New conveyancing rules, legislation and procedures for NSW real property

The conveyancing and property world has been hit by a bus in the form of new legislation, practice rules and procedures! Here are a few key changes that will ensure you don't miss your stop:

Land Tax

In the past, it was usual practice for purchasers to obtain a Land Tax Certificate. Now, thanks to recent changes to the Conveyancing Regulations, all Contracts entered into, on, or after 1 July 2016, now require the vendor to provide the Purchaser within 14 days of the due settlement date, a Land Tax Certificate that is no more than three months old . Supplying the purchaser with the Certificate is necessary whether it be clear or noting a charge over the land. The Certificate must be provided even in the event the vendor is not liable for Land Tax.