The standard property contract
The standard buying/selling contract for the transfer of property consists of two sections:
- Contract for the Sale of Land or Strata Title by Offer and Acceptance (commonly called the O & A); and
- Joint Form of General Conditions for the Sale of Land (also referred to as simply the General Conditions)
The General Conditions form is produced jointly by REIWA and the Law Society of Western Australia
The General Conditions cover important contractual obligations for both buyer and seller including such matters as the paying and holding of a deposit, settlement, adjustment of outgoings, and other payments
Any special conditions made to the O & A should be as precisely worded as Possible.
If the seller agrees to all conditions and the offer is accepted, there is a legal obligation to satisfy every condition or the sale may not be completed.
In Western Australia there is a Certificate of Title for each separately owned portion of land. Generally, the title includes a land description, a diagram of the land (unless it is a strata title), the name and address of the owner/s and details of encumbrances, such as restrictions on the use of the property
For instance, an easement, a restrictive covenant, a caveat, might be shown on the title.
If you have any doubts about anything shown on the title documents, you should seek legal advice prior to signing the O & A.