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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Seeing Double: When 2 Contracts = Double the Stamp Duty

Seeing Double: When 2 Contracts = Double the Stamp Duty

Having completed thousands of settlements for our clients over the last 29 years, it’s easy to understand that the team at Residential Settlements have pretty much “seen it all” when it comes to handling O & A’s and the settlement process. However, a current case literally had us “seeing double” when an unfortunate error made …

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The usual suspects: avoid this common cause for disputes

The Usual Suspects: Avoid this common cause for disputes

When it comes to disputes arising between buyers and sellers during the settlement process, it can often be a case of looking for “the usual suspects” for a probable cause. In particular, we find that the “Good Working Order Clause”, if not handled correctly, attracts its fair share of contention between parties. This was clearly …

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Avoid these 2 common issues which cause delays

Avoid these 2 common issues which cause settlement delays

Settlement delays… No one wants them, however we have found it can often be the most routine and run of the mill issues which can “slip through the net” and potentially result in stressful delays when it comes to completing a property settlement on time. A recent “close shave” case illustrates how a combination of …

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Company Directorship Changes

The Settlement Period Isn’t The Time To Make This Simple Mistake.

The period between finance and settlement isn’t the time to make changes to the directorship of a company buying a property. That’s the lesson a director learned the hard way recently. Having purchased a property in the name of his company – of which he was sole director – he signed the Transfer of Land …

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Granting Possession Prior: The good, the bad and the ugly.

Granting Possession Prior: The good, the bad and the ugly.

In recent years we have seen an increase in the number of requests from buyers for possession to a property prior to settlement. If everything goes to plan, this is a harmless option for the seller and a great opportunity for the buyer. Where multiple subject sales have caused a settlement log jam or where …

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The REIWA Seller’s Disclosure Statement: A vital tool for agents.

The REIWA Seller’s Disclosure Statement: A vital tool for agents.

A recent settlement case has highlighted the importance of using the REIWA Seller’s Disclosure Statement as a tool to gain assurances from sellers and provide protections for both buyers and agents during settlement. In this instance, a dispute over the functionality of a bore on a seller’s property threatened to adversely impact the sale and …

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Joint Tenants or Tenants in Common: why it's important to get it right

Joint Tenants or Tenants in Common: why it’s important to get it right

When more than one buyer is involved, choosing between Joint Tenants and Tenants in Common is an important part of the home buying process. Ideally, buyers should choose a tenancy when completing the Offer and Acceptance, rather than waiting until the settlement process begins. However, even if a tenancy is not specified in the Offer …

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