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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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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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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A marriage certificate is vital for identification before settlement.

How a lost marriage certificate can cost a seller thousands

A recent settlement case has underscored the importance of having the appropriate identification documents ready before settlement. In this case, a lost marriage certificate has threatened to cost a seller thousands in penalty interest. Eva Spritz (name changed) bought property before marrying overseas and changing her name to Eva Lancaster. Since marrying, she obtained a …

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The time needed for booking can cause settlement delays.

Small banks and settlement delays: what you need to know

Due to the time needed for booking, clients of small banks could experience settlement delays. These delays aren’t experienced by all clients of small banks: if everything in a settlement goes to plan, the use of a smaller lender generally doesn’t cause any issues. However, if for some reason the bank isn’t ready to book …

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