One of the most important documents that complete a contract is the “Joint Form of General Conditions for the Sale of Land.” It is part of real estate regulations, and is reviewed by the combined efforts of the Real Estate Institute of Western Australia (REIWA) and the Law Society of Western Australia every few years. This document contains additional conditions that supplement the stipulations that have already been included or incorporated in the previous agreement. The purpose of these annexed conditions is to equally protect the interests and right to property of both the seller and buyer in Western Australia.
The document is designed to answer many legal points that may surface during sale transactions. A common condition addressed by the document is the date of transfer to the new settlement. In essence, the Joint Form of General Conditions for Sale of Land aims to address areas which seem to have loopholes, such as concerns that have the potential to end in legal disputes. The document makes sure that every point is covered about the contract, the property, or the ensuing settlement.
If you are currently living in the property, and have placed your property on sale, a common question addressed by the form is “When do we have to move out?” The Joint Form has specified the following in 6.3, Principal Residence, Limited Occupation Right:
(a) If immediately before Settlement, the Seller occupies the Property as the Seller’s principal place of residence, the Seller may, subject to clause 6.4 remain in occupation of the Property until 12 noon on the day immediately following settlement.