Category: First Home Buyer - Best Real Estate Property Settlement Agent Perth WA +61 (08) 9300 9750

Millennials are the NOW wave

5/1/2018

Changing the business mindset from Boomer property consumer to Millennial property consumer, is here, Don't lose sleep, this article might be of assistance.

By: BekHayes

Conveyancers - are you meeting the needs of your Millennial clients? By Bek Hayes, CEO AICSA
One of the largest generations in history is about to move into its prime spending years. Millennials are poised to reshape the economy; their unique experiences will change the way we buy and sell, forcing companies to examine how they do business for decades to come.[1]

What keeps you up at night? For me, one of my biggest concerns is the impact of the Millennial generation on the Baby Boomer formed Association. Running an Association, meeting Member expectations, keeping it relevant, alive, innovative is no easy task – although I love a good challenge and I definitely have one!

The ‘modern’ Association was set up by Boomers for Boomers – and they are a world away from the digital native Millennials. Taking the Association into the future means significant change and change away from the post-WW2 model we are so familiar and comfortable with. Technology has driven change; the millennial generation is the first to have grown up in an always on fully digital world. Their passion for technology shapes the way they live and shop. They live and work by their smart device – the world has shrunk as social media platforms have expanded.

SCAM ALERT - Did that person, really send you that?

19/9/2017

In what is suspected to be a “man in the middle scam”, funds were unwittingly deposited by a purchaser into an east coast bank account in the lead up to a settlement and then transferred by the scammers to an overseas account resulting in a significant loss of $557,000.
Typically, this type of scam will occur when the contents of person’s private emails are accessed and details of future financial transactions are seized upon by scammers. Victims will be contacted by what they believe to be their agent via a genuine email address when in fact it is the scammer who has assumed the identity of a recipient requesting the transfer.
Scammers are attracted to targeting property professionals and their clients due to the potential for high yield lucrative opportunities.

Property withholding rules explained

17/7/2017

Some quick facts you need to know:

All contracts of sale signed on or after July 1st 2017 where the consideration value is greater than or equal to $750k require a Clearance Certificate issued by the ATO.
Failure to obtain a Clearance Certificate will require the purchaser’s agent (Conveyancer) to retain 12.5% of the sale price at settlement and remit funds to the ATO on the day of or shortly after settlement. General interest charge may be imposed on amounts paid after the due date.
Conveyancers representing the purchaser should ensure a Clearance Certificate has been obtained in the days leading up to settlement.
AICWA best practice is to ensure that a Clearance Certificate has been obtained by the client prior to them engaging your services.
Conveyancers representing vendors must ensure the Clearance Certificate has been issued prior to settlement and is made available to the purchaser’s agent (Conveyancer) prior to settlement.

Impact on property sales of $750,000 or more

23/6/2017

On 1 July 2017, the proposed changes to the Foreign Resident Capital Gains Withholding (FRCGW) rate and threshold will take effect.
These changes will apply to contracts entered into on, or after 1 July 2017 for real property disposals where the contract price is $750,000 and above. The FRCGW tax rate will also change from the existing rate of 10% to 12.5%.
The existing $2 million threshold and 10% rate will still apply for any contracts entered into before 1 July 2017 even if they are not due to settle until after 1 July 2017.
The change to the threshold from $2 million to $750,000 will result in many more properties requiring a clearance certificate for exemption of the withholding. The Australian Taxation Office (ATO) can only grant clearance certificates to a seller who is an Australian resident.

What do I do: Issues discovered at final inspection?

23/5/2017

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;

A1 Conveyancing is PEXA/e-settlement certified!

22/3/2017

In other news today, we celebrate on achieving our PEXA certified trophy.

What does Finance Pre-approval mean?

22/3/2017

Confused about home loan pre-approvals? Here's everything you need to know before you start house hunting.
What information do you need?
First, your broker will want to build a comprehensive picture of your finances. To do this, you'll need to provide evidence of everything including:

MORTGAGEE SALES – AN EXPERIENCED AGENT EXPLAINS THE PROCESS AND THE PROS & CONS

1/2/2017

When a potential investor or buyer hears the term “mortgagee sale” or “repossession” you can often see the dollar signs in their eyes. There is a common view that mortgagee sales come with a lower than market value price. This can be correct in some cases, however thorough due diligence should be conducted before purchasing this type of property. Below we will look into the usual process in WA for mortgagee sales, as well as the pros and cons of purchasing a mortgagee in possession property.
How do mortgagee sales work?

ATO property reporting to be introduced in 2017

1/1/2017

From July 1 2017, new Commonwealth Government reporting requirements will be introduced that will affect all real estate property transfers in Western Australia.
The reporting requirements are being introduced following agreement by Commonwealth, State and Territory Treasurers to establish a National Register of Foreign Ownership of Land Titles. This Register will be administered nationally by the ATO. In WA, Landgate will collect and report the required information to the ATO.
For each transaction of freehold (and some leasehold interests)

Talking Property & Referring a Conveyancer

24/11/2016

Talking Property
The AICWA will this weekend kick off its summer radio advertising campaign on Harvey Deegan’s “talking property” on 6PR 882. Those familiar with the show will know it’s one of the most popular programs on property. REIWA, Landgate and a host of property experts including our very own John Clarey regularly take to the airwaves to answer questions.
Hear the ad campaign HERE
The Radio ad is aimed at driving listeners (and their family & friends) to use our “Find a Conveyancer” search engine. We want to drive referrals to our Members.
Over the coming weeks we will monitor web visits to determine the effectiveness of the campaign. In 2017 we hope to announce some awesome news on how we will expand on our ability to drive referrals to you. As an AICWA member we owe it to you!