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PostHeaderIcon Real Estate Reforms - reducing Auction red tape

01Real Estate Reforms take effect January 1st 2014!

Once the reforms take effect, if you are selling a property by Acution you must have the Vendors Statement available for inspection;

1) at the Agent / Auctioneers office three (3) business days before the auction and

2) at the site of the Auction at least 30 minutes before the Auction takes place

At Auction, the Auctioneer will no longer have to read through the standard conditions of auction. They will however need to;

1) Make the conditions available to anyone who wants to view them at least 30 minutes before the auction is due to start

2) Include the conditions in the form R4 given out to registered bidders and

3) Clearly announce that the standard conditions apply as binding contractural conditions.

Identifying bidders at Auction can be done using a unique identifyer given to them before the auction ('Red 1', 'Green 4' etc)

Changes to the R5 (notice about collusive practices)

* Syndicate bidding - the Form R5 will be amended to reflect that legitimate syndicate activity is not unlawful. This will clarify the situation, particularly in rural areas,  where individuals may form a legitimate syndicate to purchase non - residential land


* the Form R5 no longer needs to be given to every registered bidder nor does it need to be read out before the Auction commences. I must however be available for viewing at least 30 minutes prior to the Auction commencing.



PostHeaderIcon Real Estate Reforms - Cooling Off Rights

Real Estate Reforms come into effect 1 January 2014!

Currently, if you sign a Contract to buy residential land in the name of a company, you do not receive a Cooling Off period. Under the new Reforms, you will get two clear business days in which to cool off.

This change is designed to benefit 'mum and dad' type investors who may be purchasing residential real estate in Family Trust or Superannuatio Fund.

Remember, how you sign the Contract is very important! If you are unsure of what name to use or what your rights are, you need to speak to us first!!

Call us 08 8229 5555 and speak to a Conveyancer first. It'll cost you nothing, but might save you thousands!


PostHeaderIcon Real Estate Reforms and Small Business Sales

Real Estate Reforms take effect from 1 January 2014!

Currently the sale of a business is deemed 'Small' if the consideration (sale price) does not exceed $200,000. Under the Real Estate Reforms the condsideration will be increased to $300,000.

What does this mean to you?

If you are selling or buying a Small Business, it is, and will continue to be a requirement for the Vendor to issue a Form 2 to the Purchaser. Under the current regulations, this requirement cuts out if the sale price is over $200,000, but with the increase, a Form 2 will have to be issued for a sale price up to $300,000.

What is a Form 2?

A Form 2 , also known as the Vendor Disclosure Statement, discloses all details known particulars in relation to the business.

It should have attached a certificate signed by your Accountant certifying

// that the accountant or a person acting on behalf of the accountant has examined the accounts of the business; and

// that the financial particulars disclosed appear to be in conformity with the accounts

The Form 2 must be issued to the Purchaser upon the sale of a Small Business. The Vendor is required to sign to confirm its accuracy, and the Purchaser is required to sign to confirm receipt.

The disclosure should include any notices issued to the business for breach of legislation, details on the lease how the business operates (company / sole trader) whether the Vendor works in the business etc.

Purchasers are entitled to have five clear business days, after the Form 2 has been signed, to consider whether they want to continue with the purchase. This “Cooling Off” period is not available where a business is purchased as a result of a tender or exercised right to purchase.

Still not sure? Call us to discuss your situation.


PostHeaderIcon Real Estate Reforms - Price Advertisement

As of January 1st 2014 the new Real Estate Reforms will take effect.

Here are some things you as a  consumer  need to know.

If you are Selling, your Agent Must:

Only use a single figure in their Sales Agency Agreement. This means they can no longer put an estimate of say $400,000 - $500,000; they must be specific in their quoting of the estimated sales price.

BEFORE entering into a Sales Agency Agreemet, the Agent must provide you with compaible sales data for your area along with any other information they have relied upon in quoting you an estimated sales price.

Words and / or symbols will no longer be acceptable in advertising the selling price. EG $400,000+ or mid $400,000's. Instead they must use words to denote a particular price range such as 'Between $400,000 and $420,000'

Selling at Auction

If you are selling your house at Auction, you must specify an acceptable selling price and a reserve with no more than a 10% difference. EG if you nominate $400,000 as your acceptable selling price, the reserve cannot exceed $440,000.

You must be aware, you cannot amend the acceptable selling price (and thus the reserve) until the Sales Agency Agreement has expired, OR you must make a new agreement with a new Agent.

Check back in for more information on cooling off, small business sales and reducting red tape at Auctions!



PostHeaderIcon Real Estate Reforms are coming!

Did you know there are a raft of new reforms that come into effect           1 January 2014? These reforms will effect everyone buying or selling property in South Australia.

Consumer and Business Services are yet to release any information to the public on their site, but you can keep updated here!

The changes include:

1) Increased protection for Consumers

2) Changes designed to reduce the red tape of Auctions and

3) other red tape reducing measures.

We will go through each of these on our Blog so check back to keep up  to date!

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