To our James Group Landlords…
We hope you all had a wonderful Christmas and New Year. We hope that you all managed to catch up with your family and friends in the beautiful sunshine, practise your golf and have a good relaxing holiday. All of the James Group Property Management team have had a break after a busy 2018 and we are back in the office ready to take on your property needs for 2019. A few important bits of information for you to know…
AML:
From 1 January 2019 Real Estate Agents will be required to verify the identity of their clients in accordance with AML/CFT Legislation. This is called Customer Due Diligence (CDD). This means that Salespeople are now required to identify who their clients are/who they are acting for, for example, individuals, companies, trusts, government departments etc. To obtain this information, your Salesperson will request more information from you than in the past. In order to verify your full name, date of birth and residential address, they will request information from you such as your Passport, Drivers Licence and/or Utility bill. Note: In some cases they will also have obligations to establish source of funds and wealth also. This is a big change across the industry and we ask that you show understanding during this adjustment period.
Long Term Maintenance Funds:
Did you know that if the Body Corporate Levy has a long term maintenance fund portion to it, that this portion can’t be on charged on the tenant. Some Body Corporates don’t have this and have a contingency fund instead. A contingency fund can be on charged to the tenant.
Letting Fee Ban:
As of 12 December 2018, letting Agents and Property Management companies are no longer allowed to charge a letting fee to tenants for their service. The letting fee will now be payable by the landlord.
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