Property Auctions

Wednesday, July 30, 2008

State Heritage Property Listing Search

What is the State Heritage Register?

The State Heritage Register is a list of places and objects of particular importance to the people of NSW.

The register lists a diverse range of over 1,500 items, in both private and public ownership. To be listed, an item must be significant for the whole of NSW.

The register was created in 1999.

What is "State significance"?

A place or object is state significant if it is important for the whole of NSW.

Heritage items may be valued by particular groups in the community, such as Aboriginal communities, religious groups or people with a common ethnic background.

The Heritage Council has developed criteria to help establish whether an item is state significant.

Some places and items may not reach the threshold for listing on the State Heritage Register but may be of local heritage significance within a local government area.

What kinds of heritage items are listed on the State Heritage Register?

The State Heritage Register lists a diverse range of places, buildings and objects including: Aboriginal places, buildings, objects, monuments, gardens, natural landscapes, archaeological sites, shipwrecks, relics, streets, industrial structures, public buildings, shops, factories, houses, religious buildings, schools, conservation precincts, jetties, bridges and movable items such as church organs and ferries.

It is not only grand mansions or well-known public buildings that are listed on the State Heritage Register. Many different kinds of historical evidence and remains provide information to help us understand our past and present.

What does it mean for a place to be listed on the State Heritage Register?

Listing on the State Heritage Register means that the heritage item:

* is of particular importance to the people of NSW and enriches our understanding of our history and identity;
* is legally protected as a heritage item under the NSW Heritage Act;
* requires approval from the Heritage Council of NSW for major changes; and
* is eligible for financial incentives from the NSW and Commonwealth governments.


How are items added to the State Heritage Register?

Here's how special places and objects are added to the State Heritage Register:

1. The Heritage Branch works with the community, as well as local councils and State government agencies, to identify significant heritage places and objects;

2. If there is enough evidence for an item to be considered for listing, the Heritage Council calls for community comment so that everyone has the opportunity to have their say about a proposed item;

3. A place or object is listed on the State Heritage Register when the Minister agrees to the Heritage Council's recommendation that it is of State heritage significance.

You can check proposed listings which are now open for public comment.

Nominating an item

Anyone can nominate a place or object for listing on the State Heritage Register. Go to our page on Nominating for State Heritage Listing to find out how to submit a nomination form.

Remember that before submitting any formal nomination to the Heritage Branch, you should consult with your local council and key agencies about existing statutory protection and seek the advice of the Heritage Branch.

Can an Item be Removed from the State Heritage Register?

Yes, there is a process for de-listing items. The Heritage Council considers any item proposed for removal and makes a recommendation to the Minister.


How can I access the State Heritage Register?

The State Heritage Register is managed by the Heritage Branch. You can check listings on the State Heritage Register through the NSW heritage databases.

What kind of information can I find on the NSW heritage databases?

The NSW heritage databases contain over 20,000 statutorily-listed heritage items in New South Wales. This includes items protected by heritage schedules to local environmental plans (LEPs), regional environmental plans (REPs) or by the State Heritage Register.

The information is supplied by local councils and State agencies and includes basic identification details and listing information. Consequently listings should be confirmed with the responsible agency.

If you want more detailed information on local heritage items, you will need to refer to the heritage study for that area. This should be available from the local library or the council planning department.

To expand the amount and quality of information being placed on the State Heritage Inventory, State and local government agencies and heritage professionals undertaking heritage studies or compiling heritage registers are provided with free data entry software and training from the Heritage Branch.

Thursday, July 24, 2008

Selling at Auction

The sale process

There are two main ways of selling a residential property. To sell by private treaty is to set your price and the property is promoted for sale at that price. To sell through an auction process, the amount you want for the property is generally not revealed to potential buyers who are encouraged to attend the auction and bid for the property against other potential buyers.

Private treaty

When you sell your home by private treaty, you set a price and the property is listed for sale at that price. In general, the price is negotiable with the seller often asking a higher amount than they expect to sell the property for, and the buyer making an initial offer much lower than the asking price.

The process of a sale by private treaty offers the following benefits:

*
greater control over the sale
*
time to consider offers by potential purchasers
*
the ability to extend the time for which your home is for sale indefinitely
*
potential purchasers must make offers for your property 'blind', without knowing what other buyers think it is worth.

Selling privately is often just as tense as a public auction, and you will be faced with important decisions when you are presented with offers which are lower than your asking price.

There are risks with selling by private treaty which also should be considered:

*
if the price you set is too high, your property may not sell
*
if the price you set is too low, you may miss out on maximising the selling price.

You should also be aware that when a property is sold by private treaty, the buyer has a five day cooling-off period during which they may withdraw from the sale.
Contracts and deposits

Auction

In recent years, auctions have become an increasingly popular way to sell or buy residential property. But before you decide to go down that path, do your homework and familiarise yourself with the process and what it involves.

Setting a reserve price

The reserve price is the lowest amount you are willing to accept for your property. Before bidding begins, advise your agent what you nominate as the reserve price. This is usually not told to the prospective buyers.

If the highest bid is below the reserve price, the property will be ‘passed in’. You will then either try and negotiate a price with interested bidders or put the property back on the market.

If the bidding continues beyond the reserve price, the property is sold at the fall of the auctioneer's hammer.

Successful bids

The successful bidder must sign the sale contract and pay you a deposit on the spot (usually 10%). There is no cooling-off period for anyone who buys a property at auction. If the property is passed in at auction but contracts are exchanged on that same day, the cooling-off period still does not apply.

Contract exchange

Exchanging sale contracts is the legal part of selling a home and happens regardless of whether you sell your property by private treaty or auction.

There will be two copies of the sale contract: one for you and one for the buyer. You each sign one copy before they are swapped or ‘exchanged’. This can be done by hand or post and is usually arranged by your solicitor, conveyancer or the agent. At the time of the exchange, the buyer will be required to pay a deposit, usually 10% of the purchase price.

The contract exchange is a critical point in the sale process:

* The buyer or seller is not legally bound until signed copies of the contract are exchanged.
* Buyers of residential property usually have a cooling off period of five working days following the exchange of contracts during which they can withdraw from the sale.
* If the agent arranges exchange of contacts, the agent must give copies of the signed contract to each party or their solicitor or conveyancer within 2 business days.
* The cooling off period can be waived, reduced or extended by negotiation.
* There is no cooling off period for sellers. Once contracts have been exchanged, sellers are generally bound to complete the agreement.
* There is no cooling off period when purchasing at auction.

Settlement

Settlement is the conclusion of the sale transaction and usually takes place about six weeks after contracts are exchanged.

Monday, July 21, 2008

Electronic Data Interchange Implementation Guide

Financial incentives are driving EDI use in both government and industry. EDI was introduced to HUD in the early 1990s, resulting in faster payment of claims and greatly reducing the reporting and paperwork burden shouldered by FHA-approved lenders/servicers.

Electronic filing of Federal Housing Administration (FHA) single family (SF) mortgage insurance claims, mortgage loan default reporting, and mortgage record changes and terminations became mandatory by December 1997 for all mortgagees. Mortgage insurance premiums for upfront and periodic reporting has not been mandated for EDI. However, HUD is now ready to accept upfront EDI transactions.

Mortgagees may use the FHA Connection via the Internet to satisfy the EDI mandate for reporting mortgage defaults and mortgage record changes and terminations to HUD. There is no plan currently for SF claims via the Internet. The FHA Connection is also a means of communicating a variety of information to lenders about SF FHA loans, and for mortgagees to report data to HUD. Mortgagees are encouraged to frequently visit the FHA Connection website as new reporting options are constantly being made available. The FHA Connection website provides additional information, contact phone numbers and on-line registration.
The Implementation Guide for Electronic Data Interchange

The HUD Implementation Guide for Electronic Data Interchange is available as a detailed reference manual for HUD's implementation of the following transaction sets: TS 260, Application for Mortgage Insurance Benefits; TS 264, Mortgage Loan Default Status; TS 266, Mortgage Record Change/Terminations; plus all adjunct transaction sets; and the transaction sets for Upfront Premium Collections, TS 811, 820 and 824. The guide provides an overview of how EDI works, describes VAN communications, Trading Partner technical environment requirements, and implementation procedures. Data maps for main and adjunct transaction sets, communications envelopes, sample transactions, and data format specifications are also included. A brief overview of the Implementation Guide for Electronic Data Interchange can be viewed on screen by going to the table of contents. The entire EDI Implementation Guide is available in PDF format. You can read and print PDF files with Adobe Acrobat Reader freely.

We recommend you replace any previous versions. Also, make sure you check regularly for updates.

Friday, July 18, 2008

Selling at Auction

The sale process

There are two main ways of selling a residential property. To sell by private treaty is to set your price and the property is promoted for sale at that price. To sell through an auction process, the amount you want for the property is generally not revealed to potential buyers who are encouraged to attend the auction and bid for the property against other potential buyers.

Private treaty

When you sell your home by private treaty, you set a price and the property is listed for sale at that price. In general, the price is negotiable with the seller often asking a higher amount than they expect to sell the property for, and the buyer making an initial offer much lower than the asking price.

The process of a sale by private treaty offers the following benefits:

*
greater control over the sale
*
time to consider offers by potential purchasers
*
the ability to extend the time for which your home is for sale indefinitely
*
potential purchasers must make offers for your property 'blind', without knowing what other buyers think it is worth.

Selling privately is often just as tense as a public auction, and you will be faced with important decisions when you are presented with offers which are lower than your asking price.

There are risks with selling by private treaty which also should be considered:

*
if the price you set is too high, your property may not sell
*
if the price you set is too low, you may miss out on maximising the selling price.

You should also be aware that when a property is sold by private treaty, the buyer has a five day cooling-off period during which they may withdraw from the sale.
Contracts and deposits
Auction

In recent years, auctions have become an increasingly popular way to sell or buy residential property. But before you decide to go down that path, do your homework and familiarise yourself with the process and what it involves.
Setting a reserve price

The reserve price is the lowest amount you are willing to accept for your property. Before bidding begins, advise your agent what you nominate as the reserve price. This is usually not told to the prospective buyers.

If the highest bid is below the reserve price, the property will be ‘passed in’. You will then either try and negotiate a price with interested bidders or put the property back on the market.

If the bidding continues beyond the reserve price, the property is sold at the fall of the auctioneer's hammer.

Successful bids

The successful bidder must sign the sale contract and pay you a deposit on the spot (usually 10%). There is no cooling-off period for anyone who buys a property at auction. If the property is passed in at auction but contracts are exchanged on that same day, the cooling-off period still does not apply.

Contract exchange

Exchanging sale contracts is the legal part of selling a home and happens regardless of whether you sell your property by private treaty or auction.

There will be two copies of the sale contract: one for you and one for the buyer. You each sign one copy before they are swapped or ‘exchanged’. This can be done by hand or post and is usually arranged by your solicitor, conveyancer or the agent. At the time of the exchange, the buyer will be required to pay a deposit, usually 10% of the purchase price.

The contract exchange is a critical point in the sale process:

* The buyer or seller is not legally bound until signed copies of the contract are exchanged.
* Buyers of residential property usually have a cooling off period of five working days following the exchange of contracts during which they can withdraw from the sale.
* If the agent arranges exchange of contacts, the agent must give copies of the signed contract to each party or their solicitor or conveyancer within 2 business days.
* The cooling off period can be waived, reduced or extended by negotiation.
* There is no cooling off period for sellers. Once contracts have been exchanged, sellers are generally bound to complete the agreement.
* There is no cooling off period when purchasing at auction.

Settlement

Settlement is the conclusion of the sale transaction and usually takes place about six weeks after contracts are exchanged.

Tuesday, July 15, 2008

First Home Owner Grant Scheme

What is FHOGS?

The First Home Owner Grant Scheme (FHOGS) is fully funded by the NSW Government and administered by the Office of State Revenue (OSR).

The Scheme was established to assist first home buyers to purchase their first home by offering a $7000 grant.

Eligible first home owners can receive the grant regardless of their income, the area in which they are planning to buy or build, or the value of their first home. The grant is not means tested and no tax is payable on it.

Additional First Home Owner Grant

The additional First Home Owner Grant is an extra grant available if you entered into a contract to buy or build a new home between 9 March 2001 and 30 June 2002 or, if you are an owner-builder, commenced construction between 9 March 2001 and 30 June 2002.

When did the additional First Home Owner Grant finish?

Where the contract for the purchase or construction of a new home is made (or in the case of owner-builders, where construction starts) on or after 1 July 2002, you cannot receive the additional grant.

If you do not meet the requirements for the additional First Home Owner Grant for new homes you may still qualify for the original $7,000 First Home Owner Grant.

Friday, July 11, 2008

Guide to the Costs of your Home Purchase

Knowing what to do, where to start and what to look out for can save buyers time and money when purchasing a home. The Department of Housing has produced a number of free publications that explain the home buying process. The publications are available for downloading here, or they can be ordered from the Home Purchase Advisory Service by email or telephone Freecall 0870 112 30 40

The A-Z of Home Purchase guides potential buyers through the different purchase options of buying an existing home or unit, buying ‘off the plan’, acquiring land to build on or buying a land and house package. It also explains in detail the steps and processes to assist purchasers to buy wisely. In doing so it examines the role of solicitors and conveyancers, the different ways to buy property, and what steps to follow right through from the decision to buy to final settlement. The booklet includes a list of useful telephone numbers of organisations and associations that can be of assistance.

The Home Buyer's Checklist enables a purchaser to quickly identify and note the particular features of a property being considered to assist in determining whether it meets their needs and requirements.

The joy of becoming a new homeowner can soon disappear if the purchaser becomes financially over-extended. The Home Buyer's Budget Planner is a handy tool to assist in determining if the desired purchase is affordable.

Wednesday, July 2, 2008

Land rich provisions

The land rich provisions are contained in Chapter 4A of the Duties Act 1997.

The acquisition provisions, which were first introduced in 1986, charge duty on certain acquisitions of shares and units in companies and unit trust schemes (called landholders), at the same rate as for a transfer of realty. See general transfer rates.

Amendments to the acquisition legislation were made with effect from 14 November 2003.

The disposal provisions were introduced from 10 November 2004 and charge duty at the vendor duty rate. The disposal provisions (land rich vendor duty) ceased to apply to a disposal of an interest in a landholder from 2 August 2005.

  • Duties Act 1997

  • What is a landholder?

  • When is a landholder land rich?

  • Tracing

  • When does a liability arise?

  • Acquiring or disposing of an interest

  • When to lodge an acquisition statement or disposal statement

  • When must duty be paid?

  • Who is liable to pay the duty?

  • How duty is charged?

  • Exemptions and concessions

  • Description of terms used

  • Registration of unit trust schemes

  • Register of wholesale unit trust schemes

  • Transitional provisions