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.
Very proud to announce that Our Licensee Damien McDonnell (AKA DMc) is the winner Australia & State wide Top PEXA Community Super User Contributor for 2017.
Our licensee Damien (DMc) Took out the Top Contributor Badge for 2017, as an avid community Super User (helper) he earned the below PEXA Community badges as well...
Landlords lose thousands in tax savings in new bill
It's no surprise therefore, that a bill slipped through unobtrusively on November 15 when the nation was focussed on the result of the same-sex marriage survey. However, many Australians who have bought a rental property this year or are thinking of buying a rental property will be affected by this change.
Phishing is an attempt to scam or deceive you into disclosing personal and financial information in an email or online. A hoax email may look like it was sent from a reputable organisation, and may ask you to disclose personal information via return email or by clicking a link. These emails often look genuine, copying a company's branding and email layout, and using an address that's very similar to the real company's URL.
Hoax emails may:
Immanent Settlement; Have you discovered an issue, like damage or some defect that IS covered under your contract at the final inspection?
After recommending Legal Advice (since we are not lawyers). Often the quickest & cleanest way forward with a pending settlement is to arrange a “Payment in lieu” variation.
Something along the lines of;
With autumn here, now is the perfect time to make improvements around your home, and get your property in tiptop shape for winter. Here are some ideas for the to-do list.
Leaks can be extremely wasteful and costly. Regularly checking taps, pipes and fittings around your property could save precious water and precious money!
Thanks to Lee Sanders from CCP.com.au for the tip...
The government is paying to have your electronic junk recycled!
They've even created a handy map of where you can drop it off for re-cycling at no cost to you!
The national television and computer recycling scheme with the aim of recycling 80% of e-waste by 2022. There are more details about the scheme here.
Rather than throwing that old computer, TV or other electronic junk in the bin, drop it off for recycling. Or you can give your junk to us and for a $5 delivery fee we'll drop it off for you.
I hope this information was of interest?
Computer Consultant Professionals
Unit 18, 8 Tomlinson Road, Welshpool, 6106
ABN: 19 128 752 607
Phone: 08 9467 2269
Client not on notice of proposed heritage listing
Our client purchased an original 1950s style home in SA with the intent of demolishing it and building their dream home. The client exchanged contracts and began to prepare plans for their new home. Shortly after settlement, the client submitted plans to the Council to construct their dream home. The plans were rejected by Council on the basis of a proposed heritage listing, which was applied just prior to settlement. The client was in shock and immediately contacted their conveyancer.
What did First Title do?
On assessment of the claim, it was revealed the conveyancer and the client were not on notice of the proposed heritage listing of the property as the certificates from Council relied on were not up to date. First Title engaged a lawyer and expert heritage architect in support of an application seeking to overturn the proposed heritage listing.
What was the resolution?
First Title accepted the claim pursuant to its 'heritage cover' on the basis that the client was not on notice that the house was heritage listed. First Title paid for all costs associated with successfully overturning the proposed heritage listing, including legal and expert evidence fees.
Total payment exceeded $11,000
Registration Gap - Third Party Claim
One day after purchasing his home in WA, our client learned he could not become the registered owner of his property due to a third party claim. Our client was informed by his conveyancer that the stepchildren of the vendor registered a testamentary right to his property. The children claimed they were gifted the property in their mother's will. The children refused to remove their interest in the land unless they were given money from the sale of our client's property.
What did First Title do?
On assessment of the claim, it was revealed the conveyancer and the client were not on notice of a potential third party interest in the property. First Title engaged a lawyer to ensure our client would become the registered owner of the property and to put the potential interest of the vendor's stepchildren in the property to rest.
What was the resolution?
First Title accepted the claim pursuant to its 'registration gap' coverage on the basis that between settlement and registration of our client's transfer to our client's name another interest was registered on the property title. First Title paid for all costs associated with successfully settling the dispute over the client's property through mediation.
Payment to date exceeds $20,000
For more information on First Title's insurance options call us on
1300 362 178. Alternatively, you can visit our website.
Source: email News from First Title: Claims Chronicles - May 2016
Landgate support for the recovery of communities affected by an eligible natural disaster in Western Australia.
Assistance during bushfire recovery
Landgate Media release: Thursday, 14 January 2016
The State Government is providing assistance to property owners and South-West communities as they rebuild and recover from recent bushfires.
Lands Minister Terry Redman said Landgate was providing duplicate Certificates of Titles which were lost or damaged during the fires, at no cost to applicants and will assist with property ownership details if requested.
Landgate is also facilitating the re-pegging of property boundaries by re-establishing important infrastructure that provides location information.
"Due to the scale of the destruction, property boundaries may be unclear. South-West residents can be assured that Landgate will determine these to ensure the accurate placement of buildings and fences," Mr Redman said.
"Other information available through Landgate includes aerial photography to determine the location of roads and property addresses."
People in regional areas can contact Landgate on 1300 365 288 or visit http://www.landgate.wa.gov.au
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