6‑32 Delayed initial customer due dilige6‑32 Delayed initial customer due diligence—real estate transactions

6‑32 Delayed initial customer due diligence—real estate transactions

Permitted circumstances (1) For the purposes of paragraph 29(a) of the Act, a reporting entity may commence to provide a designated service to a customer (subject to the requirements of section 29 of the Act and this section) if: (a) the designated service is covered by item 1 of table 5 in section 6 of the Act (brokering the sale, purchase or transfer of real estate); and (b) the customer is the buyer or transferee of the real estate; and (c) the designated service is provided at or through a permanent establishment of the reporting entity in Australia; and (d) the reporting entity has commenced to provide a designated service covered by item 1 of table 5 in section 6 of the Act to the seller or transferor of the real estate. (2) For the purposes of paragraph 29(a) of the Act, a reporting entity may commence to provide a designated service to a customer (subject to the requirements of section 29 of the Act and this section) if: (a) the designated service is covered by item 1 of table 5 in section 6 of the Act (brokering the sale, purchase or transfer of real estate); and (b) the customer is the seller or transferor of the real estate; and (c) the designated service is provided at or through a permanent establishment of the reporting entity in Australia; and (d) the reporting entity has commenced to provide a designated service covered by item 1 of table 5 in section 6 of the Act to the buyer or transferee of the real estate. (3) For the purposes of paragraph 29(a) of the Act a reporting entity may commence to provide a designated service to a customer (subject to the requirements of section 29 of the Act and this section) if: (a) the designated service is covered by item 1 of table 6 in section 6 of the Act (assisting a person in a transaction to sell, buy or otherwise transfer real estate); and (b) the customer is or is to be the buyer or transferee in the transaction; and (c) the designated service is provided at or through a permanent establishment of the reporting entity in Australia. Specified period (4) For the purposes of subparagraph 29(c)(ii) of the Act, in each of the circumstances mentioned in subsections (1) to (3) of this section the specified period is the period ending at the earlier of: (a) 28 days after the exchange of contracts for the sale, purchase or transfer; and (b) 3 days before the initially agreed day for the settlement of the sale, purchase or transfer of the real estate.