2015/16 Annual Report
The General Conditions for the Sale of Land Committee reviewed the most recent revision of the General Conditions that was in 2011.
Key actions for 2015/16 have been:
• foreign resident withholding tax – with the introduction of the foreign resident withholding tax regime, the Committee, following consultation with the Australian Taxation Office, developed an Addendum to the General Conditions. This Addendum was approved by the Law Society and the Real Estate Institute of Western Australia in April 2015;
• econveyancing – in the lead up to econveyancing, the Committee established an Addendum to the General Conditions in April 2015. This Addendum was a broad based approach to econveyancing in that it provided the mechanics for the parties to agree to settle transactions electronically using the PEXA platform. It was prepared on the basis of a ‘wait and see’ approach as to how electronic conveyancing would operate in Western Australia. Since then, and with the benefit of econveyancing now being used in Western Australia, the Committee has developed an updated version of the Addendum which will be implemented in the later part of 2016; and
• updated revision of the General Conditions – the Committee has commenced a full review of the General Conditions with the aim to produce a fully updated 2017 revision of the General Conditions. This will be the focus of the Committee in the coming year.
The Committee acknowledges the resignation of John Syminton from the Committee in March 2016. He has been a long standing committee member and the Committee thanks him for the significant contribution he made in the drafting of the General Conditions (and the various versions of these terms and conditions) during his tenure.
For more information about this committee please email General Manager, Advocacy – Mary Woodford, email@example.com