Finalizing a property purchase starts with the Offer & Acceptance (O&A) contract, but ensuring it aligns with your needs requires careful planning. At Rothschild Group, we provide expert legal guidance to help you navigate the complexities of property transactions.
Key Considerations Before Signing an O&A Contract
1. Understanding the O&A Process
- Once a buyer expresses interest in a property, the seller’s agent presents an O&A contract for signing.
- If you require modifications or special conditions, consult a property lawyer before signing to ensure your interests are protected.
2. No Cooling-Off Period – Proceed with Caution
- Unlike some states, Western Australia does not have a cooling-off period for property purchases.
- Once both parties sign the O&A contract, it becomes legally binding.
- Failing to meet contract terms could lead to legal disputes or financial penalties.
3. The Buyer’s Responsibility – Know Your Rights
- Real estate agents represent the seller, not the buyer.
- Buyers should carefully review all contract terms, and if necessary, amend clauses before signing.
- If any terms do not align with your requirements, cross them out and negotiate new conditions.
4. Legal Review Before Signing
- Buyers should seek legal advice before signing an O&A contract.
- Ensure that any specific requests, conditions, or amendments are properly included in writing.
- A professional legal review can prevent costly mistakes and ensure a smooth transaction.
How Rothschild Group Can Assist You
- Expert contract review to safeguard your legal interests.
- Assistance in drafting special conditions to align with your property goals.
- Legal representation to ensure compliance with all property laws and regulations.
Planning to buy a property? Contact Rothschild Group today for expert legal advice on O&A contracts and property settlements.