The contract for the sale of land consists of two forms, the Offer & Acceptance and the Joint Form of General Conditions – both of which have been recently updated.
Joint Form of General Conditions
REIWA and the Law Society of Western Australia have released the 2022 Joint Form of General Conditions, which is an update to the 2018 version.
The principal changes relate to amendments that were made to the Strata Titles Act and the introduction of the Community Titles Act.
Offer & Acceptance
The Offer & Acceptance form has also been updated to permit the buyer to apply for finance through a lender or a mortgage broker.
The mortgage broker has the ability to provide notification of finance approval, non-approval or rejection.