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Stamp duty is not payable when transferring real estate to an executor for the purposes of sale. Stamp duty of only $50 is payable when transferring real estate to a beneficiary if gifted under the will or if it is ‘in or towards satisfaction’ of their share of the estate. Stamp duty of only $50 is payable when transferring real estate under a family provision order (will challenge). If real estate is transferred to a beneficiary and its value is more than the beneficiary’s share in the estate, stamp duty is payable on the value of the real estate that is above the beneficiary’s entitlement in [...]

With the current housing market where demand is exceeding supply, the question may be asked is “gazumping” legal? Gazumping is when a vendor agrees or accepts a purchaser’s offer in principle, but prior to exchange the vendor receives and accepts a higher offer, agreeing to sell to someone else. In practice, this might look like a real-estate agent passing on your offer to the vendor, it being accepted, but the contracts not being exchanged straight away. During this time between accepting the offer and the exchange of contracts, the real estate agent is legally required to inform the vendor if a higher offer is made. If [...]

The month of Movember has come at last and what a month it shall be. The month where moustaches of all shapes and sizes crawl across upper lips for a good cause. Please visit our Movember page and donate if you can https://au.movember.com/team/2408712. If you can't donate, just ask someone if they are doing alright or make an effort to smile at a stranger, you would be surprised the impact that these small gestures can have. Jamie Mo-tivation I am growing a Mo for men's mental health. I have many close mates who have wrestled and are wrestling with the Black Dog. I have even lost [...]

Manny Wood, Accredited Specialist in Wills & Estates, has put together a General Advice outlining the Probate process and the duties of executors and administrators. The General Advice is set-out below and you can find a PDF version here. What is Probate? A Grant of Probate is issued by the Supreme Court of New South Wales. It is formal recognition of the validity of a will and authorises the executors to administer the estate. If there is no will, the Grant is known as Letters of Administration and administrators are appointed instead of executors. It is necessary to obtain a Grant if the deceased owned real [...]

TBL are proud to announce that we are now in partnership with the Sawtell Success Hub. As many of our valued clients reside in the Sawtell and Toormina region, this partnership enables us to provide our clients with a more convenient option, closer to home. Whilst we will continue to be based in our Coffs Harbour office, we are now offering client consultations in Sawtell, by appointment. We will continue to offer home visits, however, if you have limited mobility, as an alternative, we recommend scheduling your appointment at the Success Hub. To arrange your next appointment in Coffs or Sawtell, contact our friendly staff on [...]