NSW Conveyancing Essentials with Tony Cahill - 5 program on demand webinar series

Program 1: Vendor Disclosures and Warranties: What’s In and What’s Out?

A conveyancing transaction has many hidden traps and pitfalls, however with the increase in disclosure obligations, does the maxim “buyer beware” still apply? This session examines the types of documents and disclosures that must be included in the contact and how to safeguard against risk, including:

• Vendor statutory disclosure and warranties – what needs to be mentioned in the contract
• How far do statutory warranties go to fill in the gaps left by disclosure obligations?
• The significance of silence
• Case studie

Program 2: Purchaser Due Diligence: Putting Out Fires Before they Start

Due diligence is a critical component of any purchase transaction, particularly as not all potential issues need to be disclosed. This practical session examines the common, and not-so-common issues that can arise in the due diligence stage, including:

• Scope and timing of enquiries
• Spotlight on the following:
  • proposed land usage: zoning and other land use restrictions
  • checking satisfactory access rights
  • chemical contamination of land
  • proposed future development or infrastructure
  • permits and licences concerning water
  • native vegetation and clearing
  • existing third-party leases or licences

Program 3: Negotiating Terms and Conditions of a Contract: Avoiding the Traps

The Contract for the Sale of Land sets outs the clear terms and conditions which the buyer and seller agree upon. However, special conditions and pre-contractual negotiations can often oust the standard contract and lead to potentially unintended consequences. This session explores the key issues, including:

• Unpacking the new Contract for the Sale of Land and Conveyancing (Sale of Land) Regulation
• When will pre-contractual negotiations amount to a binding contract?
• Should you worry about the use of special conditions?
• Navigating the risks with conditional contracts
• Lessons from recent cases

Program 4: E-conveyancing: New Players and More Problems

Whether we like it or not, all property lawyers are using e-conveyancing to effect more and more different types of property transactions. Sadly, it’s solved one set of problems but created a whole raft of new ones. Add to that the launch of a second ELNO has raised the spectre of interoperability: how does a subscriber to one service do a settlement with a subscriber to another? This presentation lifts the lid on the key practical issues, including:

• Mandating – including waivers from e-conveyancing
• Interoperability issues
• Verification of identity
• Legacy issues with paper transactions
• Risk and compliance issues

Program 5: Land Tax and Other Property Taxes: Navigating the New Labyrinth

Land tax and other property related taxes have always been difficult for property lawyers to navigate. However, the recent reforms to stamp duty, along with other important duty reforms, coupled with current land tax measures on foreign trusts and foreign residents, are the makings of a conveyancing nightmare. This program ensures you are prepared for the new playing field, including:

• Choosing between stamp duty, land tax and the annual property tax
• Eligibility requirements for the annual property tax net
• Tax treatment of duty costs
• When can duty rules trigger a “double duty” trap? Unpacking recent NSW duty amendments
• The introduction of duty on certain transactions that result in a change in beneficial ownership, including how the change applies for an option to purchase land
• The broadening of state anti-avoidance measures
• Increased audit activity by Revenue NSW
• Land tax on foreign trusts and foreign residents

Bonus Program: The 2022 NSW Contract for the Sale of Land

The Law Society has released the 2022 edition for the contract for the sale of land. The new edition contains a raft of important changes that are the most significant since the 1990s, including changes to deposit arrangements, major changes reflecting the universal switch to electronic conveyancing and compliance with the new Conveyancing (Sale of Land) Regulation. While the old edition will be available for purchase until early November, practitioners are being encouraged to use the 2022 edition as soon as possible.

• Removal of witnessing requirement for natural persons
• Electronic singing
• Contract recast so that default transaction is electronic rather than manual and consequential changes to definitions
• New clause 4 reflecting the fact that most transactions are electronic
• Revised clause 16 regarding electronic settlements
• Change to clause 20 regarding service of documents in the electronic workspace
• Changes to provisions relating to GST withholding and foreign resident withholding tax
• Changes to the alert regarding surcharge purchaser duty
• Changes to deposit bonds and guarantees
• Changes to the rules regarding deposit payment by EFT
• Legislative and regulatory update
• Compliance with the new Conveyancing (Sale of Land) Regulation 2022