Transfer of ownership and the REIWA Contract for Sale of Land

It is common practice in Western Australia that most properties are sold using the Real Estate Institute of Western Australia (“REIWA”) Contract for Sale of Land. The Contract for Sale of Land is designed to provide a clear and comprehensive agreement between the buyer and seller, setting out the terms and conditions of the sale

What does the Contract for Sale of Land cover?

The REIWA contract includes a range of standard clauses that cover important matters such as who will be the parties to the contract, the property being sold, the price and terms of payment, and the obligations of the buyer and seller. It also includes provisions for the completion of the sale (e.g. transfer of title and payment of duties), and sets out the rights and remedies of the parties in the event of a breach of the contract.

What steps are the seller and buyer required to take under a Contact for Sale of Land?

It is important that you understand what steps you are required to take once you have entered into a contract for the purchase or sale of a house.

For examples, under the Contract for Sale of Land the seller must provide the buyer with several important documents, organise for the ownership of the property to be transferred to the buyer on a specific date and pay any outstanding rates and taxes up to the settlement date, among many other obligations.

On the other hand, a buyer needs to ensure they will be able to transfer the agreed price for the property in addition to other agreed costs on the settlement date, complete the necessary paperwork to ensure the buyer can receive the ownership of the property, and organise insurance for the property that commences on the settlement date.

These are just some of the many steps that you may be required to take when selling or purchasing a home.

How can Douglas Cheveralls Lawyers assist?

Given the property market in Western Australia is always changing (especially in the past few years) it is not uncommon for disputes to arise when you are looking to buy or sell a property. If this does happen it is often beneficial to engage a lawyer at an early stage to ensure you act quickly and correctly.

At Douglas Cheveralls Lawyers, our team of lawyers have a wealth of experience advising clients regarding the REIWA Contract for Sale of Land and can help you understand what you are signing, the potential risks involved and avoiding common pitfalls.

We pride ourselves on understanding your situation quickly and providing real world answers that will allow you to find a solution. Contact Douglas Cheveralls Lawyers today, to see how we can assist you regarding the purchase or sale of a property in Western Australia.