Categories for Disclosure

REIWA Announcement 2022 Contract (O&A) & JFGC

22/6/2022
Written by

Updates to the Joint Form and Offer and AcceptanceThe 2022 General Conditions and the new contract for the sale of land have been released today.The Offer and Acceptance has also been updated with a revised format that will be easier to use.The amended finance condition permits the buyer to apply for finance through a lender or a mortgage broker. The mortgage broker has the ability to provide notification of finance approval, non-approval or rejection.All forms that have referred to the...

Purchaser’s obligation to pay an amount for GST on taxable supplies of certain real property

27/4/2018
Written by

LCR 2018/D1Purchaser’s obligation to pay an amount for GST on taxable supplies of certain real property “Schedule 5 of Treasury Laws Amendment (2018 Measures No. 1) Act 2018 (the Act) introduces provisions that require a purchaser of certain types of real property to make a payment to the Commissioner that represents the GST payable by the vendor. As a consequence, the purchaser then does not have a liability to the vendor for that amount.  Subject to certain exclusions a purchaser’s liability...

Changes to REIWA General Conditions in 2018

21/2/2018
Written by

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’...