During the uncertainty of COVID lockdown, REIWA has a COVID annexure to cover the most limited initial COVID Events. This may be added as an “Annexure” to contract before it is accepted, but after acceptance, it would need to be signed by all parties of the contract as a “Variation” ie Seller & Buyer of Property Address, Contract Dated DD/MM/YYYY agree to vary the contract by incorporating the labeled COVID Annexure Z; Signed & Dated: Seller X Buyer Y. Feel...
There is growing support in the property/conveyancing industry for wording on a clause for sale contracts to protect new owners and those wishing to become Landlords without beaching the extended rental moratorium on agreements.The AICWA has contacted DMIRS and has subsequently confirmed the following clauses are acceptable:
‘Looks like Settlement may roll’. What is the latest time slot my e-settlement can happen? This can happen if ALL participants have not completed all their tasks and signed off to make ready by the booked start time, it automatically gets post-poned every 30 minutes (½ hour) till about 14.00hrs (WST) during Daylight saving -also on Eastern state public-holidays or 15.00hrs (WST) which is 17.00hrs E(D)ST as that is when most of the staff at the Reserve Bank of Australia...
General Update The contract date and commencement time frames are for the construction part of the schemes. The purchaser must have entered into the off-the-plan sales contract between 4 June 2020 and 31 December 2020. Commonwealth Building must commence after 4 June 2020 and within 3 months after the building contract date (extensions of 3 months will be considered where the reasons for the delay are outside the control of the parties to the contract). State
The introduction of the new Strata Title Act Amendment has led to the creation of Leasehold Schemes and Titles in WA. A leasehold scheme includes a subdivided underlying title with a reversionary interest and leasehold strata titles. A Leasehold Title is a portion of the subdivided land that acts the same as a freehold parcel for the duration of the leasehold scheme (20-99 years). Reversionary interest relates to the right of the owner of the underlying title. It allows them...
