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Sladen Snippet - Transfer of Land Amendment Bill 2014 – proposed introduction of priority notices

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Sladen Snippet - Transfer of Land Amendment Bill 2014 – proposed introduction of priority notices

The Transfer of Land Amendment Bill 2014 (Bill) has been introduced to the Victorian Parliament. The Bill proposes a number of amendments, including provisions to facilitate the phasing out of paper certificates of titles in preparation for the introduction of electronic conveyancing system.

Sladen snippet – Changes to vendor’s disclosure obligations

Sladen snippet – Changes to vendor’s disclosure obligations

The Victorian Government has recently passed legislation that will affect a vendor’s disclosure obligations when selling property in Victoria. The changes relate to the information to be contained in the statement provided to purchasers under section 32 of the Sale of Land Act 1962 before they sign a contract of sale (commonly called a Section 32 Statement, or Vendor’s Statement).

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Sladen Snippet: Developer infrastructure contributions reforms

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Sladen Snippet: Developer infrastructure contributions reforms

The Victorian Government has announced that effective from 1 July 2015, it will change the way it collects contributions towards the provision of infrastructure from developers.

At present, developers of land may be required to pay infrastructure levies at different rates and using different methods of calculation depending on whether the land is in a development contributions plan (DCP), the use of the land, the area of land being developed, and other criteria determined by the municipality in which the land is located. It is widely believed that the existing system is onerous, expensive, lacks flexibility and accountability and delays the development approval process.

ASIC warns real estate industry about recommending property investment through SMSFs

ASIC warns real estate industry about recommending property investment through SMSFs

The Australian Securities and Investments Commission (ASIC) has released a warning to the real estate industry regarding recommending self-managed superannuation funds (SMSFs) as an investment vehicle to acquire real property.

Off the plan sales and amendments to the plan of subdivision

Off the plan sales and amendments to the plan of subdivision

On 3 May 2013, the Supreme Court of Victoria handed down its decision in Lockwood v PSP Investments Pty Ltd [2013] VSC 10 (Lockwood).

This decision considers a critical issue in off the plan developments – what amendments can be made to a proposed plan of subdivision between the time that a contract is entered into and registration of the plan of subdivision, without giving a purchaser a right to terminate their contract?