July 2008 Update

WOW, its hard to believe another year has passed and with Amitee having turned “1” two months ago… I am still getting used to the idea that I have a (almost) toddler.

updates
By now you would be aware that we have moved from Wattletree Road Armadale to Chandler Street Parkdale. The opportunity came at a perfect time and has allowed me to better balance work and family life and has not impinged on business at all, thanks to all of you!

New Legislation – Owners Corporation Act 2006

The Owners Corporations Act 2006 came into operation in December 2007 and made a number of changes to the way bodies corporate are managed.

On 7 February 2008 the Parliament of Victoria passed amendments to the Owners Corporations Act 2006 . The key changes now:

• allow members to elect a manager to act as chair of a general meeting
• allow owners corporation committees to appoint a manager to act as secretary
• allow owners corporations to charge up to the prescribed fee ($150) for an owners corporation certificate.

Section 32 of the Sale of Land Act 1958 has been amended to provide that a vendor must (where a property is affected by an Owners Corporation) include a Section 151 Owners Corporation Certificate in a Vendor’s Statement to be provided to a purchaser.

Conveyancers Act 2006

FINALLY, the Conveyancers Act 2006 was passed by Parliament. The Act will commence on 1 July 2008 and will regulate people and corporations who provide or offer to provide conveyancing services. The Act will protect consumers by outlining how conveyancers must conduct business.

When the Act comes into operation, it will establish a new system of regulation and licensing for non-lawyer conveyancers in Victoria .

Conveyancers provide services required to transfer ownership of any real estate or property from one person to another.

Under the new Conveyancers Act 2006 a person operating a conveyancing business will be required to:

• be licensed by the Business Licensing Authority
• be properly qualified and experienced
• be covered by a prescribed level of professional indemnity insurance
• disclose all costs and any commissions received to clients
• actively supervise their conveyancing business
• have their trust accounts audited annually
• contribute to the Victorian Property Fund to compensate consumers who lose money because of fraudulent use of moneys held on trust.

Needless to say, I hope to be among the first to apply for a licence.

I intend to provide these updates on a more regular basis in the hope that it adds value to you and your businesses.

Thank you so much for your ongoing support. I look forward to talking to you all soon!