If you, as a seller, decide to accept an offer from a buyer, you must sign the O&A presented to you by the buyer or your agent. The signed O&A becomes a binding purchase contract (now called a contract) once acceptance has been notified to the buyer. A signed copy of the contract must be given to each party. Keep in mind that there is no cooling-off period for real estate contracts in Western Australia unless the parties agree to include one in the contract. No deposit is required, but an amount can be negotiated. Buyers and sellers should check whether the amount offered is sufficient to prove an obligation to purchase taking into account their individual circumstances. As a rule, the deposit would not exceed 10%, but is often significantly lower. You should never make a cash offer to secure a property when a financial request is required, even if you are waiting for approval without seeking professional advice. Note that certain financing conditions may be written to indicate that if the buyer is offered a loan from a financial institution or mortgage broker, the buyer has obtained financing and the O&A becomes a binding contract. This implies that the buyer would be required by law to accept any loan offer, even if the terms of that offer may seem inappropriate. The deposit is usually paid to the seller`s agent, who is required by law to deposit the money into an escrow account. The agent holds the deposit as an independent person or interest representative and may not release the money without the consent of the buyer and seller, appropriate notice under the terms and conditions or an order of the competent court.

In the case of a private sale, the deposit should not be paid directly to a seller, but to the escrow account of the settlement agent or lawyer designated by the buyer. The deposit can be paid in addition to a part. At least part of the deposit must be paid if the offer is accepted. As a rule, the entire deposit is paid within seven days of acceptance of the offer. For more information: Contact Landgate Title Searches and Survey Information on 9273-7333. Remember that if you decide to hire a settlement agent or lawyer to lead the settlement process, you can indicate who that person is in the M&A. For more information, see the Consumer Protection Fact Sheet Choosing a Billing Office. Make sure that the date you sign the contract is displayed and that your signature is attested by the seller`s or buyer`s representative or an independent witness.

Once an offer has been accepted, the parties involved must meet all the special conditions before the sale is concluded. For potential buyers, it is important to determine if the property is connected to the sewer system. Although a buyer can ask the seller or his agent for the condition of the sewers of the property, it would be wise for the buyer to make his own requests to the Water Company at 13 13 85. The buyer can then modify its offer accordingly, taking into account the cost of sanitary services for the connection to the sewer network and the cost of dismantling existing septic tanks. In some cases, a seller may want to negotiate a special specific condition or price for an O&A submitted by a buyer. Sellers can make a counteroffer to the buyer by changing the A&A. Any changes to the O&A must be initialled and dated and the document must be signed in its entirety and date. The counter-offer will then be presented to the buyer. The Buyer may either accept or reject the Seller`s counter-offer or make other changes to the Counter-Offer. O&A is not a legally binding contract until buyer and seller agree on all O&A terms. This brochure provides general information on buying and selling real estate by way of offer and acceptance.

The conditions for applying for funding can be found on the second page of section “1. Subject to funding”. Make sure you understand the implications of this section. Get professional advice if you`re not sure. You should be aware that the funding clause may be in a different place in some of the old operating and administration forms. Some agricultural inputs may be exempt from transfer duties. Contact the Ministry of Finance on 08 9262 1100 for more information on these types of movable property. In a common situation, one owner holds a fixed share of the entire property, while the remaining owner holds the rest of the share. Roommates can sell their share or leave it to someone else in their will. .