Luchetti and Co

Strata common property

2009-10-05T15:10:00.000+11:00

The owners corporation can decide by special resolution that it is inappropriate for a particular item to be part of the common property. This decision must not affect the safety or appearance of the strata scheme.
The owners corporation looks after common property and does all the repairs. This includes replacing and renewing common property when needed.
For a checklist of common property see this FairTrading NSW link.

Retail Tenancy

2009-09-24T09:08:00.003+10:00

Retail Tenancy Unit (RTU) is a part of the NSW Department of State and Regional Development. Their site is designed to assist the retail leasing industry in NSW to prevent and resolve tenancy disputes. It also provides useful links to the major retail industry associations.
See the FAQ about retail tenancies deep in their infokit. Many of these answers have been provided by industry advisors and organisations.
However, it is a pity that the FAQ information is wrapped in a large Flash file because you will need an up-to-date Flash viewer to see it and it could take some time to download depending on the speed of your internet connection.
retail.nsw.gov.au/infokit

Help the lawyer do a good job

2009-09-09T09:09:00.000+10:00

When giving your lawyer* instructions (the history of your matter) make sure you do these things:
(a) Focus on what you are trying to achieve. (Give full and clear instructions)
(b) Make notes before you meet and bring them to the meeting. (Be prepared)
(c) Show your lawyer any documents which you think might be relevant to the matter. (Be honest and lawful)
(d) Let your lawyer know if you do not understand anything said to you. (Ask questions)
(e) Keep notes of your meeting with your lawyer. (Keep your own case file)
(f) Think carefully about what your lawyer has said to you and make sure that the advice suits your circumstances.
(g) Trust your lawyer and follow their instructions.

Also let your lawyer know if the circumstances of your matter change, or if your contact details change.
Understand the fees and costs and keep in contact.
Do not hide details for fear of embarrassment it is important to let the lawyer know all the details upfront in order to give you accurate advice. Remember, your communications with your lawyer are confidential.
lawsociety.com.au/../Howtohelpyoursolicitor

* A lawyer (a USA word)is sometimes called a solicitor (a UK term). We are not sure which term is best and like most people we often swap them.

Identification required

2009-08-19T09:00:00.001+10:00

There is a fundamental problem of how to verify the identity of a person who claims the right to deal with property.
Customer identification is now a part of every conveyance. As part of this you may need to produce "bank type" information when buying or selling property.
Here is the short guide to what is needed:
lands.nsw.gov.au/../proof_of_identity
And here is a longer version:
austrac.gov.au/customer_id.html

@luchetti_law on Twitter

2009-05-17T15:36:00.000+10:00

Like Mosman Council..
mosman.nsw.gov.au/web/external/twitter
..we are also aware of the changing nature of communication. Our use of Twitter will be influenced by our client's response to it. At the moment we think that people who have the care of an older relative may welcome having this access to our services.

Property Valuations

2009-04-22T13:42:00.000+10:00

Valuations are important for both Council Rates and Land Tax. The Valuation part of the NSW Lands Department has some useful publications.
There are newsletters each January and July which include a review of the key property markets.
The site also has this Fact Sheet; Information about your Notice of Valuation
and these brochures:
Your land value and Your land value review guide
[lands.nsw.gov.au/valuation/valuation_publications]

Mortgage Stress

2009-03-09T14:11:00.003+11:00

NSW Legal Aid has a handbook to guide those having problems with their mortgage. It is particularly useful if you can see problems arising in the future. It will help you by explaining the range of options available and also provides sample documents. It also lets you know where you can get further assistance.
Note that the handbook is not designed to help you choose a mortgage and it offers general information, not legal advice.
NSW Legal Aid Mortgage Stress Handbook

Sydney Metropolitan Strategy

2009-01-06T10:15:00.004+11:00

If you own or are buying property in Sydney, keep your eye on this story:
Inner-west suburbs such as Glebe, Leichhardt, Rozelle and Camperdown are to be among the first to face radical changes should both the $8.1 billion West Metro underneath Parramatta Road and the $4.8 billion CBD Metro go ahead.
"It would also provide significant support for transit-oriented development, urban revitalisation and services to new rail markets," the report says.
Is it urban renewal or will the same logic be applied to places like the lower north shore?
Use http://news.google.com to search for "Metropolitan Strategy" for the latest on this story.

NSW Government portal - Life Events

2008-11-07T09:55:00.004+11:00

This site includes links for the following topics:
Buying a property, selling a property, investment properties, building & renovating;
Moving House - local services, moving from interstate, from overseas, utilities, visas;
Retiring - leisure for seniors, finance in your retirement, leaving the workforce, health;
Caring for Others - help for carers, physically impaired, the aged;
Death & Bereavement - dying with dignity, death, bereavement, wills & legal issues
and [more..]

Property Market Outlook

2008-09-19T18:01:00.000+10:00

From the minutes of the last meeting of the Reserve Bank board.
"In the housing sector, data on building approvals for July, which were released during the meeting, indicated no change in the current downward trend in housing activity. Information on house prices suggested that average nationwide prices had fallen over the three months to July. Other indicators of activity in the secondary housing market had remained subdued."
Later on they say..
"investment spending had been strong and surveys of investment intentions indicated it would rise further in the year ahead. Overall, the picture seemed to be one of weak consumption and strong investment, but with aggregate growth of demand slowing. Members noted also that there was still considerable stimulus to domestic activity coming from the external sector. The run-up in commodity prices had increased Australia’s terms of trade, adding substantially to national income and capacity to spend. Looking ahead, however, the world economy was slowing and it was therefore unlikely that the external stimulus to Australia would be as strong in the year ahead."
[more..]

Assessing decision-making ability

2008-08-04T17:15:00.003+10:00

Correctly identifying whether someone is capable of making their own decisions is fundamental to the protection of their human rights.
Anyone who needs to assess decision-making capacity, such as friends, family or social workers, must consider the particular elements of the legal test specific to the decision.
For instance, in assessing whether someone has the capacity to make their own financial decisions, you will need to consider two questions.
First, is the person capable of managing their own property and affairs?
They don’t have to be able to manage them in the best possible way, they just have to be able to manage them. Issues to consider include:
A. whether the person is able to deal in a fairly capable way with the ordinary regular dealings in life so as to provide for their own welfare and anyone dependent on them,
B. whether they understand their assets and outgoing expenses, and,
C. whether they can manage their money to provide food, clothing, medicine and other necessities.
Second, if they can’t manage their affairs, is there a risk that they may be disadvantaged or harmed, or their money or property wasted or lost?
In addressing capacity it is important to avoid discrimination. Don’t assume a person lacks capacity based on age, appearance, disability, behaviour or any other condition or characteristic.
Before concluding lack of capacity, ensure that everything possible has been done to support the person to make a decision.
See the full article in the PDF file
../2008/news2008_3.pdf

Advice Price plus four percent?

2008-07-10T09:26:00.001+10:00

"Market Distortions when Agents are Better Informed: The Value of Information in Real Estate Transactions" NBER Working Paper Series No. 11053; National Bureau of Economic Research, 2005. (with Syverson, Chad)(PDF format):
pricetheory.uchicago.edu/levitt/Papers/LevittSyverson2004.pdf

In the US real estate agents receive only a small share of the incremental profit when a house sells for a higher value. There is an incentive for them to convince their clients to sell their houses too cheaply and too quickly.
Levitt and Syverson find that homes owned by real estate agents sell for about 3.7 percent more than other houses and stay on the market about 9.5 days longer, even after controlling for a wide range of housing characteristics.
How that relates to today's market, or Australia's market is open to speculation
[more..]

Purchasing Strata Property

2008-06-10T13:35:00.006+10:00

A strata scheme is a building (or collection of buildings) where individuals each own a small portion (called a Lot) and where there is also common property (such as external walls, windows, roof, driveways, etc.) which every owner shares.
Before purchasing a strata title property you should be aware of the following issues:

What would I actually own in a strata scheme?

Owners corporation and executive committee

What are levies?

Are there any meetings I would have to attend?

What are the by-laws/lifestyle restrictions?

What should I do before signing a contract?

Buying ‘off the plan’

The contract

Insurance

For the answers to these questions, see the Office of Fair Trading. ..home_owners/Buying_property.
AND the Law Society of NSW:
lawsociety.com.au/page.asp?partid=6692
For Strata living generally:
..home_owners/Strata_schemes.html

10 year Sinking Fund Plans

2008-05-27T13:59:00.002+10:00

1 July 2008 was the deadline for Strata Number down to 10,000 (SP with more than 5 numbers in it). So if your body corporate is SP9999 or less you have another year before you have to get started.
What it involves is that owner corporations are 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 are required to commence this planning is determined by your strata number:

SP 30,000 and over were to have been organised by 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/.../strataschemesinkingfunds.html]

Property Conveyancing

2008-04-07T10:22:00.002+10:00

Conveyancing to some is a clerical, time consuming and impersonal process. Keep in mind that it is basically swapping a lot of money for a bit of paper that says you have the property.
An overview of the process should help you manage your part in the process.. [more..]

Consumer Credit

2008-02-22T11:39:00.001+11:00

Consumer credit or consuming credit, borrowing money is easy. It’s making the repayments that can be difficult.
Find out about some of the pitfalls as well as ideas for managing credit wisely at the NSW Department of Fair Trading:
dft.nsw.gov.au/shopping/usingcredit.html

Emails at Work

2008-01-10T11:26:00.000+11:00

Employers are liable for the actions of employees. There are three main risks with email:
• sending emails containing blue humour (harassment).
• making a legal contract by email.
• defamation.
In a perfect world you would have a lawyer draw up your email policy. But skilful legal drafting is not as important as judgement on the content.
See the guidelines, www.brennanlaw.com.au/documents/...

Executors, Probate and the Summer Season

2007-12-01T16:41:00.002+11:00

Be prepared for summer family get-togethers. If you are an Executor of an Estate this means that you can expect to be asked questions by the beneficiaries.
Make sure you know these dates (or possible dates): Notice of intended application for probate; Probate; Notice of intended distribution.
Will there be an interim distribution? There often is so, when will it be likely to happen and when can the final distribution be made?
Arrange a progress report from your solicitor along with a copy of the Estate account or Trust statement. Check if you need an updated one closer to the date of the family gathering.
The Fast Answers on Estates from the Law Society has more..

Health care decisions

2007-07-02T10:46:00.001+10:00

Every person has the right to refuse (or accept) medical treatment, but the difficulty arises when you wish to ensure that you receive the treatment that you want when you are not able to make your preferences clear.
Also you need to make your wishes about your future health care clear while you still have what is called "capacity". Some informal ways of doing this are by making your wishes known to friends, relatives and your doctor, and by writing your wishes down.
There are also formal, legal ways to make sure that your wishes are respected. These are called; enduring guardianship and advanced health care directives or living wills. See us to draw these up for you or see the following links for further information: lawsociety.com.au
It is a Living Thing [luchettilawyers.com.au/itsalivingthing.asp]

Your details to us

2007-06-01T16:14:00.000+10:00

Make sure that we get the correct information use our online form. This could be handy, for example, while making a will. As well as entering your own information, reload the form and enter the details of your executors and beneficiaries.
The information in our system is what you typed, so the chance of spelling errors in names, etc. is reduced.
To access the form go to:
luchetti.com.au/form_one.htm
Make sure you include at least one email address.

When to make a will

2007-05-09T11:35:00.001+10:00

Look at your will when some part of your living arrangments change.
These include getting married, the birth of a child, moving to a new house or the acquision of some other property.
Making a will boils down to these four questions:
1. What are you worth?
2. Who do you want to have it next?
3. Who will be your Executor (someone you trust to make that happen)?
4. What can be done to make it easier and/or clearer?
Also think about where can you put your will so that people know where to find it when the time comes (and maybe, not before).
Answer these questions on our will form.
to see if you need to take the next step.
Also have a look at what the Law Society of NSW has to say on this topic:
lawsociety.com.au/page

Caring for an older family member

2007-03-20T12:59:00.001+11:00

There is an association for relatives and friends who are caring for people with a disability, mental illness, chronic condition or who are frail aged.
Carers NSW produces several fact sheets with information about support for carers, financial assistance and legal issues.
Topics include:
* Caring for an older person
survivingthemaze.org.au/..CaringNsw
* Dealing with Hospitals
survivingthemaze.org.au/...bcfcHospitalnsw
* Considering Residential Care
survivingthemaze.org.au/...consideringnsw
* Caring for someone in Residential Care
survivingthemaze.org.au/...BCFCResiCare
The information is sometimes specific to NSW and the full list can be seen at the CarersNSW site:
carersnsw.asn.au/infosupport
For other states see:
survivingthemaze.org.au/BCFC

Possible Rent Rises

2007-03-01T12:58:00.000+11:00

Rents will rise by 7 to 8 per cent for the next two years. So says property analyst with the investment research firm Van Eyk, Louis Christopher. He said that rental yields on investment property were recovering. "I think rents will rise by 7 to 8 per cent for the next two years, but investors don't buy a residential property just for the yield. They are looking for capital gains, and the market will have to start moving up before they are enticed back."
This quote is at the end of the story in the Age News paper Super break drives rent crisis.

Emails when you die

2007-02-20T10:28:00.002+11:00

When contemplating a will think about how people can be contacted about your death.
If you live a life that uses a lot of email then you may have to leave your passwords where your executor can find it.
They may need to access your inbox (or contacts list) to let your friends know that you've died. If the email account is a free one then this may have to happen urgently before the account is deleted.
smh.com.au/.../what-happens-to-your-emails-when-you-die
Update:
Keeping important records where they can be found in case of your mental decline or after you are gone.
That once meant storing papers in a safe or a file cabinet at home, in a safe-deposit box or with a trusted adviser. Even if the record keeping was spotty, there was a paper trail, starting with bills and statements that showed up in the mail.
But that trail has become harder to follow as more people manage their finances online.
nytimes.com/../your-money/estate-planning/

Describing Medical Symptoms

2007-02-12T14:50:00.001+11:00

Many of our clients are of an age where they are getting aches and pains where none previously existed. So a tip like this may be welcome.
Make the most of your doctor's appointment by giving the doctor the information in the same format they learnt in medical school.
* Make an up-to-date patient profile for yourself
* Describe your basic reasons for the visit (in one or two sentences)
* Point to the location of your symptoms
* Use adjectives to describe your symptoms
* Rate your symptoms
* Recall the onset and timing of your symptoms
* Describe the setting and your condition when the symptoms occurred
* Explain what makes the pain better or worse
* List other things that happen at the same time
* Talk about your symptoms, not your diagnosis
[more..]