What is the Joint Form of General Conditions for the Sale of Land?
The Joint Form of General Conditions for the Sale of Land which forms part of the Contract are additional conditions to those already
incorporated or written into the Contract for the Sale of Land/Strata Title by Offer and Acceptance.The Joint Form of General Conditions
for the Sale of Land largely clarify areas where there is the potential to have a legal dispute about the contract, the property, or the
settlement of the property.The Joint Form of General Conditions for the Sale of Land is reviewed every few years by the Law Society of
Western Australia and the Real Estate Institute of Western Australia.
Can REIWA suggest a suitable fee to pay for an agent's service.
REIWA does not supply any guidelines as to the level of fees that could be paid to a real estate and/or business agent for their service.
REIWA does not monitor the fees charged by its members. Further, it could be deemed a breach of the Trade Practices Act for REIWA to be
suggesting what fees could be suitable. The level of fees are set by market forces and REIWA therefore can only suggest that prospective
users of real estate agent's services should compare fees and the level of service offered by several real estate agents.
What is the Residential Tenancies Act?
The Residential Tenancies Act 1987 is an act of the Western Australian Parliament to regulate the relationship of owners and tenants.
What Fee is paid to the Real Estate Agent for the Service Provided?
Government regulations do not fix fees charged by real estate agents.The level of fees is by agreement between the real estate agent and his
principal. The fee will be dependent upon the quality and quantity of the services that the principal requires and are appropriate to the
property for sale.The aim is to ask for and receive those services that you are most comfortable with, and those which are most likely to
find a buyer or tenant for your property in a reasonable period of time, at a reasonable cost, and at the best possible price.
What is the role of the real estate agent that represents the buyer?
The role of the real estate agent representing the buyer would include:
Identify your requirements
Identify suitable properties that may or may not be currently for sale
Research previous sales price statistics for the selected properties
Determine all matters relevant to possible transactions. For example title searches, the legality of structures, and the legality of the
use of the property.
Draft any special conditions to a proposed contract
Conduct negotiations for the selected property
Obtain the property at the lowest possible price
To accurately define the subject matter of the sale i.e. what is included in the sale.
Prepare the Offer and Acceptance and draft any appropriate special conditions
Present a written offer and negotiate the sale price.
Explain the Contract for the Sale of Land by Offer and Acceptance and the Joint Form of General Conditions for the Sale of Land
Explain the effect of any variations to the Contract that may be requested by the seller or the buyer. For example extensions of time
for finance approval or settlement
Monitor the contract from sale to settlement, especially the satisfaction of any special conditions
Arrange and attend the pre settlement inspection
Liaise with settlement agent/solicitor and other parties to facilitate settlement
What is Strata Title?
Strata title originated in Australia and is a means whereby ownership in part of a building is held or transferred. A strata tiltle is most
often used in the case of home units or block of flats although its use is increasing in the case of commercial office property.Land
comprises as well as fixtures, the strata below and above the surface of the land. The fact that land includes airspace above the surface is
the concept which underlies the modern strata title.A strata plan of subdivision also divides the airspace above the surface, ie it divides
vertically as well as horizontally. The strata plan of subdivision is in fact a plan of the home unit building.Common Property is owned by
a body corporate created by the legislation and comprising of all the lot owners.
I would like to rent out my rental property and manage it myself. Where can I obtain leasing documentation and information?
Unfortunately REIWA forms are copyright for use by REIWA members only. DOCEP (the Department of Consumer Protection) administers the
Residential Tenancies Act and has a website at www.docep.wa.gov.au or phone 1300 304 054.
What is the AGREEMENT TO TAKE RESIDENTIAL PREMISES?
This is a standard agreement prepared by the REIWA whereby the owner agrees to allow the tenant to occupy the owners property under
specified terms and conditions.
the Agreement specifies:
The identity of the tenant, the owner, and the property
The type of tenancy- fixed or periodic
The amount of the rent, and when it will be paid
How many people are permitted to occupy the premises
Who is to pay for water consumption
The amount of the security bond
Any special conditions that have been agreed between the owner and the tenant
The Agreement further addresses the rights and obligations of the tenant and the owner.
How do I agree upon a fee?
There is no government regulation as to the maximum fee that an agent may charge for his/her services.The agent and the owner/seller must
agree to the fee. The agreed fee will be dependent upon the services that the seller wishes the agent to supply.The agreed fee may be typed
or in writing, however the agreed fee must be initialled by the owner/seller.
Who is an eligible person?
To be eligible:
At least one of the applicants must be an Australian citizen or have permanent residency in Australia. None of the applicants must have
previously owned a home anywhere in Australia. Applicants must occupy the home purchased as their principal place of residence. If an
applicant's spouse or de-facto partner has previously owned a home, no grant will be available. Except in the case of legal disability,
applicants must be natural persons (that is not a company). Everyone with an interest in the home is considered an applicant.