Electronic Conveyancing System - soon

National E-Conveyancing Development Ltd (NECDL) is expected to create the system to settle property transactions, lodge instruments with land registries, and pay associated duty and tax obligations electronically. This should mean no increase in the cost of conveyancing services.
How It Will Work
necs.gov.au/Overview
Legal practitioners, conveyancers, banks and mortgage processors will access the system either through system-to-system web services or an Internet browser.
Within the system a shared electronic workspace will be created for each property transaction. Within the shared workspace, the parties will be able to electronically provide, certify and sign information that can be relied upon to update the Title Registers.
Digital Signature Certificates will ensure all information lodged with or delivered from a shared workspace is authenticated and cannot be repudiated.
Financial settlement through the RBA’s Information and Transfer System (RITS) system will ensure all payments and disbursements are received promptly as cleared funds (ie. available immediately).
[more]
When? very soon now, one or two years.
What will it mean to people buying & selling property?
Confusion is likely at first but speed an efficiency will come later.
How connected is your conveyancer?

Strata common property

The owners corporation can decide by special resolution that it is inappropriate for a particular item to be part of the common property. This decision must not affect the safety or appearance of the strata scheme.
The owners corporation looks after common property and does all the repairs. This includes replacing and renewing common property when needed.
For a checklist of common property see this FairTrading NSW link.

Google RE -v- Domain Radar

Domain.com.au has responded to Google Real Estate Search with Radar search. It lets you find what specific 'points of interest' you would like to live near or away from, whether it is 'important' or a 'nice to have' and how close to or far away from the point of interest you would like to be.
Google Real estate map search:


We are interested to find out points of difference between Domain and this new service.
So far we have found:
Google is more difficult for sellers, vendors & lessors to add their property
Domain is more expensive (ie. not free).
More information:
maps.google.com.au/realestate
Or go straight to Google real estate search:
http://bit.ly/MN475
Or to Domain's Radar
domain.com.au/../RadarSearch/Search

Land Tax FAQ

Here are the questions answered on the FAQ (Frequent Questions) page on the NSW Office of State Revenue website:
osr.nsw.gov.au/taxes/land/faqs

• Do I have to pay land tax on my principal place of residence?


• Who is considered to be a land owner for land tax purposes?


• How is land tax calculated?


• Do I have to pay land tax on a property that isn't earning any income?


• Do I have to pay land tax on properties outside of NSW?


• If I sell land part-way through a year, do I get a refund of part of the tax paid?


• Do I have to pay land tax if, on 31 December I am in the process of selling my principal place of residence but I have already purchased a new residence?


• Do I have to pay land tax on my newly constructed residence if it is not ready for occupancy until after 31 December?


• Do I receive a rebate if my land is rented at 31 December and I occupy it as my principal place of residence after this?


• Am I liable for a previous owner's unpaid tax?


• How does the threshold work if I own several land items?


• What happens if my land ownership changes?

I received a land tax assessment in 2005 but have not received an assessment in any other year. Why is this?

In the 2005 tax year, the land tax threshold was abolished and a progressive tax rates scale introduced. For years prior and subsequent to 2005 there is a land tax threshold. This means if the combined land value of your taxable land was under this threshold you are not liable to pay land tax.

Registering for land tax
When do I have to submit a land tax registration?
How many registrations do I need to submit if I own land in various partnerships?
The notice of assessment
What do I do if the information on my notice of assessment is incorrect?
How am I assessed if I own some land individually and some land with other owners?
Why does my land appear on more than one assessment - am I being taxed twice?
Other headings for questions
Clearance certificates
Exemptions and concessions
Companies, concessional companies and trusts
Valuations
Payments

Buyer's agents

People are quick to get an agent to sell property but slow to use an agent to buy. Buyer's agent have the job of helping people purchase the best property at the lowest price.
They should:

• develop a target property profile through discussing the client's objectives and preferences;
• search all potential sources of properties that might fit the target property profile;
• evaluate properties against the target property profile, making their own investigations of suitable properties and providing their own market appraisal;
• disclose all relevant information, both positive and negative;
• advise the client to have appropriate inspections done and have the contract reviewed by a solicitor or conveyancer;
• develop contract negotiation or bidding strategies with the client;
• negotiate or bid as per the client's instructions.

[more]
For more reasons why to use a buyers agent see this article from the magazine Your Mortgage. How buyers agents work