What is a Notice of Acquisition (“NOA”)?
The NOA is simply a document that tells authorities of any changes in ownership of land that has been purchased or transferred.
What does it do?
It lets the relevant authorities (e.g. Council, water authority, Owners corporation manager etc.) know who the new owner of the property is.
It further lets them update their internal records and, where applicable, the State Revenue Office will update their records to record whether the property is that party’s principal place of residence and, accordingly, any applicable land tax assessment on the property.
How is it created and submitted?
The purchaser’s representative, whether that be their conveyancer or legal practitioner, creates the document called the NOA, electronically through a platform known as PEXA, which is used to conduct settlements electronically.
The document once created is then submitted electronically via email to the relevant authorities to inform them that ownership has changed.
Who uses the NOA?
The purchaser or transferee’s representative will prepare such notice. All authorities that deal with property such as Council, the water authority, State Revenue Office (Land Tax), Land Registry and Owners Corporation manager (if applicable) will use the NOA to update their records.
Who does not receive an NOA?
The electricity, gas and telephone and/or internet suppliers do not receive a NOA. Where you are a purchaser or transferee, you will need to separately arrange personal contracts for the connection of these utility services.
Insight written by Tamara Maksimovic