Verification of identity is required to complete settlement.

What the new VOI system means for sellers and agents

Property fraud has devastating effects for homeowners and real estate professionals, so this year has seen the introduction of some thorough new laws for identifying property sellers. In the following article, I’ll outline the details of the new system and explain what the changes will mean for sellers and real estate agents. VOI in a …


Delayed settlements can stretch for a long time if not prevented

The top 3 mistakes that cause long settlement delays

A few weeks ago we revealed the four most common causes of settlement delays. However, the most common types of settlement delays aren’t necessarily the worst. Instead, the longest settlement delays can be the ones that cause the most hassle – not to mention the massive amounts of penalty interest involved! Long settlement delays often …


Avoid property settlement fines by acting in a timely manner

An easy way to avoid fines from the Office of State Revenue

When it comes to choosing a settlement agent, time is of the essence. After finalising a contract, buyers have only two months to nominate a settlement agent and have them lodge the contract with the Office of State Revenue. Failure to submit a contract in time can result in hefty fines, but a recent settlement …


Delayed settlements can often be avoided by allowing more time for settlement.

The Top 4 Causes of Delayed Settlements

Delayed settlements occur when the buyer or seller is not able to meet settlement date. Not only is a delayed settlement stressful, it can also cause you to incur expensive penalty interest if you are responsible for the delay. Delays can be made less stressful through collaboration between everyone involved (that’s where a good settlement …


A pool fence can impact settlement

How a pool fence can delay settlement

When selling a home with a pool, it’s worth exercising extra diligence to ensure that the pool and its fence are compliant with state legislation and local government regulations. When acting as the buyer’s settlement agent, we request Orders and Requisitions for the property being purchased to ensure the buyer is made aware of any …


Smoke Alarm

Smoke Alarms, RCDs and Settlement

Selling a property? By ensuring you have RCDs and smoke alarms installed before settlement, you can save yourself up to $20,000 in fines. Unfortunately, a recent settlement has revealed that not all sellers understand the implications of current state law. Our client, a seller, indicated that they had the correct RCDs and smoke alarms installed …


The Offer and Acceptance clauses

3 Things You Need to Know About Offer and Acceptance Clauses

Settlement is largely dependent on the Offer and Acceptance. We’ve talked about the O&A on this blog before – things you should include, why clauses are important, and how incomplete O&As can jeopardise settlement. But if you’re a buyer or a seller, there’s more you need to know about the conditions and warranties of Offer …