A Section 27 statement, also known as an “Early Release of Deposit Authority,” allows a vendor in a property sale to request access to the deposit funds paid by the purchaser before the official settlement date. This request is governed by specific legal requirements outlined in the Sale of Land Act 1962 (VIC).
| Surcharge Purchaser Duty (SPD) | Surcharge Land Tax (SLT) | |
|---|---|---|
| Payment Frequency | One-time | Annually (Recurring) |
| Ordinary Resident | 200 days within 365 days before the Liability Date | 200 days within 365 days before the current Land Tax Date |
| Exempt Permanent Resident | 200 consecutive days within 365 days after the Liability Date | 200 consecutive days within 365 days after the previous Land Tax Date |
| cut-off date | Liability Date: Date of Contract of Sale | Land Tax Date: December 31st |
| Rate | This property’s price: 9% | All residential properties: 5% |
To be licensed conveyancer
| NSW | VIC | SA | WS | NT | TAS | |
| Qulifications | Advanced Diploma of Conveyancing (BSB60220) | Advanced Diploma of Conveyancing (BSB60220) | ||||
| Working Experience | 2 years full-time or equivalent part-time in the past 5 years to Unrestricted Licence 1 years full-time or equivalent part-time in the past 5 years to get Restricted Licence | 1 years full-time or equivalent part-time in the past 5 years | ||||
| State website | https://www.fairtrading.nsw.gov.au/trades-and-businesses/business-essentials/conveyancers/conveyancer-licences | https://www.consumer.vic.gov.au/licensing-and-registration/conveyancers/apply-for-a-licence/individual |
While calculating an upfront fee for a customer looking to borrow $480,000 for a $600,000 property, I found that since the Loan-to-Value Ratio (LVR) exceeds 80%, the client must purchase Lenders Mortgage Insurance (LMI) through the bank. I obtained this information from the Westpac home loan calculator:
https://www.westpac.com.au/personal-banking/home-loans/calculator/stamp-duty-calculator/.
Although handling LMI falls within a broker’s responsibilities, I wanted to highlight this topic, as many clients are unaware of this additional cost.
LMI is designed to protect the lender in case of loan default, and the higher the LVR, the higher the LMI cost.
在为一位客户计算前期费用时，我发现她计划贷款 $480,000 购买 $600,000 的房产。由于 贷款价值比（LVR）超过 80%，客户必须通过银行购买 贷款保险（LMI）。我从 Westpac 房贷计算器 获取了此信息：
https://www.westpac.com.au/personal-banking/home-loans/calculator/stamp-duty-calculator/。
虽然 LMI 的处理属于 贷款经纪人的职责，但我想特别强调这一点，因为许多客户可能不了解这项额外费用。
While estimating the upfront costs for a client and reviewing the mortgage registration fee, I came across this website: https://www.finder.com.au/home-loans/view-more-home-loans. It lists several potential options.
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Submitting the Transfer of Land and Notice of Acquisition (NOA) for the buyer is straightforward.
提交**土地转让（Transfer of Land）和购置通知（NOA，Notice of Acquisition）**对于买家来说很简单。
Conveyancing practices in Victoria (VIC) and New South Wales (NSW) differ significantly. Personally, I find VIC’s process more detailed and complex, involving additional steps such as the Notice of Acquisition (NOA). In VIC, when purchasing land: The vendor is responsible for submitting a Notice of Disposition (NOD) and the purchaser must submit a Notice of Acquisition (NOA).
The vendor (seller) is required to submit a Notice of Disposition (NOD) to notify the local council and water authority that they no longer own the property.
The purchaser (buyer) must submit a Notice of Acquisition (NOA) to Land Use Victoria and local authorities after settlement.
Today, we provided a report to one of our clients regarding a property issue discovered before settlement.
During the pre-settlement inspection, the client found that the Air Conditioning Unit was not working, with an estimated repair cost of approximately $2,500. She sought our advice on how to resolve this matter. The property is located in Melbourne.
After reviewing the relevant clauses in the Vendor Statement, Contract of Sale, and General Conditions, we found that both the Vendor Statement and Contract of Sale were silent on the Air Conditioning Unit, with no specific references to it. However, Clause 24 of the General Conditions addresses property damage before settlement. Specifically, Clause 24.1 states:
“The vendor carries the risk of loss or damage to the property until settlement.”
Based on this, the Vendor is responsible for repairing or replacing the faulty Air Conditioning Unit. If the Vendor fails to fulfill this obligation, Clause 24.3 states:
“The purchaser must not delay settlement because one or more of the goods is not in the condition required by General Condition 24.2, but may claim compensation from the vendor after settlement.”
This means the Purchaser cannot delay settlement but can seek compensation after settlement. The General Conditions outline two possible approaches:
We presented these three options to our client, outlining the potential risks associated with each. She was very satisfied with the report, and ultimately, we successfully negotiated an agreement with the Vendor to fix the Air Conditioning Unit before settlement.
今天，我们向一位客户提供了一份关于房产交割前问题的报告。
在交割前验房时，客户发现空调设备无法正常工作，维修报价约为 $2,500，并向我们咨询如何解决此问题。该房产位于墨尔本。
在审查卖方声明（Vendor Statement）、买卖合同（Contract of Sale）和一般条款（General Conditions）中的相关条款后，我们发现卖方声明和买卖合同均未提及空调设备，也没有任何相关条款。然而，一般条款第 24 条明确规定了交割前房产损坏的责任。其中，第 24.1 条指出：
“卖方在交割前承担房产的损失或损坏风险。”
因此，卖方有责任修复或更换故障的空调设备。如果卖方未能履行该义务，第 24.3 条规定：
“如果部分物品未达到一般条款 24.2 规定的条件，买方不得因此推迟交割，但可以在交割后向卖方索赔。”
这意味着买方不能推迟交割，但可以在交割后寻求赔偿。一般条款提供了两种解决方案：
我们向客户详细介绍了这三种方案，并分析了各自的潜在风险。客户对我们的报告非常满意，最终，我们成功与卖方达成协议，由卖方在交割前修复空调设备。
Fee simple” is a legal term used in New South Wales (NSW)
A fee simple is a form of land ownership that gives the owner the right to use and pass on the property without time limit. It’s also known as a freehold estate.
How does fee simple work?
If a dispute arises between the Vendor and the Purchaser over a Breach of Contract, and the amount in question is under $100,000 in Victoria, a Complaint Document can be filed with the Victorian Magistrates’ Court using Form 5A (Complaint Form 5A).
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