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Perth property, in plain words.
The terms you’ll meet when you sell or buy in Western Australia, explained by licensed agent Brian McAllister.
Glossary
19 terms, answered straight.
General information about how property sales work in WA. For advice on your own contract, speak with your settlement agent or lawyer.
- Appraisal
- A licensed real estate agent’s opinion of what a property would sell for in the current market, based on comparable sales, the competition on the market and buyer demand. Brian’s appraisals are complimentary and carry no obligation. More about appraisal
- Valuation
- A formal written assessment of a property’s value prepared by a licensed valuer, usually for lending, tax, family-law or estate purposes. It is a different service from an agent’s appraisal. More about valuation
- Comparable sales
- Recent sales of similar properties nearby, adjusted for differences such as land size, condition, outlook and number of bedrooms. They are the main evidence behind a realistic price range.
- Private treaty
- The most common way to sell in Perth: the property is marketed with a price or price guide and buyers make offers, which the seller can accept, counter or decline. More about private treaty
- Auction
- A public sale on a set date where buyers bid and the property sells to the highest bidder once the seller’s reserve is met. Sales at auction are generally unconditional. More about auction
- Expressions of Interest (EOI)
- A method where buyers submit their best offer, with their terms, by a closing date. It suits unique or prestige homes where the market price is hard to pin down. More about expressions of interest (eoi)
- Off-market sale
- A sale to buyers approached privately, without public advertising on the property portals. Owners use it for privacy, or to test the market before a public campaign. More about off-market sale
- Offer and acceptance
- The contract used to buy and sell residential property in Western Australia. Once the buyer and seller both sign, it becomes a binding contract, subject to any conditions it contains. More about offer and acceptance
- Cooling-off period
- Western Australia has no general cooling-off period for residential property purchases. A buyer who needs time for finance or inspections protects themselves with conditions in the offer, not a cooling-off right. More about cooling-off period
- Subject to finance
- A condition in the contract that makes the purchase depend on the buyer getting loan approval by a set date. If approval isn’t obtained in time, the contract can end under the terms of the clause. More about subject to finance
- Building and pest inspection
- An inspection of a property’s structure and for timber pests, usually made a condition of the contract so the buyer can act on what it finds within an agreed period. More about building and pest inspection
- Deposit
- The amount a buyer pays when the contract is signed, held in the agent’s trust account until settlement, when it goes towards the purchase price.
- Settlement
- The day ownership passes to the buyer: the balance of the price is paid, the transfer is lodged with Landgate, and the keys are handed over. More about settlement
- Settlement agent
- A licensed professional in WA who handles the legal and financial steps of transferring property between the contract and settlement. Buyer and seller usually each appoint their own. More about settlement agent
- Transfer duty (stamp duty)
- The state tax a buyer pays on the purchase of property in Western Australia, calculated on the price. Concessions apply to some first home buyers. More about transfer duty (stamp duty)
- Strata title
- Ownership of a lot in a scheme, such as an apartment or unit, together with a share of the common property. Owners belong to the strata company and pay levies for upkeep and insurance. More about strata title
- Strata disclosure
- Information a strata lot seller must give a buyer before the contract is signed, such as levies, by-laws and proposed works, so the buyer knows what they are taking on. More about strata disclosure
- Tenanted sale
- Selling an investment property with a tenant in place. The sale must respect the tenant’s rights under the tenancy agreement and WA tenancy law, including notice for inspections. More about tenanted sale
- Seller disclosure
- Facts about a property that a seller must, or should, tell buyers before a sale, such as known defects or matters affecting the title. Getting it right avoids disputes after the contract is signed. More about seller disclosure
