For joint proprietors: upon the death of one owner, their interest in the property passes to the surviving owner. The change of name of title is a simple survivorship application with the land titles office. This is usually more common for couples and close family members.

For tenants in common: upon the death of one owner, their interest in the property passes to their estate and to be dealt with in accordance with their will (if they have one) or the laws of intestacy. This means that probate or letters of administration is required before anything can be done with the property. Where property is held as tenants in common, it can be held in equal shares or some other percentage. This is usually more common for business investments.

A purchaser’s caveat is a notice lodged with the land titles office which protects thepurchaser’s interests by:

• Advising anyone who obtains a title search about the caveator’s unregistered interest claimed in the land as purchaser; and
• Directing the registrar of land titles not to register any dealing with the land without notice to the caveator and consent from the caveator.

In other words, a purchaser’s caveat protects purchasers against the following risks:

• That, before registration of the transfer of the property into the purchaser’s name, a creditor of the vendor might lodge a mortgage, charge or writ against the title (something that could go undetected by normal searches);
• That the vendor might fraudulently try to sell the land to a second purchaser, while concealing the earlier sale;
• Identity theft, or stolen or counterfeited title deeds, or forgeries;
• That the vendor might further mortgage the property, leaving not enough equity to pay out the lender when the time comes to settle the purchase.

Where the vendor has requested early release of the deposit before settlement, we highly recommend lodging a purchaser’s caveat.

Please note: if you are purchasing off-the-plan, you may have restrictions in your contract on lodging a caveat.

• Additional duty may be payable if you undertake any land development before you nominate a new purchaser. Land development can include:
  • Applying for a planning or building permit;
  • Preparing or registering a plan of subdivision;
  • Requesting an amendment to a planning scheme;
  • Doing any building works that would require a permit;
  • Developing or changing the land in any way that would enhance its value;
• Additional duty may be payable if the nominee gives you money and or some other consideration for the nomination;
• you need to comply with any conditions in the contract of sale about nomination;
• a fee may be payable to the vendor for a nomination; and
• we will need to prepare nomination documents.

Depending on your circumstances, you may be eligible to claim duty concessions such as principal place of residence, off-the-plan, first home buyers and pensioner.

Always check with us or the State Revenue Office for the current concessions that are available and the eligibility criteria.

Note that most duty concessions have a residence requirement – if your circumstances change, you are required to notify the State Revenue Office within 30 days and you may be required to pay back the amount of any concession that you have received. If you fail to notify the State Revenue Office, interest and penalties may charged.

This is a deposit statement made by the vendor pursuant to section 27 of the Sale of Land Act (Vic) 1962 to request early release of the deposit prior to settlement. The section 27 deposit statement provides details of any encumbrances registered over the title to the property.

The purchaser has up to 28 days after service of the section 27 deposit statement to object to early release of the deposit.

Where the contract is unconditional and the section 27 deposit statement discloses that there is sufficient equity in the property, it would be appropriate for the purchaser to consent to early release of the deposit.

If the purchaser does not provide a response, the deposit can be released after the expiry of the 28 day period.

Fixtures are included in the sale. A fixture is something which is so affixed to the property that damage would be caused to it or the property if it were removed, for example a built-in wardrobe. Chattels are NOT included in the sale. Chattels are things that can easily be removed without damage, for example a freestanding washing machine that plugs into a power point.

The contract includes all improvements and fixtures, together with whatever chattels are particularly listed in the contract. The purchaser is entitled to the property, improvements, fixtures and specified chattels at settlement in the same condition as inspected as at the contract date, fair wear and tear excepted.

The chattels listed in the contract usually include all fixed floor coverings (eg. floorboards and carpets, window furnishings (curtains and blinds) and light fittings.Purchasers would generally expect that dishwashers and split system air conditioners are also sold with the property but it would be good to list them for the avoidance of doubt.