Categories for Commerce

Number of practising WA Settlement Agents

5/2/2018
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A review of the latest licensing information for WA settlement agents reveals that in the last 12 months there has been a slight decline over most categories.  Given market conditions, natural attrition as well as unprecedented change it’s not surprising the total number of licences held in WA is down from 574 in 2017 to 554 in 2018.  Note: Information is current as of the 1st May 2018Source:2nd May 2018 AICWA e-Newsletter

Selling to someone who is Demolishing

17/1/2018
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Smoke Alarms DMIRS Bulletin #78 Smoke alarms in dwellings proposed for demolitionWestern Australia’s Building Regulations 2012 require owners of residential dwellings to have compliant smoke alarms installed prior to the sale, transfer of ownership, rent or hire of the dwelling.  Changes to the Regulations that come into effect on 22 January 2018 provide an exemption for owners who are transferring ownership to a person intending to demolish the dwelling.This means the current owner of a dwelling that is subject to transfer...

SCAM ALERT – Did that person, really send you that?

19/9/2017
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In what is suspected to be a “man in the middle scam”, funds were unwittingly deposited by a purchaser into an east coast bank account in the lead up to a settlement and then transferred by the scammers to an overseas account resulting in a significant loss of $557,000. Typically, this type of scam will occur when the contents of person’s private emails are accessed and details of future financial transactions are seized upon by scammers. Victims will be contacted...

Impact on property sales of $750,000 or more

23/6/2017
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On 1 July 2017, the proposed changes to the Foreign Resident Capital Gains Withholding (FRCGW) rate and threshold will take effect.These changes will apply to contracts entered into on, or after 1 July 2017 for real property disposals where the contract price is $750,000 and above.  The FRCGW tax rate will also change from the existing rate of 10% to 12.5%.  The existing $2 million threshold and 10% rate will still apply for any contracts entered into before 1 July 2017...

Developers take heed. Update to changes to the Sale of Land Act- means some extra protection for buyers, where property is not yet owned by the developer.

4/5/2017
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Update to e-Bulletin Issue #66On 3 April 2017, the Sale of Land Amendment Act 2016 (the Act) came into effect in Western Australia.  The legislation introduces greater protections for consumers when signing sales contracts for land that is not yet owned by the developer.  Landgate have now clarified and updated information that was previously communicated which also includes variation to the Approved form of the statutory warning that must be used.  This e-Bulletin replaces issue 66 Changes to the Sale of Land Act – what...

Are you looking to buy &/ build on property near WA bush Fire prone area?

20/10/2016
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Are you aware that your build might have extra costs to meet the requirements of Bushfire Attack Level (BAL) assessment/report being obtained and being below a certain level to ensure building is less prone to bushfire loss.These requirements monitored by the local council could add thousands of dollars to your build costs. More information might be obtained here along with map of prone areas.https://www.dfes.wa.gov.au/waemergencyandriskmanagement/obrm/Pages/default.aspx ​The building standards are not retrospective. Only new class 1, 2, 3 or 10a buildings (and additions/extensions in certain...