- Can you help me buy a property?
- Can you provide a Contract of Sale to help me sell my property?
- Do I still need a solicitor for a property matter?
- What is tenancy?
- Taxes on the contract and transfer (Duty)
- Power of Attorney & Land Tax
Do I Still Need a Solicitor For a Property Matter?
No, as licensed conveyancers we can provide legal advice and act for you in all property matters from beginning to completion. A NSW licensed conveyancer has the same legal capacity as a solicitor/lawyer but we only act on property transactions in NSW. We draft Deeds, statutory declarations, and powers of attorney.
What is Tenancy?
Most persons in long term relationships (married or de facto) buy property as “joint tenants”. For joint tenants if one joint tenant dies, the other automatically becomes the owner of the property. When investors buy property, they usually buy as “tenants in common”. Here the interest in the property of the deceased party passes according to their will – not automatically to any other tenant in common. Tenants in common can hold unequal shares and either one can sell their respective share when and to whom they wish.
Taxes on the Contract and Transfer (duty)
When you buy property, in addition to the purchaser price, you will normally be required to pay a government tax called stamp duty which is about 4% of the purchase price.
Power of Attorney
If you need another person to act for you in legal and financial matters, you can appoint that person as your “attorney”. For example, you may be going overseas, or you may be physically disabled. Your attorney can do anything on your behalf that you can do in financial and legal matters. This appointment ends automatically if you die, but can continue after you have lost mental capacity – such a grant is called an enduring power of attorney. Jeremy Mawer is authorised to provide enduring powers of attorney.
For appointing a person to make medical or lifestyle decisions on your behalf, you need to appoint an enduring guardian.
Land Tax
When you own property that is not your principal place of residence, you may be liable to pay land tax. Land tax is about 1.7% of any land value above the threshold (which changes from year to year). Remember this valuation does not include the house or unit itself – just the value of the land.