New Charge for Foreign Owners for Empty Properties Foreign persons who apply for approval to purchase residential property after 9 May 2017 will face a new annual vacancy charge to be imposed if the property is not occupied for at least six months per year.The charge will be levied annually and will be equivalent to the purchase application fee imposed at the time the property was acquired by the foreign investor.Details of the new charge can be viewed HERE FIRB approval for sale of...
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; “Seller:Buyer:Property address:Contract dated:______________________________________________________ The Seller and Buyer AGREE to vary the Contract as follows:- The Buyer accepts the listed item(s) {list or see attached} as discovered...
Update to e-Bulletin Issue #66On 3 April 2017, the Sale of Land Amendment Act 2016 (the Act) came into effect in Western Australia. The legislation introduces greater protections for consumers when signing sales contracts for land that is not yet owned by the developer. Landgate have now clarified and updated information that was previously communicated which also includes variation to the Approved form of the statutory warning that must be used. This e-Bulletin replaces issue 66 Changes to the Sale of Land Act – what...
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: Pay slips and tax returns for your income. Title deeds for tangible assets (i.e. physical items such as buildings, machinery and inventory), and Portfolio statements for intangible assets (non-physical items such as copyrights and patents). Loan...
In other news today, we celebrate on achieving our PEXA certified trophy.
Another electronic funds transfer fraud has occurred whereby a client has been emailed by a person they have believed to be their conveyancer.Otherwise known as “spoofing” the client has assumed the email to be legitimate and has followed instructions to transfer funds.AICWA recommend all members undertake the following: Do not send trust account details and requests for moneys in the body of an email; Advise your client that trust details will not be requested by email (and why); Advise...
