Brian Cannan: We're here to talk to Greg Jemmeson from Jemmeson Fisher Solicitors and Accountants. Good afternoon Greg.
Greg Jemmeson: Hi Brian.
Brian: Our subject this afternoon is going to be about the new contract the 2014 edition. That's coming out this year. Tell me about it and talk about the changes.
Greg: Okay Brian, most of it is generally cosmetic as far as the agents are concerned. The big thing is there's a transition period so you'll still be able to use the 2005 addition until 31 December this year so no need for the agents to suddenly look and see oh I've got the wrong contract here. The main changes that would affect agents are that there have been some improvements to the front page. There's now a section where buyers agents can be noted on the front page of the contract. Importantly for the agent, this is not in the black box so the agent wouldn't be able to insert the buyers agents details.
Brian: So why would you want a buyers agents details in the contract?
Greg: It's just one of the provisions that the Law Society and the Real Estate Institute with their property committee have decided upon. The other changes are with inclusions; we now have solar panels as something that can be ticked. Improvements to the property may now include storage sheds and there are some new tick boxes now importantly one of them is for deposit bonds and the default on a deposit bond on the front page is that no so importantly if an agent is talking to a prospective purchaser who wants to pay by way of deposit bond they need to check the front page to see whether the deposit bond has been ticked as yes agreeing to accept a deposit bond.
Greg: The other thing for the agents are that the inclusion of swimming pool compliance on page two what this means is that if there's not an attached compliance for a swimming pool or an occupational certificate showing the swimming pool has been registered this will give rise to a potential rescission by the purchaser after 14 days after exchange. There have been updates to change the names of all the government departments and an area which is probably most interest to the general public is there's now provisions for electronic conveyancing which will move from the old paper-based settlement process to where everything will be done by way of electronics.
Brian: So I make one thing clear the law hasn't changed about the black box for agents?
Greg: No, the black box still remains the same.
Brian: Agents can only fill in inside the black box.
Greg: That is correct.
Brian: Okay that's very important. Thank you Greg, appreciate that.
Greg: No problems Brian.