As a general rule, once a real estate contract is signed by both parties it’s legally binding.
The standard-form contract used in Western Australia, known as the Contract for Sale of Land or Strata Title by Offer and Acceptance, was designed by real estate agents as a simple two-page document that’s easily completed by hand before it’s signed.
But don’t let the simple format lull you into a false sense of security. The standard O&A, as it’s known, is not suitable in some situations. Many buyers elect to insert additional conditions, for example termite or building inspection clauses. Additional disclosure requirements apply to strata titled properties. You should also be aware of and understand the standard terms and conditions incorporated into the O&A. These are usually contained in a separate booklet known as the Joint Form of General Conditions.
Get advice before you sign a real estate contract
Signing an O&A can be one of the most significant financial transactions you will enter into. Mistakes, omissions or oversights on an O&A can be costly.
If you have any queries or concerns about your transaction you must seek advice before you sign the contract. Contact us to book a consultation. At a consultation we will review your document, answer your questions and advise you if we see any problems or areas for improvement.
