Property 101: WA sale, offer and acceptance process

Property 101: WA sale, offer and acceptance process
Property 101: WA sale, offer and acceptance process

Most properties in Western Australia are sold through an offer and acceptance process.

A person makes a formal offer in writing to buy a property, and the seller, sometimes called the vendor, can either make a counter offer, reject the offer, or accept it and communicate that acceptance to the buyer.

Usually an offer to buy property is made using both the Contract for Sale of Land or Strata Title by Offer and Acceptance form, commonly called the O & A; and the Joint Form of General Conditions for the Sale of Land, commonly referred to as the General Conditions. Together, the O & A and the General Conditions constitute the standard contract for the sale of real estate in Western Australia.

The wording of the O & A is owned by the Real Estate Institute of Western Australia (REIWA) which is the peak industry body representing the interests of real estate agents. The General Conditions document is owned jointly by REIWA and the Law Society of Western Australia. Although there are other versions of these two contractual documents, the versions produced by REIWA and the Law Society of Western Australia are the most widely used in this State.

In 2011, the General Conditions were amended to reflect changes to the Duties Act 2008. Buyers and sellers are advised to ensure that the latest version is used when a contract is being drawn up. Importantly, the O & A form can be amended to include any agreed special conditions that meet the needs of the seller and/or the buyer. The General Conditions document is a standard set of contractual conditions that are not usually amended, although it is possible to ‘contract out’ some of these conditions.

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Residential Market

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