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Notice of Acquisition (NOA)

Posted by:

Shane

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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).

1. What Does the Vendor Need to Submit?

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.

  • Where to Submit: Local council and relevant authorities (e.g., water authority).
  • Purpose: Ensures the vendor is no longer responsible for rates, taxes, and utility charges.

2. What Does the Purchaser Need to Submit?

The purchaser (buyer) must submit a Notice of Acquisition (NOA) to Land Use Victoria and local authorities after settlement.

  • Where to Submit:
    • Land Use Victoria (via their online portal or manually).
    • Local council (so they can update ratepayer records).
    • Water authorities (to transfer the water account to the new owner).
  • Purpose: Ensures the new owner is correctly registered and responsible for property-related charges.

3. When Should the Notices Be Submitted?

  • Purchaser (NOA Submission Deadline): Within 30 days after settlement.
  • Vendor (NOD Submission Deadline): As soon as possible after settlement to avoid ongoing charges.

4. What Happens If You Don’t Submit the Notices? (Penalties & Consequences)

  • Vendor Risks:
    • May continue to receive bills for council rates, water, and land tax.
    • Could face legal issues if the new owner does not update records properly.
  • Purchaser Risks:
    • Local authorities may not recognize the new owner, causing delays in rate notices.
    • May miss important property-related notifications.
    • Potential penalties from Land Use Victoria if the NOA is not submitted on time.
  • Possible Penalties:
    • Late fees may apply if the NOA is not lodged within the required timeframe.
    • If duties or land tax obligations are not updated, the purchaser could face financial penalties from the State Revenue Office (SRO).

Posted by

Shane

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