Verification of Identity
Conveyancers are now required to hold, for each person they transact a matter for, proof of identity by way of a face-to-face in-person interview. If this cannot be achieved, a client is required to attend in person at a participating Post Office who, for a fee, will perform the Identification Service and thereafter provide a Report. The Report is retained by the Post Office for a period of 7 years and can be accessed whenever proof of identity is required.
First Home Buyers
From 1 July, the First Home Owner Grant amount $10,000 and is available for:
- building a new home under a building contract where the contract price, when added with the land value, does not exceed $750,000
- a new home being built by an owner builder where the value of the land and building does not exceed $750,000 or
- purchasing a new home worth up to $600,000
Provides eligible purchasers with exemptions from transfer duty on both new and existing homes valued to $650,000 and concessions for properties valued between $650,000 and $800,000.
Information on Government benefits can be found at http://ww.osr.nsw.gov.au/benefits/
Swimming Pool Legislation
From 29 April 2013, property owners must register their swimming pool. The web address to register is www.swimmingpoolregister.nsw.gov.au. Non registration attracts a penalty of $220.00. It is now a requirement for all Vendors to include in a Contract for Sale either a Swimming Pool Compliance Certificate or a Swimming Pool Certificate of Non-Compliance.
PEXA (Property Exchange Australia)
PEXA provides a secure platform for the electronic transfer of funds and lodgement of land registry documents. Settlements conducted in PEXA :
- reduce the time spent preparing instruments (ie discharges etc)
- remove the need to physically attend settlement
- reduces the risk of a delay in settlement due to documentation errors/misplacement
- removes the need to obtain or receive bank cheques - funds are electronically deposited as clear funds on the day of settlement
- real-time lodgement of Land Registry documents
It will only be a matter of time before it will be mandatory for settlements to be carried out in PEXA. The PEXA settlement fee is currently set at $107.80 and is deducted from funds received/paid at settlement. Barbara Gill Conveyancing endorses PEXA settlements as a safe and trustworthy means of transacting property transfers.