New South Wales Bundle

“ In the legal profession the term ‘costs’ refers to the fees and other expenses a practitioner charges a client for their professional services and other payments that arise out of the provision of legal services, including disbursements such as court fees. Costs are one of the most heavily ... ”

“ NSW Land Registry Services Registrar General’s Guidelines ”

“ 1001 Conveyancing Answers (NSW) Papers and Articles – Conveyancing and Property ”

“ Instructions are received in many different ways. A practitioner is likely to begin acting on a purchase after being advised by an agent or their client that a purchase has been negotiated and that details will follow. As the majority of the purchases handled by practitioners are of residential ... ”

“ Taking good instructions The use of precedent Retainer Instructions ensures that all important issues are considered, instructions which cannot be contradicted later are recorded, costs discussed and the scope of the retainer clearly defined. ”

“ By necessity these contracts cover much of the same ground. However, there are some key differences identified in the table below. Both contracts comprise a summary, standard terms and conditions and any added special conditions. The terms and conditions are the subject of copyright and any ... ”

“ Summary, special conditions and standard terms and conditions The contract comprises the summary, the standard terms and conditions and any added special conditions. The terms and conditions in PDF format remain unchanged and the summary is used to amend the terms and conditions or add special ... ”

“ The Law Society have published a 2019 edition of the contract. The Property Law page at the Law Society has further information including a summary of changes, a link to an FAQ and a link to the ECOS site. ”

“ The central issues as to the identity of the purchaser are those relating to tax, tenancy and asset protection. See the dedicated Business structures – Comparative table commentary for more information. ”

“ Identification Those who cannot imagine a mistake in this area easily overlook the need for identification of the property. It seems inconceivable that a contract can relate to a property other than the one inspected by the purchaser, but it happens. ”

“ It must be unambiguous whether or not GST is payable by the purchaser and whether or not it is included in the price. If substantial inclusions are involved then an apportionment of the price may be necessary for tax purposes. Transfer duty is payable on the price inclusive of GST whichever way it ... ”

“ The contract between a vendor and purchaser is the primary document setting out the obligations of the parties. It is an executory document, meaning it establishes the rights and obligations of the parties to be performed over a period of time, culminating with payment by the purchaser of the ... ”

“ This is often an area which leads to dispute. Care should be taken to ensure that all inclusions are stated and any items that a purchaser might consider to be included but aren’t are identified as exclusions. Typically disputes arise over such items as birdbaths, large entrance pots, cubby houses ... ”

“ Commercial building disclosure From 1 November 2011 corporate vendors of office space buildings exceeding 2,000 square metres are required to obtain and disclose a current Building Energy Efficiency Certificate (BEEC). The BEEC needs to include: ”

“ At common law a builder who constructs a building has contractual and tortious responsibilities. The contractual responsibilities are owed to the owner with whom the builder enters into the contract in relation to the building work, and a tortious duty is owed to a subsequent owner to exercise ... ”

“ Both the By Lawyers contract and the Law Society contract are designed to obviate the need for any alterations and additions to the contract. Most practitioners add some special conditions to the Law Society contract, some have many pages often making minor changes to the standard clauses and ... ”

“ Section 52A of the Conveyancing Act 1919 provides that a vendor shall be deemed to have included in the contract such terms, conditions and warranties as may be prescribed and the regulations may make provision for or with respect to the remedies and relief available to a purchaser under a ... ”

“ Waterfront properties and foreshore maritime structures There is no automatic right to use existing foreshore maritime structures, such as jetties, boat ramps and boat sheds enjoyed by a waterfront property. When acting for vendors or purchasers of waterfront property, you must check if there are ... ”

“ Enquiries before exchange Despite the apparent protection of the regime of statutory warranties there is little comfort to be found in rescission or litigation. Thorough inspection before exchange by the appropriate experts and by the purchaser is the best course of action to take to avoid ... ”

“ As discussed above, when using the By Lawyers contract in most matters it will not be necessary to add any special conditions because the special conditions customarily included by vendors in the Law Society contract have already been incorporated in the By Lawyers contract. There is an extensive ... ”

“ Section 54A of the Conveyancing Act 1919 requires the contract to be signed by the parties or their duly authorized agents. Electronic contracts and electronic signatures are acceptable. The authority does not need to be in writing but in practice the other party is unlikely to be satisfied that ... ”

“ Payment of the deposit The deposit is usually paid when the purchaser signs the contract, but the parties may agree to other arrangements. The deposit is usually 10% of the purchase price but may be another amount as agreed by the parties. The deposit is payable upon the making of the contract, the ... ”

“ By post DX in person or fax Exchange can be effected personally, by DX, post or email as is common when speed is wanted and the parties practitioners are distant from each other. The practitioners email each other copies of the executed contract and the special conditions and a copy of the cheque ... ”

“ This statutory cooling-off period was introduced by amendment of the Conveyancing Act 1919 to counter gazumping in a then frenzied market. The legislation is widely avoided by most vendor’s requirement for a 66W certificate which negates any cooling off period. The concept was never really ... ”

“ All major banks have gratefully accepted the risk of asking for very little other than for the registrable documentation to transfer the title to the borrower and insurance. On the other hand many of the other mortgagee’s practitioners ask for everything including many certificates which are ... ”

“ Purchaser’s caveat after exchange As a result of the case Black v Garnock [2007] HCA 31 some lawyers have adopted the practice of registering a caveat after exchange and before settlement. It is suggested that this was an unnecessary additional expense for the purchaser in a field where cost ... ”

“ It is standard procedure for the vendor’s practitioner to write to mortgagees to arrange discharge of their mortgages which they are obliged to do as they cannot clog the equity of redemption. No such obligation attaches to a caveator and, it is therefore prudent before exchange to ensure a ... ”

“ The requirement for purchasers to withhold the GST and remit it to the commissioner on taxable supplies of certain real property under subdivision 14-E Schedule 1 of the Taxation Administration Act 1953 came into force on 1 July 2018. Subdivision 14-E applies to all contracts that settle after 1 ... ”

“ These enquiries are usually made to negate any adverse affectation by proposals of public authorities. Certificates from the council, the WaterNSW and Revenue NSW reveal the rates and taxes applicable to the property facilitating adjustments to be made for settlement. It is common for enquiries are ... ”

“ Historically, the common law held that risk passed upon sale and that while the vendor was in the position of a trustee for the purchaser during the contract period, the risk of any deterioration to the property during that period fell upon the purchaser. Statute reverses the common law position ... ”

“ The Duties Act 1997 creates and charges a number of duties. Revenue NSW administers the Act. Duty is payable on a writing evidencing the dutiable transaction. If no writing exists then the Act gives the commissioner the power to require the writing and levy the duty. Revenue NSW may impound an ... ”

“ Clause 8 of the By Lawyers contract sets out the vendor warranties and clause 21 provides the contractual remedies for breach of those warranties and other situations. Under clause 7 of the Law Society contract if an error or misdescription in the property contracted to be sold as against the ... ”

“ A contract for the sale of land is an executory contract, meaning that the parties will carry the contract into effect some period of time after the contract is made. This may be contrasted with a contract for the sale of an ice cream, which is completed at the time that the agreement is made. This ... ”

“ Purchaser against vendor Inclusions commonly cause disputes between a vendor and a purchaser. The contract includes the land and all improvements, which includes all fixtures that form part of the property but will only include those chattels that are specifically listed in the contract, leaving ... ”

“ Notices generally Ownership of land requires the owner to have a relationship with many other people and organisations in relation to the land, for instance neighbours, local councils and other authorities. These relationships may result in these third parties taking a particular interest in the ... ”

“ Supporting evidence for the transaction must be kept for at least seven years from the date of lodgement. This includes the Verification of Identity and Client Authorisation, as well as any supporting evidence for the transaction, for example, statutory declarations, duties supporting evidence, ... ”

“ With the introduction of electronic conveyancing it is important to establish if there is a ‘paper’ certificate of title or an ‘electronic’ certificate of title (eCT). Paper certificates have a certificate authentication code (CAC) which is used to evidence control of the right to deal for an ... ”

“ eNOS (electronic notice of sale) is a voluntary system launched by NSW Land Registry Services which allows the Notice of Sale (NOS) to be lodged online, without the need to use the hard-copy paper form. All transfers lodged electronically require a Notice of Sale to accompany the dealing. This is ... ”

“ With the introduction of electronic conveyancing it is important to establish if there is a ‘paper’ certificate of title or an ‘electronic’ certificate of title (eCT). Paper certificates have a certificate authentication code (CAC) which is used to evidence control of the right to deal for an ... ”

“ The submission of the transfer or conveyance might be argued to be an acceptance of title and so prudently might be made subject to satisfactory replies to any requisitions. At a paper settlement, the correct execution of the transfer needs to be verified. ”

“ eNOS (electronic notice of sale) is a voluntary system launched by NSW Land Registry Services which allows the Notice of Sale (NOS) to be lodged online, without the need to use the hard-copy paper form. All transfers lodged electronically require a Notice of Sale to accompany the dealing. This is ... ”