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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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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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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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