OFRM Property

22/10/2018

Property lawyers are often overlooked when buying or selling. However, they play an integral part in your property transaction. They are just as important as having a good real estate agent and being on top of your finances.

Photo by Leah Ladson Photography.

15/10/2018

https://ofrm.com.au/blog/2014/01/24/building-defects-what-you-should-know-before-talking-to-your-builder
Do you have a brand new house? Did you know that when you contracted your builder, they are aware that their work is guaranteed for 6 years. If you are having issues with your home within this time period, read through Riley Driscoll's article on the steps to take to resolve such issues.

So you have moved into a new house and everything is perfect. However, what happens if you walk into your new home one afternoon and the roof is leaking, the plaster is bowing and your carpet has been destroyed.

07/10/2018

https://ofrm.com.au/blog/2017/3/6/be-up-front-with-your-contract-of-sale-conditions
Are you selling property? Mark O'Farrell pens why it is important to be up front with your contract of sale conditions in order to ensure smooth sailing when you sell your property.

Nobody likes surprises and when the emotions of a property sale are running high unexpected conditions to the contract of sale can cause unwanted friction. Be up-front with the conditions and everything will be smoother.

05/10/2018

https://ofrm.com.au/blog/2017/3/17/im-selling-a-property-what-is-a-section-32
Not sure what Section 32 is? Click on the link to find out what the term means, and trust us, it will come in handy when buying or selling property!

When selling your property you will need to provide a "Section 32" . This is a legislated document containing important information for your prospective buyers. 

01/10/2018

https://ofrm.com.au/blog/2017/6/30/title-searches-and-final-searches
Wondered what a 'final search' is or have you ever heard of the Torrens System? Click on the attached link to read about the importance of title searches and when a final search takes place!

Our property title system is fundamental to proving ownership and there are checks in place to ensure nothing changes on a title between signing a contract and finalising settlement.

28/09/2018

https://ofrm.com.au/blog/2017/3/29/pensioner-concessionexemption-on-stamp-duty
Stamp duty. Know much about it? That's what we're here for! Did you know if you're a pensioner you may be eligible for a concession or exemption on stamp duty? Read our blog post to find out if you would be eligible!

Pension and concession card holders may be eligible for a once-ever reduction on the stamp duty when they purchase a home. With everything like this there are rules and this article outlines the high-level criteria to be considered.

23/09/2018

Our team of Property Law experts are always ready to assist in your Property matter. The OFRM Property Law team strive to deliver you positive results in a timely manner. Our professionalism and diligence sets us apart from the pack. Pop into our Queen Street offices and say hello from Monday to Friday, or book an appointment online: https://ofrm.com.au/book-now

21/09/2018

https://ofrm.com.au/blog/2017/4/28/lost-title-applications
So, you are thinking of selling your property - or maybe you are taking out a loan and your bank wants your Certificate of Title as security - but, you have no idea where your Title is! Where do you begin? Find out what steps you should take if hunting for your Title in the attached blog post.

If you need a property's Certificate of Title for security and think you may have lost it, apart from looking again it you may need to complete a Lost Title Application and have it replaced.

17/09/2018

https://ofrm.com.au/blog/2017/10/27/the-new-client-authorisation-form-explained
The client authorisation form is required with the sale and purchase of property. This is a one page document on an online system, and once signed by purchasers/vendors, authorises lawyers to do the following on their behalf:
1. Sign necessary documents on behalf of the client;
2. Lodge documents with Land Victoria;
3. Undertake the financial settlement of the property transaction;
4. Anything else necessary to complete the transaction.

Find out when the client authorisation is needed by reading the attached blog post.

For further information, call us on 03 5445 1000! 😁

The move to online conveyancing has created the need for a Client Authorisation Form.

16/09/2018

https://ofrm.com.au/blog/2015/6/5/gst-and-property-commerical-and-farming-exemptions
After Monday's blog post about GST and your property, here's a follow up post about how GST interacts with commercial concerns and farming property.

If you have any questions regarding Property Law, give our team a call to book an appointment or visit here: https://ofrm.com.au/book-now

This is the second of two articles on GST and property transactions. This time Joshua Ennis covers the sale of a commercial business as a going concern and farming land.

13/09/2018

Unsure what we can do to help? Contact our team when you first start to think about selling a property or if you're on the market to buy one! The sooner you get our help, the faster the process, so make sure you book an appointment online if any of those are on your agenda! https://ofrm.com.au/book-now

10/09/2018

https://ofrm.com.au/blog/2015/6/3/gst-and-property-using-the-margin-scheme-to-increase-profit
If you are registered or required to be registered for GST and you sell a property - even residential - you may be required to charge GST.
This can be an issue when selling to a purchaser who is not registered for GST as they cannot claim any input credit, leaving them out of pocket on that amount. It effectively means the price you hope to get for the property will be 1/11th above the rest of the GST free market or you will need to reduce your profit margin to stay competitive.
However, there are ways you can minimise or even eliminate the need to charge GST. Read the attached blog to find out more! 🤔

Nobody wants to pay more tax than they have to, and when many of us are used to buying and selling our homes without GST, we might not give it a thought when we buy to renovate and sell onwards. In this first of two articles on GST and Property  we take a look at the Margin Scheme.