Luchetti and Co

Commercial lease traps

Make sure that your commercial lease is properly executed. In small business, when it comes to the formalities of executing a lease, and understanding your rights and obligations, it pays to get legal advice to protect the business. [FAQ..]

10 year Sinking Fund Plans

Owner corporations will be required to work out their capital expenditure needs for the next 10-years. Owners corporations are expected to use either their own resources or outside experts to devise these plans.
When you have to do this is determined by your strata number:

Numbers 50,000 and over by 1 July 2006

SP 30,000 – 49,999 by 1 July 2007

SP 10,000 – 29,999 by 1 July 2008

SP 1 – 9,999 by 1 July 2009.

By the second AGM after these dates a plan should be in place. So hopefully, this should remove one of the surprises of being a unit owner.
More...[fairtrading.nsw.gov.au/.../strata/sinkingfunds.html]

Smoke Alarms and Selling Properties

Changes to Conveyancing Procedure
We will be advising clients who are selling about the additional disclosure requirements and obligations in relation to smoke alarms.
To work out where you need to place them and how many you need see your electrician. This information is also available at planning.nsw.gov.au/.../smoke_alarms_advisory_note.pdf

Heritage listed

There are several different types of heritage lists. Property owners can face cumbersome battles with the council in an effort to demolish or make renovations to properties protected by heritage legislation.
Find out the significance of the heritage of your property and consider getting legal advice before you make an excavation.[more..]

Retail Lease Security Bonds

From January 1 security bonds now have to be paid over to the government. As a result it will become more difficult for landlords to make a claim against the bond. Landlords will have to make written application detailing their claim against the bond.
Tenants will be entitled to dispute the claim, with disputes ultimately being resolved before a tribunal. This is a significant departure from the old system.
In New South Wales, landlords are required by March 31 to deposit all tenants’ security bonds with the Director-General of the Department of State and Regional Development regardless of when the tenancy commenced.
Also landlords will be required to advise tenants in advance how promotional/advertising levies will be spent.
NSW - Retail Leases Amendment Act 2005

Land Tax NSW

From 1 January 2006, the NSW Government reinstated a $330,000 land tax free threshold (having abolished the $317,000 tax free threshold the previous year). This means that land tax will no longer apply to many taxpayers.
However, those who own property above the threshold may have to pay more, the rate of tax rises to 1.7 per cent.

Conveyancing in digital form

Transfer of property has lots of old fashioned paper-based safeguards. As the various authorities explore conveyancing electronically, which of these will convert and which will be lost? Are there other benefits? [more..]

Caveat vendor - seller beware

Caveat emptor is the common problem – buyer beware. But when it comes to property, there is also caveat vendor - seller beware.
It is worthwhile being informed and knowing that things can happen when you open your house for inspection. There are precautions you can take.

Asset Rich - Cash Poor?

Reverse Mortgages - money for nothing or nothing for your money. It is a problem faced by many people, especially the elderly. On paper, you are rich, you own your own home.
What happens with some of the solutions around at the moment?

Property Market Outlook - not gloomy

The Reserve Bank of Australia said the current downturn in house building activity is likely to be shallow by the standards of previous cycles. Meanwhile, average nationwide house prices appeared to have remained fairly stable in recent quarters. more from SMH...
AND why don't they link to the Bank's article?
July 2006 update on the market