Section 27 Deposit Release – Our Policy on Early Deposit Release

Russell Cocks, a leading property lawyer in Victoria and author of numerous articles relating to property law, wrote a comprehensive article on the early release of deposits under Section 27 of the Sale of Land Act 1962 titled “Deposit Release – Why Take the Risk?“. Mr Cocks’ conclusions and warnings, together with those of other leading industry commentators, have informed our policy of automatically objecting to the early release of deposit, and our advice to purchaser...

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Section 27 Deposit Release – How to Obtain a Bank Confirmation Letter

Obtaining a letter to support a Section 27 Deposit Release Statement can be difficult. Most bank employees are professional and helpful, but unfortunately some  regard mortgage discharges as cumbersome and less lucrative than new home loans. To ensure that you are not dismissed by bank staff when you seek information for your Section 27 Deposit Release Statement, or for a letter confirming the information you have entered into your Section 27 Deposit Release Statement, use the...

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Section 27 Deposit Release – How to Understand the Section 27 Process

In Victoria it is possible for the vendor of residential real estate to have the deposit released before settlement. The procedure for early deposit release, known simply as “the Section 27” takes its name from Section 27 of the Sale of Land Act 1962. However, the process is not as straight-forward as it might seem. The purpose of the deposit The purpose of a deposit is to bind a proposed purchaser to a contract and so secure...

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Estate Agents – Our Policy

We never hear from the good estate agents – they never attempt to “cross the line” by meddling in legal matters or seeking guidance because they are not sure about their role. The good estate agents are are professionals who know their industry, the laws that govern and regulate their industry and the norms and procedures required to ensure that all parties’ interests are protected. Our policy for dealing with estate agents is not directed at...

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Move Over Marx Brothers, Here Comes the Bligh Government

OPINION by Tim O’Dwyer M.A., LL.B Solicitor Consumer Advocate watchdog@argonautlegal.com.au Real estate consumer protection goes west as a result of a convoluted dog’s breakfast amendment to the law, according to Tim O’Dwyer. Linda Lavarch MP noticed two Legal Aid lawyers sitting in the public gallery during a recent session of State Parliament. “They had tears in their eyes as the Attorney rose to speak,” she later told her parliamentary colleagues before explaining how these lawyers saw...

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Landlord’s Legal Letter-Writers Beware

OPINION by Tim O’Dwyer M.A., LL.B Queensland Solicitor & Consumer Advocate watchdog@argonautlegal.com.au Chief Justice of Queensland Paul de Jersey has warned my State’s lawyers, when they write letters of demand on behalf of clients, to be careful before resorting to any “even arguably threatening conduct”. His warning came recently in the course of the dismissal of a disciplinary action taken against Gold Coast solicitor Michael David Sing. This application was made by the Legal Services...

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Silence Is Not Golden In Real Estate Negotiations

by George Rousos Director Industry Training Consultants george@itc.nsw.edu.au     Franois-Marie Arouet, better known by the pen name Voltaire, was a French writer and philosopher famous for his wit and for his advocacy of civil liberties, including freedom of religion and free trade. One of Voltaire?s famous sayings was, and I quote: “We must distinguish between speaking to deceive and being silent to be reserved.” I echo and remark this famous quote of Voltaire?s, often...

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GST and Real Estate Sales

How can you find out if your real estate sale will trigger a liability to pay Goods and Services Tax (GST)? If you are the vendor of residential real estate in a typical real estate transaction, then it is highly unlikely that you will have to pay GST on the sale. However, you are ultimately responsible for determining your tax position, and so it is important to do some homework on the GST and how it...

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Section 32 – Documents Required

What documents do we need for the Section 32 Vendor’s Statement? The following questions can help you decide what we need from you. Please provide all documentation by email as soon as possible. Is it a standard, sale, conveyancing matter? Is the property a unit? Have you completed renovations in the last 7 years? Was the property built in the last 7 years? Is it a standard, sale, conveyancing matter? A standard matter is a...

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Conveyancing Consumer Alert – Beware of the Sneaky Stamp!

Real estate agents have no automatic right to lodge a caveat over a client’s property to secure the payment of commission. So some cunning real estate agents are adding a clause to the agency contract by which the client gives the real estate agent permission to lodge a caveat. If a real estate agent adds a caveat clause, the client may be able to argue that the conduct of the real estate agent is misleading...

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