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GST at property settlement: A detailed guide to the new ATO withholding provisions

In this article we outline changes to GST laws that affect relevant property transactions. These laws are set to take effect on 1 July 2018. This guide is intended to provide buyers, sellers and real estate agents with a guide to their withholding obligations. We aren’t tax advisors, lawyers or accountants. Please seek the appropriate …

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A Timely Reminder - Verification of Identity Now Required for Buyers

A Timely Reminder – Verification of Identity Now Required for Buyers

Landgate’s Verification of Identity (VOI) requirements for property sellers within WA have been in place since July 2012. To date these measures have been an effective way of minimising the likelihood of fraudulent real estate transactions. Since then, updates to the Land Titles Registration policies mean there is now a requirement for VOI for property …

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How the REIWA structural inspection annexure could compromise your legal rights

How the REIWA structural inspection annexure could compromise your legal rights

If you’re buying an older property it makes sense to ensure it’s structurally sound before committing to the purchase. The most common way to obtain this assurance is to make your offer subject to a structural inspection. Because it’s so common, most agents make use of a ‘standard’ structural inspection condition that’s attached to the …

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A comprehensive guide to completing your pre-settlement inspection

If you’ve bought a home using a standard REIWA Offer and Acceptance you’re entitled to complete a pre-settlement inspection. But your right to complete that inspection has limits, as we explain below. What is a pre-settlement inspection? A pre-settlement inspection allows you to check that the seller has complied with their obligations under the contract. …

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What can Delay your Finance Approval

What can delay your finance approval? Find out here

The Perth property settlement process involves moving parts that all need to come together for settlement day. These include paperwork, legal documents and transfer papers. Finance approval is an important part of the process and one that is delayed or taken for granted by property buyers. The list of items required to process and approve …

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White Ants: Don't Let These Little Pests Ruin a Deal

White Ants: Don’t Let These Little Pests Ruin a Deal

Sometimes it’s the little things that cause the biggest headaches during settlement. This was certainly the case for one unsuspecting seller when a dispute arose between himself and the buyer after the discovery of live termites in a tree stump. In this instance, Mr Jones (not his real name) accepted an offer that was subject …

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An old house requiring repairs

How rookie advice about a structural inspection almost cost a buyer thousands

A recent settlement case has highlighted the need for agents to understand the implications of ‘structural inspection clauses’, particularly, what it addresses and what it doesn’t.   This was clearly demonstrated when a rookie agent incorrectly advised a buyer that some maintenance issues at a property would be covered by a structural inspection clause, potentially …

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