Categories for Conditions

New Joint Form of General Conditions-2018

2/12/2018
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REIWA are updating their 2011 Standard General Conditions that accompany their Offer and Acceptance Contracts. As of 13/2/18 we are advised the New 2018 Joint Form of General Conditions will be made available from their REIWA office or by license from PrintForce. REIWA are offering courses for the Real Estate industry to update themselves on the changes; Understand how the changes to JFGC will impact the following: Final inspections, the rectification of defects before settlement and the ramifications of unrepaired...

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...

Prior possession- Certainty of property access & move in date, but at what cost?

9/3/2018
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“Buyers can generally move into the property once settlement has taken place, unless the O̶ ̶&̶ ̶A̶ ̶o̶t̶h̶e̶r̶w̶i̶s̶e̶ ̶s̶p̶e̶c̶i̶f̶i̶e̶s̶ ̶o̶r̶ ̶t̶h̶e̶ ̶h̶o̶m̶e̶ ̶i̶s̶ ̶t̶h̶e̶ ̶s̶e̶l̶l̶e̶r̶’̶s̶ ̶r̶e̶s̶i̶d̶e̶n̶c̶e̶  Seller occupied as their ‘principal place of residence’ immediately prior to Settlement. If this is the case the seller may remain until noon on the day after settlement.However, buyers sometimes reach agreement with the seller to move into the property earlier than the settlement date. Buyers who are considering taking possession of a property...

Changes to REIWA General Conditions in 2018

21/2/2018
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Some highlighted changes to the 2018 version of Joint Form of General Conditions (JFGC), might mean that you could see some differences to the 2011 JFGC. Please note, we are not lawyers and are merely relaying some discussions as generically covered in an industry forum. The biggest concern was the ‘Lawyers picnic’ referenced as clause 9.3, where opposing lawyers could argue just about any outcome they desired, for a breach of warranty. Service by email still needed to be ‘signed’...

Landlords lose thousands in tax savings in new bill

28/11/2017
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Landlords lose thousands in tax savings in new bill  Melissa Browne I love a good game of diversion. It’s always interesting to look at the bills passed on days where there are other big announcements happening or on a Friday afternoon when we’re deep in our second wine after a big week.It’s no surprise therefore, that a bill slipped through unobtrusively on November 15 when the nation was focussed on the result of the same-sex marriage survey. However, many Australians...

Launch of Property Reporting Online service

18/10/2017
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New Commonwealth Government legislation came into effect on 1 July 2017 requiring more information to be provided to the Australian Taxation Office (ATO) when ownership of a property changes. This applies to all buyers and sellers across Australia. The requirements are a COAG initiative to enable the ATO to develop consistent and comparable datasets in the national database, which will reduce tax error and increase tax compliance.   Every state and territory is implementing the data collection in accordance with individual...