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' and in writing, so as an attachment to an email is most likely outcome.
The Buyers 'Right to inspect' was arguably removed, unless there was a Seller obligation or condition of the contract, then that additionally included a right to re-inspect, to check if Seller has rectified an identified issue, under the contract.
Early Possession remained the same if under one (1) month. However the REIWA JFGC-18 states that Parties must comply with the Residential Tenancy Act (RTA) if Possession was granted for period of one (1) month or more.
Which differs from the RTA which specifies a minimum of three (3) months.
How will you manage change in 2018?
Are you ready for:
What will the rest of 2018 serve up to conveyancers?
Don’t get left behind!
AICWA is proud to have partnered with sponsors and key industry stakeholders to deliver a broad calendar of training events. We are committed to assisting you by delivering quality training outcomes as well as providing regular updates. As the peak industry body representing conveyancers locally and nationally, our access to key industry stakeholders means we are best positioned to deliver the knowledge you need.
Source: 9th February AICWA Education e-Newsletter
REIWA are updating their 2011 Standard General Conditions that accompany their Offer and Acceptance Contracts. As of 13/2/18 we are advised the New 2018 Joint Form of General Conditions will be made available from their REIWA office or by license from PrintForce.
REIWA are offering courses for the Real Estate industry to update themselves on the changes; Understand how the changes to JFGC will impact the following:
AICWA are offering an update to industry here;
JFGC’s Info Session
An Evening With Matthew Ellis
With the anticipated amendments to the Joint Form of General Conditions, AICWA have teamed with our very special sponsor and respected lawyer Mr Matthew Ellis – Director MGB Legal.
Matthew will discuss the relevant changes and how they apply to your clients and to you.
Date: 20th February, arrive 6pm, start 6:30 finish 8:30pm (included is a 30min Q&A)
Where: Technology Park - 2 Brodie-Hall Dr, Bentley
Cost: FREE for AICWA members and staff. Please register: HERE or email us at firstname.lastname@example.org
Non-member cost $50 per person. Registration via the AICWA website HERE
Light refreshments available on arrival.
The GST on property transactions measure has been introduced, as schedule 5 to the Treasury Laws Amendment (2018 Measures No. 1) Bill 2018.
The Government will strengthen compliance with the Goods & Service Tax (GST) law by requiring purchasers of newly constructed residential properties or new subdivisions to remit the GST directly to the Australian Taxation Office (ATO) as part of settlement. The measure will require the purchaser of newly constructed residential properties of new subdivisions to remit the GST on the purchase price directly to the ATO as part of Settlement for contracts on or after July 1, 2018.
You can access the legislation as introduced along with the explanatory materials by following this link HERE.
SPEED up your banking and transfer money using an email, phone number or ABN. Here’s how to get started.
BANK customers will need to set up a PayID as a matter of urgency, to stay up to date with new technology set to arrive in Australia.
In the coming weeks financial institutions around the country will start pushing out the highly-anticipated New Payments Platform (NPP), which will deliver 24-hour, seven-day-a-week, instant transfers.
It means consumers will no longer need to share their personal banking information such as BSB and account numbers and will therefore find it much easier to move cash.
The New Payments Platform will mean instant payments for banking customers.Source:Supplied
Money will now be shifted in a matter of seconds using a PayID that links to a customer’s email address, phone number or ABN for small businesses.
The NPP’s chief executive officer Adrian Lovney said users of a PayID should be reassured that once it’s set up people can only place money into your account and not take it out.
“The only way another person can use your PayID is to put money into your account,’’ he said.
NPP’s chief executive officer Adrian Lovney said PayIDs will be a secure way to move money. Source:Supplied
“PayIDs can only be created or paid to within your financial institution’s internet or mobile banking.
“This means your PayID will be protected by the same security that applies to your internet or mobile banking.”
FAST TRANSFERS: Moving money in an instant will soon be reality
To create a Pay ID with your bank — if it is set to join the NPP, which at this stage includes the nation’s big four banks and many others — you will need to firstly do this:
— Choose what type of PayID you would like to use (most will offer phone numbers, email address or ABNs) and which account you want to link it to.
— You can have multiple PayIDs but only one PayID can be linked to one account at a time.
— You must verify with your bank that you are the owner of the information and the account with is connected.
— Your PayID will now act as a BSB and account number.
GIFT CARDS: The biggest fees shoppers will get slugged with for using a gift card
CUA’s chief executive officer Rob Goudswaard said they will start notifying their members this week of the upcoming changes to help them make a simple transition to faster payments.
CUA chief executive Rob Goudswaard said a PayID will make it easier for customers to move their own money.Source:News Corp Australia
“Set it up and be clear as what you want as your PayID and to have one it means other early adopters of NPP will able to use it to transfer money,’’ he said.
“Your need for direct debits will become a thing of the past because you can make cash transfers quickly.”
Originally published as What you need to do when instant banking arrives
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