"Buyers can generally move into the property once settlement has taken place, unless the O̶ ̶&̶ ̶A̶ ̶o̶t̶h̶e̶r̶w̶i̶s̶e̶ ̶s̶p̶e̶c̶i̶f̶i̶e̶s̶ ̶o̶r̶ ̶t̶h̶e̶ ̶h̶o̶m̶e̶ ̶i̶s̶ ̶t̶h̶e̶ ̶s̶e̶l̶l̶e̶r̶’̶s̶ ̶r̶e̶s̶i̶d̶e̶n̶c̶e̶ Seller occupied as their 'principal place of residence' immediately prior to Settlement. If this is the case the seller may remain until noon on the day after settlement.
However, buyers sometimes reach agreement with the seller to move into the property earlier than the settlement date. Buyers who are considering taking possession of a property prior to settlement may be asked to sign a form which states that the buyer agrees to take the property ‘as is’, and a statement that the buyer makes their offer unconditional.
Consequently, the seller may not be required to fulfil any special conditions which have been inserted into the O & A.
Both the seller and the buyer should seek legal advice about the potential problems that could arise from prior possession and consider the risks carefully."
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.
Keep me updated, join us here...