- FICA Information
The party’s information pages are part of the offer to purchase and need to be comprehensively completed.
In contract law, it is essential to establish the identities of the parties, including their full names, identity numbers, residential addresses, email addresses, fax numbers, and cell numbers to which notices can be delivered, as per the contract.
The new FIC Act requires all financially accountable institutions, which includes Property Practitioners, to comply with the terms and regulations of the Act. One such regulation is to establish and verify their clients, and this information is noted on the information pages, keeping the practitioner compliant with these regulations. Any client who refuses to provide the requested information for any reason is to be reported to the FIC.
Additional information has also been requested for transfer purposes, which has also been made applicable as part of the contract.
Each party’s signature at the bottom of the page means that they have verified that the information they have provided is true and correct. If any information is incorrect, the practitioner cannot be held responsible.
- Cost Summaries
The cost summaries are not a legal requirement by law; however, the contract makes it a legal requirement.
Cost summaries are only estimates, as the practitioner is dependent on the accuracy of the information provided by the parties. The summary is merely to educate each party as to what costs they will incur during the transfer process.
Should a client not wish for the practitioner to complete the cost summary, they are entitled to do so; however, because it is required in the contract, the page should be signed with a line drawn through the information.
