WA Contract of Sale: 7 Things to Check Before You Sign

Buying property in Western Australia? Before signing your contract, it's important to understand exactly what you're agreeing to.

WA property contracts have their own requirements, and unlike some other Australian states, there is generally no cooling-off period for residential property purchases.

Here are seven important things to check before committing to your new home.

1. Property and Buyer Details

Start with the basics. Check that the buyer's legal name, property address, title details, and agreed purchase price are correct.

Even small mistakes can create complications later, particularly if you need to change the buyer's name after signing.

2. Finance Conditions

If you're relying on a home loan, make sure your contract includes an appropriate subject to finance condition.

Check the loan amount, approval deadline, and what happens if your finance is declined.

Don't assume you're protected simply because you have home loan pre-approval.

3. Building and Pest Inspections

Want a building and pest inspection before committing to the purchase?

Make sure your contract includes a suitable condition outlining inspection deadlines, reporting requirements, and your options if problems are discovered.

Without the right condition, you may have limited options if an inspection reveals unexpected issues.

4. Deposit and Settlement Dates

Your contract should clearly state how much deposit is required, when it's due, and your agreed settlement arrangements.

Missing important deadlines could result in financial consequences, so make sure they're realistic before signing.

5. Special Conditions

Special conditions can significantly affect your rights and obligations.

For example, you might need a condition allowing you to sell your current home before purchasing another, or additional time to investigate a property's renovation potential.

Check that any conditions you need are included and clearly worded.

6. Strata Information

Buying an apartment, unit, or strata property?

Review the required strata disclosure information, including applicable by-laws, levies, shared property arrangements, and available financial records.

These details can reveal ongoing costs, restrictions, and potential expenses you might not have anticipated.

7. Cooling-Off Rights

Unlike some other Australian states, WA generally doesn't provide an automatic cooling-off period for residential property contracts.

Once your offer is accepted and a binding contract is formed, you may not be able to change your mind without consequences.

This makes reviewing your contract before signing especially important.

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