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Riverside Settlements

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25.01.2022 Old or poorly installed ceiling down lights are thought to cause at least one house fire every week in Western Australia. They can set fire to roof insulation or timbers which burn in the roof space above smoke alarms. These fires can go undetected until it is too late. When purchasing a property it is advisable to have a building inspection, which should highlight any problems with down lights. Once a problem has been found, these can usually be remedied before settlement. A point worth noting: It is illegal to install your own down lights. You must use a licensed electrical contractor.

23.01.2022 We would like to wish all our clients, past, present and future a very Happy Festive Season and a Happy and Healthy New Year.

22.01.2022 Certified Practicing Conveyancer To become a CPC, a Licensed Settlement Agent must have completed the educational and practical training requirements to hold the certification, these include being a member of the Australian Institute of Conveyancers WA Division (AICWA), have a minimum of 3 years experience in practice as a conveyancer, minimum number of hours of Professional Development (above license requirements) and be accredited as a Certified Practicing Conveyancer by t...he Australian Institute of Conveyancers WA Division. A Conveyancer must qualify annually to be entitled to use the CPC title and CPC logo and slogan on their stationery, advertising and web sites etc. The CPC logo and brand is a way of recognizing a licensed conveyancer who is making the effort to keep up to date with developments in order to deliver the best service. Your Certified Practicing Conveyancer is one of the very few property professionals who you can engage to act solely on your behalf. Jan Bullen Dip Fin (Conveyancing) CPC

19.01.2022 The Joint Form of General Conditions 2011 is a document that is reviewed every few years by the Law Society of Western Australia and the Real Estate Institute of Western Australia. The JFGC are additional conditions to those already incorporated or written into the Offer and Acceptance contract and forms part of any residential real estate contract. All parties must sign the Offer and Acceptance contract to confirm that they have received a copy. The JFGC clarifies areas where there is a potential to have a legal dispute about the contract, the property or the settlement of the property.

19.01.2022 With the festive season behind us, many people are looking to move to a new property in the new year. There are several things you should do when purchasing a property: It is your responsibility to make arrangements for connection of the power, gas and telephone service to the property. We cannot attend to those matters for you as they are occupier agreements. We will however, notify the Local Authority, Water Corporation or alternative water supply authority (if applica...ble) of the change of ownership for the water meter to be read as close as possible to settlement date. With a small number of multistory Strata Units electricity and gas may be read and adjusted by the Strata Company but this will be clear on their response to our inquiry. As far as insurance is concerned, the property is generally at your risk from the date of settlement OR possession date, i.e. the date from which you occupy the property, whichever is the earlier. With the exception of common insurance on strata title properties we cannot make insurance arrangements for you. Please arrange insurance for the building and your contents prior to settlement or possession date whichever comes first. A majority of lenders will require to see, prior to settlement being arranged, adequate insurance cover in the form of the "Certificate of Currency". Please refer to your loan documents, which will normally outline insurance requirements. It is not a requirement to show your contents on this insurance, but the building must be adequately covered.

18.01.2022 A new age of conveyancing began on the 1 December 2018 with the introduction of PEXA (Property Exchange Australia) in Western Australia. PEXA is an online property exchange that allows lawyers and conveyancers to electronically lodge Land Registry documents, and complete Financial Settlement. Financial Settlement is completed through a secure process involving the transfer of funds from source accounts via the Reserve Bank of Australia to destination accounts. PEXA is an opportunity to perform property transactions in a faster, safer and more efficient way. PEXA provides fast access to cleared funds, greater certainty of successful settlement and removes the need to physically attend settlement.

17.01.2022 The Dividing Fences Act 1961 (the Act) A dividing fence, as defined in the Act, is a fence that separates the land of different owners whether the fence is on the common boundary of adjoining land or on a line other than the common boundary. A dividing fence does not include a retaining wall. The Act does not apply to the Crown or to land used for public purposes such as roads and paths under the control of local governments. If your property adjoins such land you cannot co...mpel a contribution to the cost of a fence however, you still need to comply with the guidelines as set out by your local government regarding a sufficient fence. The Act provides that owners of adjoining lands are each liable to pay half the cost of erecting or repairing a sufficient fence between their properties. The owner of a vacant block can defer making a contribution until that owner makes use of the block, typically by building on it. If you wish to claim half the cost of erecting a fence and avoid any disputes over payment, you should approach the owner of the adjoining land to discuss your proposal and reach an agreement. If you do not know the name and address of the adjoining owner, the rates section of your local government may provide this information, alternatively you may wish to arrange a land title search through Landgate. An owner or owners of adjoining land are liable to pay even if they were not the owners of the land when the fence was constructed and no previous adjoining owners have paid a claim to the owner who erected the fence.

17.01.2022 Changes to First Home Owner Grant In the 2015-16 Budget delivered on 14 May 2015, the Western Australian Government announced that the first home owner grant of up to $3,000 will be removed for the purchase of established homes in Western Australia. The first home owner grant of $10,000 for new homes will remain unchanged. The announced first home owner grant change will not take effect until amending legislation is passed by the Parliament, which is expected to occur during... the latter half of 2015. The grant will remain in place for eligible applicants purchasing established homes with contracts signed before the legislation is passed. Eligibility for the $3,000 grant also entitles Western Australian first home owners buying an established property valued up to $530,000 to an associated first home owner duty concession. While the $3,000 grant is to be removed, the first home owner duties concession of up to $14,400 will remain in place. See more

17.01.2022 STEWART TITLE INSURANCE When buying a property, home buyers are exposed to many inherent risks which may cause loss or affect ownership. Title insurance is a specialised type of insurance which provides protection to home buyers and existing home owners of residential property against certain unknown and hidden risks which may exist at the time of purchase.... Combined with the professional advice of a conveyancer or solicitor, title insurance provides the most comprehensive protection against risks which may affect your legal ownership of your home. Title insurance from Stewart Title provides cover for a broad range of risks including*: Illegal Building Work Survey/Boundary Defects Registration Gap Fraud, Forgery & Identity Theft Planning & Title Defects Outstanding Rates & Taxes Title insurance differs from other forms of insurance as it is a one time premium which provides protection forever. There is no excess payable on claims, therefore is an inexpensive way of managing risk for the biggest investment you own, your title. Homeowners who do not currently have the protection of a title insurance policy may obtain it by applying for a Stewart Title Residential Existing Owner Policy. For more information, visit www.stewartau.com. *For full details on cover and exclusions from cover, refer to a sample policy found at www.stewartau.com

15.01.2022 Buying or Selling a Heritage Listed Property? HERITAGE IN AUSTRALIA There are different levels of heritage listing in Australia - world, national, state/territory and local. At the highest level are places on the World Heritage List like Kakadu National Park and the Sydney Opera House, while on a local heritage list there might be a local nature reserve or the local Post Office. The Heritage of Western Australia Act of 1991 was created to identify, conserve and promote places... of cultural heritage significance. Many owners volunteer their properties for entry in the Register as Heritage listing can actually add value to a property. In Western Australia a property listed in the Register of Heritage Places has been officially recognized by the State of Western Australia as having particular cultural significance to both the State and Local community. Owners of heritage properties are custodians of our cultural heritage. Heritage listing assists in respecting, conserving and revitalizing heritage properties. Commercial development of a Heritage listed site may be limited, however the Government will provide bonuses to offset any possible disadvantage to owners in most instances. There is more than one type of Heritage Listings in W.A 1. Local Government Inventory A Local Government Inventory (also known as a Municipal Inventory) is a list of places and structures which, in the opinion of the local government, are, or may become, of cultural heritage significance. Places listed in Local Government Inventory do not have legal protection. Only when places are protected under the local Town Planning Scheme 2. National Heritage Lists 3. National Trust (WA) Classification 4. State Register of Heritage Places The State Register is a list of places given protection under the Heritage of Western Australia Act 1990. Registration of a place is official recognition of its cultural heritage significance to the State. Australias national heritage comprises exceptional natural and cultural places that contribute to Australias national identity. National heritage defines the critical moments in our development as a nation and reflects achievements, joys and sorrows in the lives of Australians. It also encompasses those places that reveal the richness of Australias extraordinarily diverse natural heritage. See more

15.01.2022 Your right to inspect your property before settlement. Your contract gives you the right to a final inspection of the property on one occasion within 5 business days before the settlement date or possession date. You should contact the real estate agent concerned and make arrangements to inspect the property to ensure that it is in the same state and condition as it was when you made your offer to purchase. If your contract has a condition which states that certain items are... to be in working order at settlement or if it states that repairs are to be carried out by the Seller, you will need to check that these have been attended to satisfactorily and that the items mentioned are in fact working. Try to have your final inspection as early as you can to allow for repairs etc to be completed before settlement should this be the case. It is also good to remember that Clause 5 of the Joint Form of General Conditions which forms part of your contract states that the Seller must allow the Buyer access to the property on 1 (one) occasion within 5 business days of settlement or possession date, whichever comes first. The Seller does not have to give you access to the property a second time, even to check that repairs have been carried out. However, you may be accompanied by two persons on an inspection. After settlement, if the property is the Sellers normal place of residence, the seller is entitled to stay in possession i.e. occupy the property, until 12.00 noon on the day following settlement. If the property is vacant, you can get the keys on the same day as settlement, after settlement has been effected.

13.01.2022 Subject to Finance This is usually Clause 1 on the Offer and Acceptance contract, and provides that a purchaser must immediately make an application to a lender or financial institution and must make best endeavors to obtain finance approval within the time period stated on the contract. This can be done through a broker, however, only an acceptance or decline letter from the actual Bank or Credit Union will be acceptable to either proceed to settlement or terminate the con...tract. Generally extending time to obtain finance is at the sellers discretion. Your finance clause will have a time limit, for example: Finance from XYZ Bank, latest time 30 days from acceptance of contract (or a specified date) You will have until 4pm on the latest day to gain approval. You may receive finance approval from your bank or financier, subject to the banks usual terms and conditions. This is deemed to be unconditional finance approval for the purpose of satisfying the finance clause on your contract. Unless you can be sure that you have sufficient funds available for settlement, be aware of waiving your finance clause. Once the finance clause is waived the contract is no longer conditional upon finance approval and providing all other conditions have been met the deal with proceed to settlement. If you waive finance and find that you do not have sufficient funds to complete settlement, you will be liable for breach of contract, lose your deposit and may be sued by the seller.

12.01.2022 PEXA Electronic Conveyancing A new age of conveyancing is beginning with the introduction of PEXA (Property Exchange Australia) in Western Australia. We are proud to say that together with Shane Jacob Settlements, Bankwest (discharge of mortgage) and Commonwealth Bank (new mortgage) we are the first in WA to successfully complete an electronic four party settlement. PEXA is an online property exchange that allows lawyers and conveyancers to electronically lodge Land Registry ...documents, and complete Financial Settlement. Financial Settlement is completed through a secure process involving the transfer of funds from source accounts via the Reserve Bank of Australia to destination accounts. PEXA is an opportunity to perform property transactions in a faster, safer and more efficient way. PEXA provides fast access to cleared funds, greater certainty of successful settlement and removes the need to physically attend settlement. See more

10.01.2022 Western Australia has experienced two instances in recent years where real property appears to have been sold without the owners consent. In both cases, the owner was residing outside WA and it appears that they were victims of identity theft. Police suspect that the fraud originated in Nigeria. There were many similarities to both frauds. The owner was overseas at the time of the sale, the real estate agent and settlement agent were asked to expedite the sale because funds... were needed for a petro-chemical project and the funds after settlement were deposited into a Chinese bank. The WA state government has since implemented a system whereby the seller of a property must produce evidence of identity in much the same way as bank customers must when opening a bank account. One of the consequences of the Torrens System of land transfer is that a purchaser who acquires land through a forged or fraudulent instrument, but is not a party to the fraud, will receive an indefeasible title on registration of the forged or fraudulent instrument, and the former owner will not be entitled to have the title restored or to monetary compensation from the new owner/purchaser.

09.01.2022 This weekend was the AICWA Conference. I attended on Saturday and it was a great day. We have many sponsors and it was great meeting them all. Our sponsors gave us information on how to keep our documents secure, how to keep our computer free from viruses that can lead to Fraud. Also, Electronic conveyancing which will be compulsory next year. The whole day was great, we have a chance to meet others conveyancers and many friends. The. Guest speakers were just amazing, and the venue was brilliant, The Convention Centre in Perth made the day awesome, with morning tea, lunch and afternoon tea.

09.01.2022 When buying a property there are many inherent risks which may cause you loss or affect your ownership. Title insurance is a specialised type of insurance which provides protection to home buyers and existing home owners of residential property against certain unknown and hidden risks which may exists at the time of purchase. A one off premium covers a broad range of risks. Including but not limited to Illegal Building Work, Survey/boundary defects, fraud, forgery and identi...ty theft. For Instance: The insureds purchased a large piece of land in rural WA, which included a house. Following settlement they approached the local shire to obtain a copy of the house plans to build an extension. The shire informed them there were no such plans and that the house was converted from a barn without a building licence. The shire notified the insureds that the barn was an illegal dwelling and legal action might be taken against them it they continued to use it as such. The Resolution: Stewart Title compensated the insureds for the full value of the house, and valued as though it were approved. The value of the house was determined by an independent valuation also paid for by Stewart Title. Enquiries for Stewart Title: Tel 1300 853 919

03.01.2022 With just one payment you could have peace of mind when you move into your new property. Go to the Stewart Title website or call Riverside Settlements to find out more.