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Retirement village contracts

By on in Buying

Choosing a retirement village is an important decision and may involve a large financial commitment. What does a retirement village contract usually cover? The contract will stipulate the terms and conditions of your right of occupation and your financial commitments, including: an accurate description of the premises; your right to access any common facilities and […]

I wasn’t happy with the first inspection! Can I inspect again?

By on in Buying

Technically, no. Under the the standard-form contract for sale of land in Western Australia, known as the Contract for Sale of Land or Strata Title by Offer and Acceptance, you are entitled to one inspection of the property at a mutually-agreeable time during the week before settlement. If you identify problems that need fixing, you can request […]

Do your homework before you buy a property

By on in Buying

Inspection Unless the contract makes specific provision, properties in Western Australia are sold in the same state and condition as when first inspected. So it is essential for buyers to conduct a thorough inspection. Once you have inspected the property, if you want changes to be made prior to sale or you want to ensure […]

Non-compliant RCD’s and smoke alarms – your rights explained

By on in Buying

Recovering costs from the seller after settlement The Electricity Regulations 1947 (WA) require a seller of residential property to install at least 2 residual current devices (RCD’s) and hard-wired smoke alarms in the property before the sale is completed (settlement).  Sellers face hefty fines for non-compliance. Buyers should check that the property is fitted with RCD’s […]

I’ve sold my house. When do I move out?

By on in Buying, Selling

Congratulations! The settlement of your property  is a big achievement, and it’s time to move on!  How soon you need to vacate the property depends on the terms of your contract or, as it’s generally known, the Offer & Acceptance (O&A) and General Conditions. Read more… Under the General Conditions once settlement takes place, the new owner is entitled […]

Buying off-the-plan risk #3: what’s it really worth?

By on in Buying

Buying off-the-plan certainly has appeal! There is no denying that there are attractive pro’s, but in an uncertain market, can you really be sure that the property you sign up for will be worth as much at completion? Whilst a glossy brochure may state that an off-the-plan investment property is worth $500,000, it’s your bank’s opinion that really counts, […]

Buying off-the-plan risk#2: To rent or not to rent?

By on in Buying

So, you are about to sign a contract for an off-the-plan investment property. You’ve found the perfect rental property! Or, so you think. How well do you know the market? If your dream is to rent out a city apartment, think carefully. Across Australia, vacancy rates for inner-city apartments have risen, with Perth currently leading the pack at around 7%.  […]

Buying off-the-plan risk#1 – that’s not my home!

By on in Buying

Imagine a world where you could safely assume that a property bought off-the-plan would be worth more at settlement, than when you signed up for it. There’s the lure of an upfront deposit of 5-10%, while you save your pennies for a couple of years in preparation for the final payment. And then, when the big day arrives, […]

Vale the Settlements Scale? Good riddance, actually!

By on in Buying, Selling

The Attorney General and Minister for Commerce Michael Mischin has today announced the abolition of the Settlement Agents Act Scale following a review by the Department of Commerce. From 3 February 2016, fees charged by settlement agents will no longer be capped by the State Government. According to the Minister, competition and market forces will […]

Benefits of buying off-the-plan

By on in Buying

What does it mean to buy “off the plan”? Explore our previous article to find out. This article aims to summarise some of the many perceived benefits in buying off the plan. Lower purchase price Real estate property developers are often keen to sell as many properties as early as possible, and so prices are […]