What does it mean when a Contract is conditional upon obtaining a building or pest inspection?

Property Law

When a purchaser requests a Special Condition, it should be drafted carefully and you should always be careful of using an old precedent clause that might not necessarily be binding. It is always prudent for a lawyer to draft such clauses rather than an agent that will give the agent protection against any claim by a disappointed vendor. It is also important that vendors understand that a "major structural defect" might not be as obvious as everyone thinks!

COVID-19: Guide to new Commercial Lease Regulations in Victoria

Property Law

COVID-19

On 29 September 2020 the COVID-19 Omnibus (Emergency Measures) (Commercial Leases and Licences) Miscellaneous Amendments Regulations 2020 (“The Amending Regulations”) came into effect. The Amending Regulations extend the operation of the COVID-19 Omnibus (Emergency Measures) (Commercial Leases and Licences) Regulations 2020 (Vic) (“the Regulations”) from 29 September 2020 to 31 December 2020. This article highlights some the key changes to the rent relief process established by these Amending Regulations.

Changes to Victorian COVID-19 Rent Relief Scheme

Property Law

COVID-19

On 20 August 2020, the Victorian Treasurer has announced an extension to the existing rent relief scheme and some further measures to assist Landlords and Tenants. The actual Regulations are yet to be released and more detail will invariably follow. In the meantime, we have summarised what has been announced with more information to follow as these changes occur.

Verification of Identity (VOI) and property transactions

Property Law

There are various steps that are required to be completed by your lawyer prior to completing your transaction electronically. These include but are not limited to the formal verification of your identity in addition to completing a client authorisation form. Read our article for further details.

COVID-19: Guide to new Commercial Lease Regulations in Victoria

Property Law

COVID-19

Further rent relief measures are being offered for commercial tenants during COVID-19, firstly introduced through the Code and now coming into effect in Victoria through commercial lease Regulations. We outline the key changes and steps to be taken when negotiating the terms of your commercial lease for both tenants and landlords.

Victorian State Government Commercial Tenancy Relief

Property Law

COVID-19

The Victorian State Government has on 15 April 2020 announced some more commercial tenancy relief measures to assist Landlords and Tenants in resolving a response to COVID-19. In line with implementing National Cabinet’s Mandatory Code of Conduct the Victorian government is encouraging Landlords and Tenants to resolve the economic impacts together and vary their Lease in a manner which works for each of them.

COVID-19 & Leasing – National Cabinet Mandatory Code of Conduct

Property Law

COVID-19

With effect from 3 April 2020, the National Cabinet has issued its principles intended to balance the interest of landlords and tenant in a lease involving SME tenants (being those tenants with a turnover below $50 million) (referred to as ‘the Code’). The basis of the Code remains for Landlords and Tenants to negotiate mutually acceptable arrangements that work through their particular circumstances.

Retail Leases Amendment Bill: Increasing Tenant protection

Property Law

The Retail Leases Amendment Bill 2019, which will amend the Retail Leases Act 2003 has now passed through parliament and will be enacted into law in the coming months. The key changes resulting from the Retail Leases Amendment Bill include changes to Essential Safety Measures, Disclosure Statements, options to renew the Lease, among others.

What is a Restrictive Covenant and how does it affect me?

Property Law

A restrictive covenant is an agreement between parties which restricts the use and benefit of one parcel of land for the benefit of other parcels of land. In most cases, once these agreements are entered into, they are registered on Title. They are not removed once you purchase the property. If you are looking sell your current property, you are required to disclose any existing covenants in your Vendor’s Statement.

Stamp duty and your business: 4 tips and traps

Property Law

If you are considering purchasing or investing in property as part of your business, these stamp duty tips and traps are key factors of which to be aware when making decisions. Recently, the State Government has been finding additional means to raise revenue through stamp duty in Victoria.Below we consider important legislative changes that the State Government has made to the Duties Act 2000 (Vic) and previous exemptions which are now being closely scrutinised by the State Revenue Office (‘the SRO’).

Inactive Owners Corporations

Property Law

Being a member of an Owners Corporation comes with various financial and legal responsibilities. A paramount legal requirement when selling a property subject to an Owners Corporation is to ensure that the Vendor’s Statement specifies all relevant Owners Corporation information including, but not limited to, rates and annual general meeting resolutions. This information is generally contained in an Owners Corporation Certificate, which is prepared by the Owners Corporation Manager (‘OCM’). So, what happens if your Owners Corporation is inactive?

Understanding the Spousal Stamp Duty Exemption

Property Law

Recent changes have modified the conditions required for a spousal stamp duty exemption when transferring property, whether as a married couple or as de facto partners. Read here for more information surrounding the consideration requirements to be eligible to receive this exemption.