
FEBRUARY
  • Making life a little easier for practitioners – look out for Blank Deed, Agreement and Execution Clauses folder in the matter plan at the end of each Getting the Matter Underway.

Filed Under: Conveyancing and Property, Publication Updates, Victoria Tagged With: mortgages

Conveyancing NSW

3 January 2016 by By Lawyers

Conveyancing updates

JANUARY 2017
  • ALERT – Requisition Fees – From 1 January 2017, LPI will charge fees for requisitions sent in relation to documents, plans and associated instruments lodged for registration. The fee for a requisition in relation to a dealing, application, request or caveat will be $50. The fee for a requisition in relation to a plan or associated instrument will be $100.
DECEMBER 2016
  • Contract for sale of land – By Lawyers 2016 – Part 1 of 2 – Included Co-Agent on the front page
NOVEMBER 2016
  • Update information regarding strata schemes for commencement of the Strata Schemes Management Act 2015 the Strata Schemes Development Act 2015 and their accompanying regulations on 30 November 2016. Expand commentary on priority notices which can be lodged via PEXA from 28 November 2016.
  • Include reference to OSR Purchaser Declaration on required precedents
OCTOBER  2016
  • Retainer instructions – Sale and Purchase of real property – added s. 47 requirements
  • Costs Agreements
    • Included reference to time limit for bringing costs assessment included total estimate of legal costs section with provision for variables and included authority to receive money into trust.
    • Disputes section improved, fields for client and firm details added, trust account details added, solicitor’s lien added, execution clauses for individuals and corporations added and general formatting and grammatical improvements.
  • Purchase of Real Property – clause added on payment of fees when purchaser not proceeding
SEPTEMBER 2016
  • Purchase of Real Property
    • added case law concerning off the plan contracts for sale
    • reviewed Detailed Cover Sheet to include Mortgagee
  • Sale of Real Property
    • content added in discussion of case law concerning off the plan contracts for sale
AUGUST
  • Sale of Real Property
    • Retainer Instructions – clarify home building warranty for owner builders
    • commentary has been expended to include discussion of circumstances where co-ownership of property can be brought to an end via partitioning
  • Purchase of Real Property
    • commentary on caveat after exchange moved and new commentary on priority notices added
    • further content added on Foreign Resident Capital Gains Withholding Payments
    • Retainer instructions – include reference to purchaser declaration and surcharge duty. Update home warranty information.
MAY
  • By Lawyers Contract for Sale of Land has been updated to 2016 Edition.
  • Included foreign resident capital gains withholding payments when over $2 million to all necessary precedents, commentaries and contracts.
  • Added to Commentary – Verification of identity including new RPA Conveyancing Rules.
APRIL
  • New ‘to do list’ item – Foreign resident CGT withholding payments check.
  • File Cover Sheets for all publications have been completely re-formatted for a better look.
MARCH
  • Alert for swimming pool certificates required from 29 April 2016 added
  • New section included in the commentary on powers of attorney for land transactions to accompany power of attorney precedents.
FEBRUARY
  • Making life a little easier for practitioners – look out for Blank Deed, Agreement and Execution Clauses folder in the matter plan at the end of each Getting the Matter Underway.
JANUARY
  • Added commentary in Purchase on declarations of trust and a potential double stamp duty pitfall.

Filed Under: Conveyancing and Property, New South Wales, Publication Updates Tagged With: contract, conveyancing, property, purchase, sale

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