After submitting an offer, it’s advisable to promptly engage a settlement agent. I recommend reaching out to Angela Dilley at Landmark Settlements via their website: https://www.landmarksettlements.com.au/

The standard time for finance approval is typically 28 calendar days from the date of offer acceptance. However, it’s highly recommended that both buyers and sellers consult experienced conveyancers or legal professionals to determine a suitable and feasible settlement timeframe based on their unique circumstances and prevailing market conditions. professionals experienced conveyencers to determine an appropriate and feasible settlement time frame based on their specific circumstances and the current market conditions.

In Western Australia, while obtaining a timber and pest inspection is typically optional when purchasing a property, it is strongly recommended. This inspection, also known as a building and pest inspection, involves a comprehensive assessment of the property’s structural condition and checks for any signs of pest infestations or damage, such as termites.

In Western Australia, the deposit amount to include when writing an offer on a property can vary, but it’s generally recommended to include a deposit of around 5% to 10% of the purchase price. However, this is a guideline and the actual deposit amount can be negotiated between the buyer and the seller.

1. Formalise in Writing: As soon as possible after receiving a verbal acceptance, request that the seller or their agent provide a written confirmation of the acceptance. This confirmation should outline the key terms of the agreement, including the purchase price, any conditions, and the expected settlement date.

2. Contract of Sale: Work with a legal professional or conveyancer to draft a formal contract of sale that accurately reflects the terms agreed upon. Both parties should sign this contract to make the agreement legally binding.

3. Deposit: Once the contract is signed, you may be required to pay the agreed-upon deposit as specified in the contract.

4. Cooling-Off Period: In Western Australia, there is generally no automatic cooling-off period for residential property transactions, so it’s important to finalize all details before signing the contract.

1. Negotiations: If a structural issue is identified, the buyer and seller will need to negotiate how to proceed. Depending on the severity of the issue, the options might include:

   • Seller Repairs: The seller may agree to repair the structural issue before the settlement date. The buyer might request that the necessary repairs be completed by licensed professionals and that the repairs are satisfactory before proceeding with the purchase.

   • Price Adjustment: If the structural issue is significant and the buyer is still interested in purchasing the property, they might negotiate a reduction in the purchase price to account for the cost of repairs that they will need to undertake after the sale.

   • Contract Termination: If the structural issue is too severe or the parties cannot come to an agreement, the buyer may have the option to terminate the contract. This would generally be subject to any contractual clauses related to inspections, contingencies, or due diligence periods.

1. Sole Owner: A sole owner is a single individual who holds complete and exclusive ownership of the property. They have the right to use, manage, and dispose of the property as they see fit. No other person has a legal claim to the property.

2. Joint Tenants: Joint tenants are co-owners who share equal and undivided ownership of the property. If one joint tenant passes away, their share automatically passes to the surviving joint tenant(s) without the need for probate or a will. This is known as the “right of survivorship.”

3. Tenants in Common: Tenants in common are co-owners who also share ownership of the property, but unlike joint tenants, they can have unequal shares. Each tenant in common can independently sell, transfer, or will their share of the property to another party. If a tenant in common passes away, their share does not automatically transfer to the other owners; it becomes part of their estate and is distributed according to their will or local laws.

Please tick the ‘Subject to Sale’ Annexure and provide the detaisl fro your home so that we can include this in the contract for you.