A Contract of Sale of Property in Western Australia: Things You Need to Know
If you`re planning to buy or sell a property in Western Australia, it is important to have a clear understanding of a Contract of Sale. A Contract of Sale of Property is an agreement between the buyer and seller, outlining the terms and conditions of the sale. It is a legally binding document that ensures a smooth and transparent transaction.
Here are some things you need to know about a Contract of Sale of Property in Western Australia:
1. The Contract of Sale should include the correct details of the property, such as the address, lot number, and plan number. It should also indicate whether the property is freehold or leasehold.
2. The Contract of Sale should include the purchase price and how the payment will be made. It should also indicate whether there will be a deposit and how much it will be.
3. The Contract of Sale should also include any special conditions that the buyer or seller may have. For example, if the buyer needs to sell their current property before they can purchase the new property, this should be stated in the contract.
4. The Contract of Sale should also specify the settlement date. This is the date when the buyer takes possession of the property and makes the final payment. It is important to ensure that the settlement date is agreed upon by both parties and that there are no delays.
5. The Contract of Sale should also include any warranties or guarantees that the seller may have. For example, if the seller is providing a warranty that the property is structurally sound, this should be stated in the contract.
6. The Contract of Sale should also include any costs associated with the sale, such as stamp duty, legal fees, and real estate agent fees. Both parties should be aware of these costs before signing the contract.
7. It is important to have a lawyer review the Contract of Sale before it is signed. A lawyer can ensure that all the terms and conditions are legal and fair to both parties.
In conclusion, a Contract of Sale of Property is an important document that protects both the buyer and seller in a property transaction. It is important to have a clear understanding of the terms and conditions stated in the contract before signing it. By following the above guidelines, both parties can ensure a smooth and transparent property sale in Western Australia.
