Buying or selling a home?
Written by Jessica Tait
Updated at January 17th, 2021
- (Sample) Using Helpjuice
-
Import
Water Run Off Buying Strata Strata Titles Act of Western Australia Lot Boundaries Strata Plan and Other Plans Strata Titles Act Regulations, Standard By-Laws & Management Statements Tenanting Your Property Alteration to a lot/ installations Common Property Employing Contractors Funding Access for Maintenance Fences Contractors Electrical Gas Plumbing Pests NBN Swimming Pools & Spas Building Warranties Strata Companies Levies Financial Strata Manager Strata Council Insurance Paint AGM’s
Property settlement refers to the process of transferring a property from a seller to a buyer when the conditions of the standard contract for the sale are fulfilled. For Strata Titled Properties see
Form 28 Disclosure doc – Sale of Strata Titled Lot & Form 29 Buying & Selling a Strata Titled Lot
In most instances before a property settlement can occur both the buyer and the seller must have signed a contract of sale. Property Settlement Fact Sheet
In Western Australia, the standard residential sales contract has two sections:
- Contract for Sale of Land or Strata Title by Offer and Acceptance (the O & A); Sale by Offer & acceptance Brochure
- Joint Form of General Conditions for the Sale of Land (General Conditions).
The signatures of the seller and the buyer on the O & A generally indicate that both parties agree to the conditions of the contract, including the purchase price.
However, this may not be the case where a counter offer is submitted by either party. Where this occurs, all amendments to the O & A will need to be initialled and dated by both parties in order for the instrument to be deemed a fully executed contract. The General Conditions are the contractual conditions that apply to the O & A.
Pre-settlement inspections: It is recommended that prior to making an offer a buyer should conduct a thorough inspection of the property to make themselves familiar with the fixtures, fittings and condition of the property. If any repairs are required, a condition should be included in the offer compelling the seller to undertake the repairs prior to settlement. It is prudent to make the offer conditional upon all gas, electrical and plumbing equipment being in working order at settlement.
See more on Pre-settlement inspections here.