Let us discuss the main features of contract of sales which is involved when buying a housing scheme for Perth. The method involved in purchasing a housing scheme in Perth, Western Australia is through ‘Offer & Acceptance’. The vendor puts up an offer of the housing scheme he is selling and the buyer who is looking to buy a housing scheme negotiates the price put up by the vendor. A general agreement of price is reached where the deal is finalised and the contract of sale is drawn.
Let us look into a contract of sale:
• Once the vendor has put up an offer for sale for a housing scheme and the offer is accepted by a potential buyer then the vendor is obligated to sell the housing scheme that he put up for sale , unless and until the potential buyer doesn’t meet all the requirements required to purchase a housing scheme.
• If there is a counter offer for the original offer put up by the vendor then the original offer is no longer legally binding. The counter offer comes up with a risk of losing a prospective buyer.
• A deposit is required to be made if the buyer is financing the housing scheme on his own. The deposit can be between 2000 Aus$ to 10% price of the housing scheme.
• If the housing scheme is bought through the method of an auction the deposit is to be immediately made which is 10% price of the housing scheme.
• The deposit kept is placed in a trust account opened with the bank in the name of the vendor but the vendor can only access to it until and unless all the conditions of buying a housing scheme is met by the buyer.
• As a part of sale all the fixtures & fittings in a housing scheme is included in a part of sale and the buyer should always look into the price offered by the vendor whether he has included the prices of such materials to overstate the price of the housing scheme.
• The buyer is obligated to declare how he is financing the housing scheme and which financing institution is involved is outside sources of funds is being used to buy the housing scheme.
• Before seeking outside sources of financing it is important for the buyer to seek approval of the financing sources and methods and for that the buyer should also state theamount of time required to get such approval. Usually it takes 21 days but it may also take longer than 21 days.
• Any special conditions laid down by the vendor or the buyer has to be mentioned in the contract of sale as it will be a legal obligation to fulfil any such condition by the involved parties.
• The real estate agent is a third party to housing scheme deals which is generally present to smooth the process of housing scheme deals. He is responsible for proper method of sale and documentation.
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