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BUYING AND SELLING: OFFER & ACCEPTANCE EXPLAINED

21/5/2021
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Property transactions in WA need to be evidenced in-writing, The majority of properties bought & sold in Western Australia (WA) are done using a process of Offer & Acceptance. A Buyer makes an offer to purchase a property, normally with some conditions attached (finance approval, building inspection, etc.), and the Seller either accepts it, rejects it, or may make a counter-offer. If the selling agent is a member of REIWA, of which the majority are, the offer will be written...

Foreign Buyers be-informed.

25/3/2021
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Land and water register and instructions A foreign person (including a temporary resident or a foreign non-resident) who has invested in the following must register their acquisition on the Land and water register: Australian residential real estate – your acquisition must be recorded within 30 days of settlement (your right to occupy) Australian agricultural land – your initial acquisition must be recorded with us within 30 days of the date of purchase and any further events must also be recorded...

COVID annexure or variation

1/2/2021
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During the uncertainty of COVID lockdown, REIWA has a COVID annexure to cover the most limited initial COVID Events. This may be added as an “Annexure” to contract before it is accepted, but after acceptance, it would need to be signed by all parties of the contract as a “Variation” ie Seller & Buyer of Property Address, Contract Dated DD/MM/YYYY agree to vary the contract by incorporating the labeled COVID Annexure Z; Signed & Dated: Seller X Buyer Y. Feel...

Buying a Property What is the BIGGEST mistake you’ll ever make?

26/11/2020
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If you’re thinking of buying there’s a pretty good chance you know what you want, where you want it, and how much you are prepared to pay. When it comes to buying there’s no shortage of advice online as well as from parents, friends, armchair experts, not to mention those get rich spruikers. The biggest mistake you are likely to make isn’t doing enough research, investing wisely, or getting the best price, the biggest mistake most buyers make is not...

e-Settlement may roll over-What is the latest time slot for e-settlement

17/8/2020
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‘Looks like Settlement may roll’. What is the latest time slot my e-settlement can happen? This can happen if ALL participants have not completed all their tasks and signed off to make ready by the booked start time, it automatically gets post-poned every 30 minutes (½ hour) till about 14.00hrs (WST) during Daylight saving -also on Eastern state public-holidays or 15.00hrs (WST) which is 17.00hrs E(D)ST as that is when most of the staff at the Reserve Bank of Australia...