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Trade Secrets

REIWA Announcement 2022 Contract (O&A) & JFGC

22/6/2022
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Updates to the Joint Form and Offer and AcceptanceThe 2022 General Conditions and the new contract for the sale of land have been released today.The Offer and Acceptance has also been updated with a revised format that will be easier to use.The amended finance condition permits the buyer to apply for finance through a lender or a mortgage broker. The mortgage broker has the ability to provide notification of finance approval, non-approval or rejection.All forms that have referred to the...

WA Duplicate Titles are still going -TLA amended

17/6/2022
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Further streamlining to conveyancing in WA as amendments pass Parliament The passing of the Transfer of Land Amendment Act 2021 (TLAA) in Parliament yesterday (16-06-2022) will further improve and streamline conveyancing in Western Australia, as the state continues to advance electronic conveyancing. Once brought into effect, the amended Transfer of Land Act 1893 will:• Remove duplicate certificates of title from WA’s titling system • Enable the service of notices electronically• Clarify the definition of counterpart documentsThe TLAA provisions will take...

BUYING AND SELLING: OFFER & ACCEPTANCE EXPLAINED

21/5/2021
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Property transactions in WA need to be evidenced in-writing, The majority of properties bought & sold in Western Australia (WA) are done using a process of Offer & Acceptance. A Buyer makes an offer to purchase a property, normally with some conditions attached (finance approval, building inspection, etc.), and the Seller either accepts it, rejects it, or may make a counter-offer. If the selling agent is a member of REIWA, of which the majority are, the offer will be written...

Foreign Buyers be-informed.

25/3/2021
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Land and water register and instructions A foreign person (including a temporary resident or a foreign non-resident) who has invested in the following must register their acquisition on the Land and water register: Australian residential real estate – your acquisition must be recorded within 30 days of settlement (your right to occupy) Australian agricultural land – your initial acquisition must be recorded with us within 30 days of the date of purchase and any further events must also be recorded...

COVID annexure or variation

1/2/2021
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During the uncertainty of COVID lockdown, REIWA has a COVID annexure to cover the most limited initial COVID Events. This may be added as an “Annexure” to contract before it is accepted, but after acceptance, it would need to be signed by all parties of the contract as a “Variation” ie Seller & Buyer of Property Address, Contract Dated DD/MM/YYYY agree to vary the contract by incorporating the labeled COVID Annexure Z; Signed & Dated: Seller X Buyer Y. Feel...

Author, Damien McDonnell

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Damien McDonnell betrothed to my first true love & father to 5 fantastic little persons and one food obsessed beagle.

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