Categories for Disbursements

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...

FOREIGN RESIDENT CAPITAL GAINS – WITHHOLDING OBLIGATIONS BRIEF FOR REAL ESTATE &/ SETTLEMENT AGENTS- AFFECTS ALL REAL PROPERTY TRANSACTIONS $2 MILLION OR MORE INCLUDING AGGREGATED DEALS

21/4/2016
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Legislation will take effect as of July 1st 2016 requiring that ALL real property transactions over $2m be assessed to determine what (if any) Capital Gains Tax (CGT) liability exists. ​There are many different scenarios which include multiple buyers or sellers and variations to the amount held.In circumstances where there are multiple buyers (ie. A farmer has sold his farm off in separate lots) but the aggregated market value is over $2 million, the Seller will be required to provide a clearance certificate. If not each Buyer...

Fee Deregulation – what it means to you. Beware of hidden extra fees.

2/3/2016
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As of 3rd February 2016, the regulation of Scaled Settlement Agents’ capped fee has ceased. Settlement Agents are now able to charge their worth for their services in executing the transaction. The new fee disclosure rule in found in the rule 6B & unforeseen significant change for scope of work under 6C of the Settlement Agents Code of Conduct & Act.  Removing the ‘Maximum Scale’ and de-regulating fees has allowed Settlement Agents greater flexibility to cater to the differing needs of...

E-Conveyancing is merely e-settlement

9/5/2015
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E-conveyancing as touted by PEXA is coming to WA soon, but just to clarify some points of misconception around e-conveyancing in Perth WA; Nomenclature; the misnamed “e-conveyancing” does not encompass the entire process of transferring property into some other persons name. Merely the electronic equivalent of the final stage of the conveyancing process often referred to as “settlement” which includes booking, title check, attending settlement, lodging title forms, and funds distribution. Thus more apt term would be “e-settlement”. That process (at least in current manual process)...

Landgate updates fees

8/5/2015
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In case you were wondering Landgate have increased their fees from 1/7/15. Fees_after_1_july_2015_100k_-_3.4m_email.pdfDownload Fi Regulated products and services From 1 July 2015, some of Landgate’s regulated products and services will be subject to new fees by no more than the Consumer Price Index (CPI) increase of 2.6 per cent*. New Registration and Search Fees Payable from 1 July 2015 have been approved by the Governor of Western Australia in Executive Council. The current 2014/15 Registration and Search fees are located on Landgate’s Forms...