Categories for Disbursements

Looking to Buy a house- consider pre-contract Building Inspection before sign on the line

23/3/2023
Written by

Under the current normal Buying a property process in WA, a buyer will sign a contract -also known as an Offer and Acceptance (O&A) to buy a House, Land, or Strata lot, and they may include as a condition their desire for a Building Inspection or Survey done, usually at their own cost, after it goes unconditional. The standard REIWA annexure if included in the negotiation of the O&A allows for a Pre-purchase Building Inspection. However, it is usually limited...

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

19/9/2017
Written by

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
Written by

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
Written by

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...