How a finance approval letter could cost thousands in penalty interest

How a finance approval letter could cost thousands in penalty interest

A recent call from an agent has highlighted the risks to buyers when they fail to notify the seller that their finance has been approved. In this instance, the buyer had told the agent they had received finance approval. But, in an attempt to delay settlement, they refused to provide the written notice required by …

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It's a Case of Sooner, Rather Than Later - Addressing Special Conditions

It’s a Case of Sooner, Rather Than Later – Addressing Special Conditions

It’s important for sellers to be aware that preparations for the final inspection of their property should not be left until the last minute, especially if a seller has entered into an O&A which includes any Special Conditions. In fact any Special Conditions need to be addressed sooner rather than later, as one seller discovered …

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Ready, Set, Go - Being Ready For Buyers' Inspections

Ready, Set, Go – Being Ready For Buyers’ Inspections

Once the all-important Offer and Acceptance is signed, it’s vital for Sellers to be made aware of their corresponding rights and responsibilities during the settlement process. This is particularly true when it comes to Buyers’ Inspections, as one couple selling their home discovered when a dispute arose over the buyers’ insistence on conducting a second …

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Verification of Identity (VOI) Requirements - Don't leave it to the last minute.

Verification of Identity (VOI) Requirements – Don’t leave it to the last minute.

Within Australia, the stringent requirements surrounding a seller’s Verification of Identity (VOI) makes early preparation and collation of the necessary documents key factors to ensure a smooth settlement process and avoid delays. An archive case demonstrates both the critical nature of early preparation and the importance of having all of the relevant identification documents close …

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RCDs, Smoke Alarms and Electrical Safety - Compliance Alert Reminder

RCDs, Smoke Alarms and Electrical Safety – Compliance Alert Reminder

Western Australian state law requires that every dwelling must have the following in place before being sold or rented: A minimum of 2 Residual Currency Devices (RCDs) plus At least one hard-wired smoke alarm, depending on the layout of the property. In fact, due to the importance of this mandatory requirement, we have covered this …

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When Things Don't Go To Plan - 5 Steps to Getting a Settlement Back on Track

When Things Don’t Go To Plan – 5 Steps to Getting a Settlement Back on Track

As the poet Robert Burns wisely said, “even the best laid plans…can go astray,” and this is particularly true when it comes to completing an Offer and Acceptance and managing the subsequent settlement process. Let’s face it, sometimes “stuff happens” and things just don’t go to plan, even for the most experienced of agents. Not …

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