Property Law

In Australia, whether you are selling or purchasing real property, it is essential to engage the services of a solicitor or a licensed conveyancer. This is because the conveyancing process involves substantial legal documentation. At Auslaw Partners, our legal services include: reviewing the contract of sale and providing legal advice; conducting standard legal searches and verifications (including current title search, water rates, council rates and land tax clearance certificates); exchange of contracts (if applicable); preparation of transfer documents and other settlement documentation; and terminating the contract in accordance with its terms.

On the morning of the settlement date, the purchaser’s solicitor will conduct a final title search to confirm that there have been no changes to the property’s registered particulars and that no adverse interests have been registered, except for any known encumbrances. Settlement is usually conducted between 2.00 pm and 4.00 pm. Representatives of the purchaser’s solicitor, vendor’s solicitor, purchaser’s mortgagee and vendor’s mortgagee attend the appointed place and time to verify the accuracy of all documents and cheques before exchanging the transfer documents, release of mortgage/discharge documents, and cheques. Once exchanged, settlement is complete. Both parties’ solicitors will notify their clients immediately, the real estate agent will be instructed to release keys to the purchaser and remit the deposit balance to the vendor (less the agent’s commission). PEXA electronic settlements are now the mainstream conveyancing method due to their convenience, certainty and security. PEXA ensures timely settlement without the purchaser needing to obtain bank cheques, and allows the vendor to access sale proceeds more quickly. Auslaw Partners is a registered PEXA user and can facilitate your settlement electronically, ensuring a smoother process.

What types of property ownership exist for land development in Australia? Under Australian property law, co-ownership generally takes two forms: Joint Tenancy and Tenancy in Common. Other ownership structures include Sole Ownership, Tenancy in Partnership, Co-ownership by corporations, and Trust or Family Trust ownership. Where two or more persons purchase land, the form of co-ownership must be specified on transfer. If not specified, the title will be recorded as equal Tenancy in Common by default.

Your investment capacity is determined by your visa status. Before proceeding, you should consult with a migration lawyer to confirm eligibility. Typically, the following visas permit overseas investment: Business Innovation and Investment (Permanent) visa – Subclass 888, Business Owner visa – Subclass 890, and Business Talent (Permanent) visa – Subclass 132. Holders of certain visas, such as the Visitor visa – Subclass 600, may not meet the Foreign Investment Review Board (FIRB) requirements and may be ineligible to invest.

Foreign investors must obtain FIRB approval. You must also be aware of relevant government policies on your intended business investment, especially taxation and subsidies. Non-citizens and non-permanent residents (including temporary residents) must secure FIRB approval before acquiring property. FIRB considerations include the business contract, staffing levels, existing leases, lease terms and rental amounts.

Land tax is an annual tax payable by landowners, calculated on the taxable land value—the unimproved value of the land excluding improvements. For example, a property with a market value of AUD 1.2 million might have a land value of AUD 500,000. Rates and thresholds vary between states and territories. The Northern Territory does not levy land tax.

Funded by the Australian Government and administered by the Office of State Revenue (OSR), the FHOG assists eligible first home buyers to purchase or build a principal place of residence. Eligibility is restricted to Australian citizens or permanent residents purchasing residential property. Grant amounts vary between states and projects. In Queensland, for contracts signed on or after 1 July 2018, the FHOG is AUD 15,925. Applications must be lodged with OSR within 12 months of settlement or completion of construction.