Terms & Paperwork Glossary

Contract of Sale — the legal agreement between buyer and seller

Settlement — the day ownership and funds officially transfer

Conveyancer / Settlement Agent — the licensed professional who manages the legal transfer

Building & Pest Inspection — a professional check of the property's condition before finalising

Finance Clause — a condition giving the buyer time to secure a loan

Vendor — the legal term for the seller

Cooling-Off Period — unlike NSW or QLD, WA has no mandatory cooling-off period. Once a contract is signed, you're generally committed unless specific conditions were built into the contract itself.

Offer and Acceptance (O&A) — the standard contract document used in WA (other states use their own equivalent, such as a Contract of Sale) that becomes legally binding once signed by both parties

Deposit — the initial payment a buyer makes to secure the purchase, usually held in trust until settlement

Certificate of Title — the official document proving who legally owns a property

Fixtures — items permanently attached to a property (built-in cabinetry, etc.) included in a sale by default

Chattels — movable items not attached to the property (furniture, freestanding appliances), only included if specifically listed

Special Condition — extra terms added to a contract beyond the standard clauses

Subject to Finance — a condition giving the buyer time to secure loan approval before the sale is final

Vacant Possession — the property is handed over empty, with no tenants or occupants remaining

Title Search — a check of official records to confirm legal ownership and any restrictions on a property

Encumbrance — any claim, restriction, or liability attached to a property, such as a mortgage or easement

Land Tax — an annual state tax charged on property ownership above a certain value threshold

Rates — ongoing charges from your local council for services like rubbish collection and infrastructure

Strata Title — the ownership structure for units/apartments where you own your unit but share ownership of common areas

Body Corporate — the group responsible for managing and maintaining shared areas in a strata property

Listing Agreement — the contract authorising an agent to market and sell your property

Private Treaty — a sale negotiated directly between buyer and seller, as opposed to an auction

Auction — a public sale where buyers bid openly, with the property going to the highest bidder

Open Home — a scheduled time when the public can inspect a property that's for sale

Valuation — a formal, independent assessment of a property's value, often required by a lender

Zoning — local council rules that determine what a piece of land can legally be used for

REIWA — the Real Estate Institute of Western Australia, the industry body for WA real estate agents

Mortgage Discharge — the formal process of closing out and removing a mortgage once it's paid off