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In order to secure the sale of a property, a common condition of the Contract for the Sale of Land/ Strata Title is that the seller will receive a deposit from the buyer.This deposit is generally 10 per cent of the selling price, but this can vary case by case. When a deposit is required, the seller nominates who holds the deposit (usually the seller's agent) in trust until settlement. The seller's agent may comply with a request that the deposit be placed in a separate interest earning account if they are satisfied the deposit exceeds $20,000 or that the transaction is not to be settled within 60 days. The seller's agent cannot release a deposit without the agreement of all parties. If a deposit is required but not received by the nominated date then the seller can terminate the contract and proceed with any other offers.
The Joint Form of General Conditions for the Sale of Land which forms part of the Contract are additional conditions to those already incorporated or written into the Contract for the Sale of Land/Strata Title by Offer and Acceptance.The Joint Form of General Conditions for the Sale of Land largely clarifies the property, settlement and the timeline between the contract date and settlement of the property. The Joint Form of General Conditions for the Sale of Land is reviewed every few years by the Law Society of Western Australia and the Real Estate Institute of Western Australia.
A Selling Agency Agreement is a written agreement whereby the agent is authorised by the seller/owner to find a buyer for a particular property. The agent is required by law to have written authority.REIWA produces standard Selling Agency Agreements for use by its members. These agreements are worded to equally protect the rights and obligations of the seller/owner and the agent. The Selling Agency Agreement will detail the name of the seller/owner, the property details, the agreed fee for the agent finding a buyer, terms and conditions detailing the rights and obligations of seller and agent, and any agreement relating to the seller contributing towards the costs of marketing the property. REIWA's standard exclusive agency agreements have received authorisation from the Australian Competition and Consumer Commission (ACCC).
Further information on the Goods and Services Tax can be obtained by contacting the Australian Tax Office on 13 24 78 or by visiting ato.gov.au.
It is important that the auctioneer advises the buyers whether the vendor is registered or not and whether or not the auction is being conducted in a GST-inclusive or GST-exclusive basis, and whether the Margin Scheme has been used.
The Margin Scheme provides relief to property transactions by allowing a reduced amount of the Goods and Services Tax (GST) to be paid. It applies to the supply of freehold interests in land, strata units and long-term leases.
The GST is normally applied to the full sale price of taxable goods and services, however a property developer who is registered for GST may choose to only apply the GST to the margin. The margin is the difference between the sale price (including GST) less the original purchase price of the development site or, in the transition, the difference between the sale price and the valuation of the property (including works in progress) as at 1 July 2000.
The Margin Scheme ensures the GST is payable only on the value added by the developer. It also reduces the GST component applicable to the sale of new residential property sold by developers after 1 July 2000 who are registered for GST.
The Goods and Services Tax (GST) is a 10 per cent tax on most goods and services supplied in Australia since 1 July 2000.The consumer bears the cost of the GST through the pricing structure of the goods and services they purchase. However it is the seller of the goods and services that is responsible for remitting the GST collected from sales, to the Australian Tax Office. GST will apply to many (not all) types of property transactions. However, the treatment of property for GST purposes depends on whether it is private residential, commercial residential, commercial property or a farm.
The agent needs to be informed about all the information you know about the property.If you know that something does not work eg a bathroom exhaust fan or an improvement to the property that does not have council approval, then you must inform the agent. The agent will have an obligation to relay all relevant information to prospective buyers prior to them entering into a contract. The agent will include relevant information in the contract so that there can be no misunderstandings e.g. the dishwasher is not included in the sale of the property.
Prior to entering into a Selling Agency Agreement it is important you understand the level of service the agent will be providing for the agreed selling fee.
While it is reasonable to expect that sellers will be price sensitive, it is very important to understand what you will be receiving for the agreed fee.
Ask questions about the marketing that will be undertaken like, who will be conducting the promotion of the property (the agent you are dealing with or one of the team members?), the frequency of home opens, and the level of feedback from the agent.
It is also important to understand the agent’s view of the market price of the property and how that has been obtained. While a high price sounds attractive, if your property is priced above market value then it is unlikely to sell and the marketing and promotion could be a waste of money.
It is a common misconception that the first two weeks rent is held to
the end of the lease. In fact, the two
weeks rent you pay at the start of your lease pays for the first two weeks you
live in the property. It is not held to
the end and you will be required to pay rent to the last day of your tenancy.
REIWA forms are copyright for use by REIWA members only. However, the Department of Mines, Industry Regulation and Safety administers the Residential Tenancies Act and provide some forms.You can find relevant information by visiting the Department's website or by phoning 1300 30 40 54.
While it is possible to find accommodation while you are outside of Australia, it would be easier to apply for properties when you are in Australia.
When you first arrive consider taking on some short term accommodation so that you can determine which areas are best suited to your lifestyle and budget.
Other useful documentation would be a rental reference from your current agent/owner and evidence of your recent past income, ie wages and salaries. If you have been paying a mortgage, then a record of those mortgage payments would assist in satisfying the agent of your payment history.
Character references are not essential but can be helpful where appropriate, such as from a parent, tutor, guardian, employer, Justice of the Peace (Notary Public), GP, local police officer, Member of Parliament or church elder.
If your application is successful and you progress to signing a lease agreement, you will need to prove your identity with a classic Proof of Identity 100 point check.
Usually this means providing evidence such as a current passport, drivers licence, bank statements, utility bills in your name, citizenship certificate or a combination of these or other documents to establish your bona fides.
In-going costs to rent a property in Western Australia would generally be two weeks rent in advance, a security bond equivalent to four weeks rent and sometimes the option fee.
The Residential Tenancies Act (RTA) is legislation by the Western Australian Parliament to regulate the relationship between owners and tenants.It was first established in 1987, but was modernised, updated and amended in 2013.
It establishes the rule of law to ensure the business relationship between the property owner and the tenants is fair and reasonable to both parties. It applies rights and responsibilities on both parties that must be adhered to.
The most recent amendments to the RTA came into effect on 1 July 2013.
An average discount is a percentage measure
of the average discount agreed to by vendors in a period e.g. “in the March
quarter the average discount experienced by vendors who dropped their price was
6.3 per cent”.
On the few occasions an unanimous resolution is required, all proprietors are required to vote and must vote in the affirmative. Like a resolution without dissent, those proprietors not attending the meeting or who did not provide a proxy for the meeting shall have 28 days to make up their minds. Mortgagees must also be given the opportunity to vote in which case they would replace the proprietor in the voting process. Source: Understanding Strata Titles by John Angus
As the term implies, the resolution cannot be achieved at a general meeting even if only one proprietor objects, either at the meeting or if not in attendance personally or by proxy, in writing within 28 days after the meeting. This resolution is most frequently used when amendments are required to the Schedule 1 by-laws of the strata company. For example, if an exclusive use by-law or a lease of common property is required, a resolution without dissent is necessary. Proprietors do not have to be financial to vote.
Source: Understanding Strata Titles by John Angus
By definition, this form of resolution means a simple majority of proprietors who have paid all due levies at the time of the meeting, when voting on the issues being considered. This form of resolution is all that is required to conduct the normal business of general meetings and council meetings. For example, when accepting the previous year's income and expenditure reports and minutes or approving income and expenditure budgets for the future year, an ordinary resolution is all that is required. That is, if there are 10 proprietors represented at the meeting who collectively constitute the quorum, only six are required to vote in favour of the motion to achieve the simple majority.
Source: Understanding Strata Titles by John Angus
A special resolution means that when passing the resolution at a general meeting there must be at least 50 per cent of lot proprietors who hold a minimum of 50 per cent of unit entitlement voting for the motion.It cannot be 25 per cent or more
lot proprietors, or proprietors of a lot with 25 per cent or more of their respective unit entitlement, voting against the motion, either at the meeting or, if not either in attendance personally or by proxy, in writing within 28 days after the meeting. This form of resolution is required in certain circumstances, for example if amendments are to be made to the Schedule 2 by-laws of the strata company.The Act will nominate if a special resolution is required. Proprietors must be financial in order to vote.
Source: Understanding Strata Titles by John Angus
Common property means all the land and buildings outside the boundaries of the lot but contained within the external boundaries of the original parcel as depicted on the strata plan. In larger complexes common property is likely to include the building structures and land surrounding.Contrary to the understanding of many, common property is not owned by the strata company as such, but by all the proprietors together, as tenants-in-common in proportion to their respective unit entitlement. Source: Understanding Strata Titles by John Angus
A management statement is a document which contains by-laws. These by-laws are prepared by the original proprietor so that the document can be lodged at the Department of Land Administration with the strata plan or survey-strata plan and are then registered together. The type of by-laws which can be included within a management statement are referred to in Schedule 2A of the Act. A management statement cannot be registered after the strata plan has been registered. The by-laws as contained within the management statement do not have to be approved at a general meeting. They exist as soon as the document is registered. Source: Understanding Strata Titles by John Angus
The rules, ordinances, regulations or codes are referred to as 'by-laws' and are set out in schedules, referred to as 'Schedule 1' and 'Schedule 2' within the Strata Titles Act. They are the rules of the strata company designed for the well-being of those who live within the complex and the operation and function of the strata company.By-laws automatically come into force upon registration of the strata company and are referred to as standard or statutory by-laws. By-laws can be amended, added to or repealed.
Source: Understanding Strata Titles by John Angus
Purple Title refers to land held as Tenants in Common, the shares being in the same number as the units. Separate title may be issued for each unit. The land cannot be divided or partitioned though because of the “unity of possession".The sketch and lot number is for the whole of the land in the plan or diagram.The Certificate of Title states the number of undivided shares contained and the sketch of the land used to be shaded purple - thus "purple title".
Strata Title originated in Australia and is a means whereby ownership in part of a building is held or transferred. A Strata Title is most often used in the case of home units or a block of flats, although this is increasing in the case of commercial office property. The land in a Strata Title comprises the strata below and above the surface of the land as well as fixtures. The fact that land includes airspace above the surface is the concept which underlies the modern Strata Title. A strata plan of subdivision also divides the airspace above the surface, i.e. it divides vertically as well as horizontally. The strata plan of subdivision is a plan of the home unit building.Common property is owned by a body corporate created by the legislation and comprising all of the lot owners.
If you are deemed to be a foreign person by the Australian Government, you will need prior approval from the Foreign Investment Review Board before you can purchase real estate in Australia.For the most up to date information about what type of property you are eligible to purchase as a foreign investor, and the process for seeking approval, visit www.firb.gov.au.
REIWA has an Information Service for members of the public who have any questions about buying, selling or renting property. This number can also be called if you have a concern or wish to register a complaint about a REIWA agent. The REIWA Information Service is open Monday to Friday 9am to 5pm. You can phone them on 9380 8200. You can also visit the Department of Mines, Regulation and Industry Safety website or phone them on 1300 30 40 54 for answers to your queries.
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