• Offer and Acceptance forms: summary of changes


    Last Thursday REIWA held a member forum which revealed the changes to the 2018 version of the Offer and Acceptance forms.

    To help assist you, we’ve put together a summary of all the changes.

    For a full explanation of the changes, please download the MDS presentation on the presentations page.

    Branded REIWA Offer and Acceptance forms

    Personalise REIWA Offer and Acceptance forms to ensure your brand is continually represented.

    The 2018 forms are now available to order.

    The printing costs of forms are:
    • Five pads (100 forms per pad): $300 incl. GST
    • 10 pad (100 forms per pad): $400 incl. GST

    There is a minimum order of five pads and a printing lead time of up to three weeks before delivery will occur.

    If you'd like to order your branded REIWA forms, please supply your ABN number, office address, licensee contact details and a high resolution logo to [email protected].

    Summary of changes

    1. Dates
    All references to the year 2011 are changed to 2018.

    2. Warning- Withholding Amount
    This warning is amended because this issue is now a provision in the 2018 General Conditions and therefore a special condition to the contract is not required. Reference has been made to the relevant section of the 2018 General Conditions.

    3. Warning GST
    Existing condition 4 is not a condition of the contract, but rather explains that if GST is relevant then it should be reflected in a special condition or annexure.

    As this ‘condition’ is more of a warning and we are seeking space on the second page, it has been placed as a warning at the top of the first page.

    Within the warning, the word “applicable” has been replaced with “relevant”. This is to prevent any possible confusion with any interpretation of the word “applicable”.

    4. Email service
    The 2018 General Conditions now provide for service of notices by email when the parties to the contract provide consent.

    This consent is now provided for in the O&A.

    Some practitioners may not want to reflect email addresses on the O&A. If that is the case, the new form “Service of Notices”) provides the opportunity for a party to the O&A to provide consent.

    5. Signing as a corporation
    MDS Legal have given consideration to the issue of a corporation signing and whether section 126 and section 127 need to be mentioned. Section 126 provides that a corporation can give authority to an individual to sign on behalf of the corporation and section 127 provides that a corporation can give authority for an officer of the corporation to sign on behalf of the corporation.

    MDS Legal are of the view that the wording “[If a corporation, then the Seller executes this contract pursuant to the Corporations Act]” is sufficient to cover both sections.

    6. Conveyancer
    The word facsimile has been replaced with “email” so that notices can be served by email upon the parties through their conveyancer’s email.

    7. Witness
    As previously resolved by Council the witness provision has been removed because there is not a legal requirement for a witness on a contract. This will help when electronic signatures for the O&A are accepted by lending institutions.

    Common questions

    Q. Can I get a credit from REIWA for the forms that I have in stock?
    A. No credit is available as the forms can continue to be used.

    Q. Can my existing stock of forms continue to be used?
    A. Yes, the existing forms continue to be valid contracts that can be used.

    Q. Is it best to use the new forms?
    A. We encourage you to swap over to the new forms as the new forms contain provisions that can benefit both parties e.g. service of notices by email.

    If you have any queries on the changes, chat to your REIWA Member Engagement Representative on 9380 8288.

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