I recently caught up with Sandra Larkin from our Agency Broking team to talk about the compliancy of Form 6’s for property management portfolios.
With extensive experience on the coalface as well as assisting buyers and sellers through the sales process, Sandra has seen plenty of Form 6’s in her time!
Some of the most common errors found in Form 6’s include:
- Licencee name, licencee number and licencee’s expiry date are incorrect [Set yourself a reminder every year to make sure the expiry date of your licence is updated on the Form 6],
- ACN and ABN numbers are incorrect,
- The name of the landlord on the registered title search doesn’t match what is recorded on the Form 6,
- Lot numbers and title numbers are missing, and
- Fees on the Form 6 don’t match the schedule, or the fees on the Form 6 don’t match what is being charged in the trust accounting system.
- Whether you are in acquisition mode or thinking of selling your rent roll, auditing your Form 6’s is imperative to your rent roll’s success.
Remember if you are selling, don’t leave your Form 6’s review until the last minute. If you find forms that are incorrect, this can hold up settlement or even more importantly, what you are entitled to be paid at settlement.
The rent roll sales market is extremely competitive at the moment with an oversupply of qualified, finance-ready buyers. If you would like to discuss a review of your Form 6’s or the prospect of selling, please do not hesitate to contact us.