To kick off the new year, we’ve compiled a list of the five most read conveyancing articles of 2018 in South Australia.
We know that for some, you’d prefer to absorb content by sitting back and watching a video, so we’ve gone an extra step and included links to video explainers for two of the articles.
And of course, please feel free to share any of these links with friends and family who might soon be needing a conveyancer.
Transferring your house to your spouse: Insights from a conveyancer
Intriguingly, for a second consecutive year, this article from 2013 is right at the top of the reading statistics from the past 12 months.
Of course, relationships are central to life, so it makes sense that there’d be continuing interest in this topic as couples come together or move apart.
Conveyancers play a role in this process for couples as they transfer all or part of the ownership of a matrimonial home between partners or former partners.
You can read this article here: Transferring your house to your spouse: Insights from a conveyancer.
The mystery and misery of Moiety titles
This is one of the quirks of real estate in South Australia. You should be aware of Moiety Titles as some units or maisonettes can be setup as a Moiety Title and not Strata or Community Titles.
These titles are different as they can mean that owners don’t actually buy the land but rather they can lease a share of the building and the right to dwell in it, along with access to common areas.
You can read the original article here: The mystery and misery of Moiety titles.
Deed of Assignment and Letters of Nomination and Agency: Revenue SA update by Brad Eckermann and/or nominees
This article (published in 2015), covers Revenue SA’s ruling in effectively removing the need for Real Estate agents to continue the practice of including ‘and/or Nominee(s)’ after the Purchaser’s name on a contract when selling property in South Australia.
Prior to this ruling, Revenue SA and its predecessors had been pedantic whenever the Transferee on a Transfer has been different from the Purchaser named on the Contract. The change hinges on the fact that Revenue SA advised that the Purchaser has a common law right to direct the Vendor to transfer the property to any entity it desires without the requirement for any further documentation.
At Eckermann Conveyancers we will always confirm with the Purchaser the exact entity that is purchasing the property before we prepare Transfer documents, even when an Agent has still written ‘and/or nominee’ or not.
You can read the original article here: Deed of Assignment and Letters of Nomination and Agency: Revenue SA update by Brad Eckermann and/or nominees
Why does the settlement process take so long? A conveyancer unlocks the mystery
For people new to the housing market, it can be mystifying as to why four to six weeks are needed after the signing of the contracts to reach settlement.
First published in 2014, but updated in April last year, this article unlocks some of the mystery about the process.
Since publishing the original article, we created a simple conveyancing explainer video that captures all the key points about settlement durations. You can find the video here: How long does settlement take? A quick overview by a conveyancer
You can read the original article here: Why does the settlement process take so long? A conveyancer unlocks the mystery
Pay attention or pay a penalty: New GST withholding rules for residential premises and land
Published in June, this article addressed the new GST withholding rules (which took effect from 1 July 2018), which the government now applies to sales of new residential premises and land.
These new rules apply to specific real estate types, namely ‘new residential premises’ or ‘potential residential land’, such as land that has been newly subdivided.
It is important to note that not only are there exceptions to these withholding rules, but it is the buyer / purchaser and not the seller or developer who needs to pay or “withhold” the GST from the sale.
If you missed this article the first time round, now is the time to pause and review the new responsibilities because ALL parties to a transaction are affected, including real estate agents and conveyancers.
You can read the original article here: Pay attention or pay a penalty: New GST withholding rules for residential premises and land
We hope your summer is proving to be relaxing and is helping you rejuvenate, ready for a prosperous 2019!