Categories for Buying

Finance Formally Approved, or Contract now unconditional – what is next?

27/12/2018
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We usually send our clients ALL the required ‘wet-ink’ paperwork with our initial postal package. Sometimes we need to allow for the other party to complete certain forms first, so thanks for your patience and understanding if you receive more than one form requiring ‘wet-ink’ execution. Buyers;That Loan Amount on the Unconditional/Formal approval is usually NOT the exact amount your lender will make Available as Funds (aka funds your lender will bring) for Settlement.The Lender will usually take their fees...

More Paper Forms for Buyers to complete post 1/1/19

19/12/2018
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Foreign Buyers DutyFor transactions executed on or after 1 January 2019, an additional 7% duty will be chargeable on the dutiable value of certain acquisitions of residential property by foreign buyers.Each person acquiring land in Western Australia must complete a foreign buyers declaration form HERE declaring whether they are a foreign person.The Online Duties system will be modified to allow self-assessment of most dutiable transactions that are chargeable with foreign buyers duty.Residential property For the purposes of the foreign buyers duty, residential property...

Non-Compliant Building Work?

24/10/2018
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Are your Clients protected against the risk of Non-Compliant Building Work? By Paul Watkins,  General Counsel, Australia  Stewart TitleThe enforcement powers of Local Authorities to issue building notices and building orders for unapproved building work is a risk which is well known among settlement agents in Western Australia. However, the issue of non-compliant building work also poses a significant risk, particularly as purchasers and their settlements agents may be lulled into a false sense of security if the Orders & Requisitions...

Foreign Buyers Duty Surcharge

10/10/2018
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CIRCULAR 17 DUTIES ACT 2008 Foreign Buyers Duty The Duties Amendment (Additional Duty for Foreign Persons) Bill 2018 (‘the Bill’) was second read into Parliament on 13 June 2018. The Bill operates to amend the Duties Act 2008 (‘Duties Act’) to impose additional duty on certain transactions involving foreign persons or entities acquiring residential property in Western Australia.These amendments are subject to the passing of the Bill by Parliament and the granting of Royal Assent. The changes are proposed to come into effect on 1 January...

Duties Lodgment and Assessment changes

16/8/2018
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Duties document lodgment and assessment form As part of the Office of State Revenue’s strategy to increase our digital services a new duties document lodgment and assessment form will be available on our website from Monday 20 August 2018.The new form will replace the carbon copy form previously used to lodge documents with the Commissioner for a duty assessment.The new form must be completed by all lodging parties who lodge transactions for immediate assessment at the public counter, and to lodge...

Paper has been superseded with higher security for ELN(e-Settlement)

8/6/2018
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Imagine you are in the biggest city you know, on the busiest street, outside the biggest bank which you notice is surrounded with cameras and not just armed, but heavily armed security guards and some restrained but excited & vicious looking dogs.The Bank doors open, a few moments later, from the secure confines of the building, out walks a petite and cheerful person pushing in front of them a wheelbarrow full of money, out on to the street. You immediately...