Residential Sales Contracts are now available as part of ADL’s WA Residential Sales Package.
Two new contracts available are designed for ease of use and to provide certainty in real estate transactions.
The two contracts available are the Contract for the Sale of a Residential House and Land and Contract for the Sale of a Residential Lot in a Strata Title Scheme.
ADL General Manager Alan Liddle says the contracts are fully compliant with all relevant legislation and include standard terms and conditions for sales transactions.
“Having provided our services to the Real Estate industry in Australia for over 15 years we are now excited to be introducing to agents in Western Australia contracts for residential property sales in a new, innovative and user friendly format to complement our existing suite of forms in WA,” he says.
The contracts include a Building and Pest Item, which provides the ability to select what inspections are required; a full list of Special Conditions to incorporate into the contract; clauses that allow for Electrical Conveyancing (made available for processing settlements in WA from June 2015); and execution of the contract and any related documents by Electronic Signing.
It also includes a Related Documents/Notices clause that covers all aspects of how documents may be delivered by a Party to the other Party, including delivery by way of fax, email, email attachment, a link within an email (e.g. a link to a DropBox location), and via an electronic signing service (e.g. DocuSign); and a Capital Gains Withholding clause that covers the Buyer’s responsibilities under the provisions of Schedule 1 of the Taxation Administration Act 1953 (Cth).
Along with the new sales contracts, anew Seller’s Disclosure Statement to be used in conjunction with the contracts has also been developed.
The contracts were developed with the assistance of Patrick Thaung, a partner in the Perth office of Mills Oakley, who has 20 years’ experience in property law.