Settled into an apartment, Would you like to win a $1000 prepaid visa? Thanks to WA Apartment Advocacy
Settled into an apartment, WA Apartment Advocacy (WAAA) would like to speak to you! WAAA is doing its national research again and they are asking that we share the following message to any clients who recently settled on an apartment. The survey is completely confidential and they could win $1000 pre-paid visa card. As you know WAAA is the voice for people who choose to own and live in apartments and AICWA would like to lend our assistance. The message for your clients would read:
Would you like to win a $1000 prepaid visa? Then complete this short survey on behalf of WA Apartment Advocacy so that they can lobby government and developers for better outcomes for those of us who choose to live and own apartments as our preference. The link for the survey is https://survey.websurveycreator.com/s/WAAA and you have until 31 March to complete.
Source AICWA post-14/3/19.
Setts+ Hub process;
To ensure that your funds are disbursed in accordance with your instructions we require your Bank Account to undergo a verification service to ensure that we have your correct Bank Account.
Please complete the following process to register:
PLEASE NOTE: A1 Conveyancing Will NOT Accept Liability for any Breach of your Personal Security, Bank Account or Funds Transfer if you Provide these Details via Email or Other Correspondence.
Commissioner Kenneth Hayne has delivered recommendations from the royal commission into financial misconduct that could see consumers forced to pay upfront mortgage broker fees. The recommendations for the radical shake-up to the broking industry was not unexpected, in early 2017 The Australian Securities & Investments Commission (ASIC) conducted a “Review of mortgage broker remuneration”.
READ MORE HERE
These are the occasions when a peak body association has to advocate practical solutions that find a balance between its member’s interests and consumer expectations. The current broker model is beset by aggregators and incentivised commission structures but yet on the other hand has seen a rise in smaller lenders who are offering exceptional rates which have been drivers for competition in the marketplace. Homebuyers are typically highly satisfied with their brokers in facilitating funds to purchase their home but are increasingly finding they are unable to service their loans.
When compared to the settlement/conveyancing profession, which is a lean mean industry, our continued sustainability is reliant upon workable regulatory frameworks that deliver competition and independence of the professionals servicing consumers. The AICWA has, and continues, to advocate for regulatory frameworks that ensure we do not compromise the reason why settlement agents get up in the morning, after all it’s working in the client's best interest that matters!
Source:6th February 2019 AICWA e-Newsletter
AICWA has contacted DMRIS to obtain additional information on the recent changes (Jan 1st, 2019) so as to understand requirements for landlords, buyers and sellers.
DMIRs previously advised that:
The 2018 edition of AS/NZS 3000:2018, Electrical Installations (known as the Wiring Rules) is now available. The new standard has been developed by Standards Australia in collaboration with industry and government.
Source:23rd January 2019 AICWA e-Newsletter
Foreign Buyer Duty
Navigating the expectations of buyers in understanding their requirement to remit foreign buyer duty is inevitable. The declaration must be made by the buyer and it is strongly advised that you do not assist buyers in making any determination on their behalf where there is any doubt.
Foreign individuals are classified as an individual who is not an Australian citizen, or does not hold a permanent or special category visa. In other words, if you are either (i) Australian citizen; (ii) Australian permanent visa holder; or (iii) a special category visa holder – you are not foreign.
Confusion can occur when dealing with New Zealanders who benefit from close ties to Australia. OSR have noted that:
Provided a New Zealand citizen has a valid special category visa when they acquire the property, they will not be liable to pay foreign transfer duty. If the visa lapses, is cancelled or revoked for any reason prior to settlement, they would need to notify OSR.
It is recommend you advise your clients, where doubt exists, to submit a web enquiry or contact OSR on 9262 1100.
To find out more refer buyers to the Visa Holder Enquiry tool for visa enquiries hosted by the Department of Home Affairs.
Source: 23rd January 2019 AICWA e-Newsletter
On 1 January 2019, foreign transfer duty and foreign landholder duty came into effect by amending the Duties Act 2008. The additional 7% duty applies to acquisitions of residential property where the buyer or transferee are foreign persons, including foreign companies and trusts.
What does this mean to you?
Every buyer or transferee that acquires or purchases land in Western Australia is now required to complete and lodge a Foreign Transfer Duty Declaration Form within two months of executing the dutiable transaction.
cimWell if you haven't already done so;
We usually send our clients ALL the required 'wet-ink' paperwork with our initial postal package. Sometimes we need to allow for the other party to complete certain forms first, so thanks for your patience and understanding if you receive more than one form requiring 'wet-ink' execution.
That Loan Amount on the Unconditional/Formal approval is usually NOT the exact amount your lender will make Available as Funds (aka funds your lender will bring) for Settlement.
The Lender will usually take their fees and costs out of that approved Loan Amount this effectively reduces the Available Funds at settlement. Which may mean that the Buyer might have a 'Client contribution', or 'Funds to complete', or sometimes misnamed as additional 'Deposit' (Deposit as defined under your contract is to be held by the Deposit Stakeholder).
So if there is a 'Client Contribution', then best become aware of the expected difference on the required balance you will need Contribute towards settlement.
We often are not advised of the exact amount the lender will bring to Settlement, till much closer to settlement -often not till morning of settleemnt. However your broker/banker who setup the loan would have the best idea of that amount, and will have usually calculated to some best efforts the amount you will need to contribute. So the next query;
However some lenders / circumstances will not cater for that, in which case our trust account for your contribution is the only other way, these deposits normally take the banks upto three (3) business days to clear those funds. There is a quicker process referred to as Real Time Gross Settlement (RTGS) which allows for funds to be cleared usually by same or at least next business day- if beating for the transferring bank cut-off.
Attend to conditions especially before any expire. ie Termite or Building Inspections, due diligence clause, etc.. and confirm with both the Real Estate Agent and also A1 Conveyancing, once done.
Sellers; Make Sure that your Discharge Authority has been completed and A1 Conveyancing have been sent a copy.
Complete and obligations under your contract and confirm with both the Real Estate Agent and also A1 Conveyancing, once done.
Foreign Buyers Duty
For transactions executed on or after 1 January 2019, an additional 7% duty will be chargeable on the dutiable value of certain acquisitions of residential property by foreign buyers.
Each person acquiring land in Western Australia must complete a foreign buyers declaration form HERE declaring whether they are a foreign person.
The Online Duties system will be modified to allow self-assessment of most dutiable transactions that are chargeable with foreign buyers duty.
For the purposes of the foreign buyers duty, residential property is –
1. land in Western Australia that is, or is capable of being, or is intended to be, used solely or dominantly for residential purposes;
2. vacant or substantially vacant land that is zone solely for residential purposes; or
3. any estate of interest in land described in (1) or (2).
A foreign person includes a foreign individual, corporation or trust.
See the foreign transfer duty HERE and foreign landholder duty fact sheets HERE for information about foreign persons and residential property.
Exemptions or nominal transfer duty
Most dutiable transactions that would be eligible for nominal duty or an exemption from transfer duty will also be exempt from foreign buyers duty. This includes certain transactions involving family court orders and matrimonial agreements, deceased estate transactions and partitions of residential property.
Face-to-face customer education sessions commenced in December 2018. Visit our OSR's education page to register now for upcoming sessions HERE.
Foreign buyer duty publications, frequently asked questions and other support material is available HERE
For more information on foreign buyers duty, see the legislation available on the Western Australian Parliament website HERE
Watch the Video HERE
Source: 19th December 2018 AICWA e-Newsletter
The amendments to the TLA have achieved a second reading in Parliament.
This Bill aims to amend three key areas of the Transfer of Land Act 1893 (TLA). It:
1. Modifies the definition of counterpart documents to improve the processing of mortgages electronically;
2. Enables electronic service of many types of notice under the TLA; and
3. Removes duplicate certificates of title from the conveyancing process, resulting in greater ability to conduct land transactions in a fully electronic environment.
In its submission to Landgate AICWA called for additional amendments such as:
Marked-up TLA can be viewed HERE
The Explanatory Memorandum can be viewed HERE
Source:6th December 2018 AICWA e-Newsletter
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