Legal technology and services company GlobalX, has announced the signing of an agreement with the Law Society of NSW and Real Estate Institute of NSW to provide the Electronic Contract for Sale (eCOS).
eCOS will be available throughout GlobalX’s products & services, including leading legal software Open Practice, conveyancing workflow solutions and via the firm’s online search platform. eCOS will be integrated into the company’s title searching and property certificates creating a seamless interaction for solicitors conveyancers.
2005 & 2014 Edition to be replaced with Contract for the Sale and Purchase of Land 2016 Edition.
GlobalX’s announcement comes with the introduction of the new Contract for the Sale and Purchase of Land 2016 Edition.
The Law Society of NSW does not recommend using the 2005 edition of the Contract for Sale of Land or the 2014 edition of the Contract for the Sale and Purchase of Land, where contracts might be exchanged on or after 1 July 2016 – unless the sale price is below $2 million or if the sale is over $2 million, where special conditions are added to address the foreign resident capital gains withholding payment measure.
The Law Society and Real Estate Institute of NSW are in discontinuing sales of previous editions of the Contract from 1 July 2016.
A summary of the main changes:
- New Item – NSW Duty – to facilitate the notation of the OSR reference number, which confirms that the contract has been assessed by OSR.
- New Documents Listed – Clearance Certificate to cater for the new Foreign Resident Capital Gains Withholding Payment, Land Tax Certificate, Certificate or Non-Compliance and detailed reasons of Non-Compliance under the Swimming Pools Act 1992.
- New Warning 11 Added – new Foreign Resident Capital Gains Withholding Payment measure will impact on conveyances where the sale price is $2 million or more.
- Amended Clauses – 16.6, 16.7, 20.8, 28.3.2 and 30.11.3 all have minor amendments.
- New Clause 31 – this clause introduces a number of new obligations related to the new Foreign Resident Capital Gains Withholding Payment – including completing a Purchaser Payment Notification with the ATO and production of a settlement cheque in favour of the ATO.
For further information on the measure, please see the Australian Tax Office website at http://ato.gov.au/FRCGW