You asked, and we listened. PropertyNow is excited to announce that we now have the latest 'REIWA Offer & Acceptance Form' available to our clients. We're continually working to improve our service for our clients. If you have any suggestions on what you'd like to be available to you as a PropertyNow client, please let us know.
As per REIWA’s official statement, changes to the 2018 version include:
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.
The word facsimile has been replaced with “email” so that notices can be served by email upon the parties through their conveyancer’s email.
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.
Please Note: While we happily provide forms for clients use, please remember it is imperative to have a solicitor/conveyancer look over and complete any paperwork in relation to your property sale. This is for your safety and the safety of your buyer.