Section 32 & PEXA
What is a Section 32 Statement? The section 32 Statement is a mandatory document containing information regarding a property which may affect the land being sold. Section 32 of the Sale of Land Act 1962 (Act) states that a vendor under a contract for the sale of land must give to a purchaser, before the purchaser signs the contract, a statement signed by the vendor that contains...
What is a Binding Financial Agreement?
Binding Financial Agreements 101 – What do I need to know??? A Binding Financial Agreement (“BFA”) is a legally binding agreement which deals with the division of parties’ assets, liabilities, superannuation and financial resources outside of court. BFAs can deal with the whole of your property and finances, or they can be limited to one aspect only such as spousal maintenance. BFAs...
How is the Federal Government assisting financially distressed businesses aside from JobKeeper?
In our previous Insight articles we discussed the changes to insolvency laws and safe harbour laws in Australia, including the various measures introduced by the Coronavirus Economic Response Package Omnibus Act 2020 (Cth), to assist people and businesses by preventing unnecessary insolvencies and assisting businesses with managing debts. On 9 September 2020, the government announced...
COVID-19 OUTDOOR DINING | Planning Law Changes to help you re-open with outdoor dining option
After three long months of lockdown there is finally some good news for Victoria’s hospitality sector. Yesterday, Victoria’s Minister for Planning, Richard Wynne, announced that pubs, restaurants, cafes, and other food and drink venues will be allowed to use existing outdoor spaces as well as surrounding outdoor space to facilitate the transition to alfresco dining. The necessary interim...
Commercial & Retail Tenancies – New Regulations are In
In our article published 7 September 2020, we told you about the new legislation that was passing through parliament at, what felt like, a glacial pace, but in legislation terms, was Barry Allen like (you know the guy, red suit, gold lightning bolt…the Flash). Once again, to understand where we are coming from, if you haven’t read our earlier articles on the first version of the...
COVID-19: Eviction Relief Extended for Commercial and Residential Tenancies in Victoria
Amendments to the existing regulation of Commercial & Retail tenancies, introduced in the COVID-19 Omnibus (Emergency Measures) Act 2020 (Vic), imposed new regulations to ensure there are avenues of relief for people experiencing financial strain due to COVID-19. The amendments were passed on 1 May 2020 and applied retrospectively from 29 March 2020. They were set to expire on 29...
How do I make an agreement legally binding?
You make many agreements throughout the day without realising. You promised your partner you’ll be home for dinner, you paid $1.20 for petrol on the way to work and you agreed you’d get that report to your boss by 3pm. But what, if anything, separates these agreements from legally binding contracts? Components of a Contract To be legally binding, an agreement usually must have the...
What is the Australian Consumer Law and Consumer Guarantees?
We often see the terms, Australian Consumer Law, and Consumer Guarantees, displayed when visiting a retail store. Notices of guarantees are generally provided when consumers purchase goods or services. This could include purchases of: hardware (i.e tools);electronics (i.e a new TV);furniture; ordaily everyday goods for consumption. The list of things it applies to is essentially...
What is a Caveat and what you should know?
In Victoria, a caveat is used to record on the land’s title a person’s interest in that land that would not otherwise be reflected on the title, or are awaiting subsequent lodgement of documents to formally record that interest. This article addresses the following questions, in an overview: what is the purpose of a caveat? when should a caveat be lodged?how should a caveat be lodged?...
Foreign Purchaser Duty Surcharge & Discretionary Trusts
As of midnight 1 March 2020, the Victorian State Revenue Office drew a line in the sand, imposing a mandatory 8% duty surcharge on the purchase of residential land by foreign discretionary trusts. This mandate has the potential to impact most discretionary trusts, given the commonly broad classes of beneficiaries prevalent in discretionary trusts. Although this article focuses on...
When is a contract frustrated?
COVID-19 has had a major effect on everyday life, complicating even simple transactions like paying for groceries in a store. With so many restrictions, it is natural to ask the question – what happens if I cannot do something, I have previously agreed to do because of COVID-19? In short, a contract or agreement is thought to be frustrated if, through no fault of either party, it can no...