CONDITIONS OF SALE

The Contract

• Submission of the offer through the platform, and payment of the contract submission fee will make a Buyer's offer legally binding. Both the Seller and the Buyer are aware that the contract will be emailed for digital signing once the offer has been formally accepted by the seller.
• A copy of the Contract for Sale is available for download and printing from the Buyer and Seller Dashboards.
• syoh will automatically forward the Contract for Sale to both Buyer’s and Seller’s Settlement Agents.
• syoh will send a Remittance Advice to the Buyer for the deposit which is to be paid as agreed within the Contract for Sale.
• The deposit will be held by the Seller’s Settlement Agent (Oceanfront Conveyancing unless otherwise specified within the Contract for Sale).
• If the deposit is not paid within the specified timeframe, the Seller has right to terminate the contract. Notification regarding this termination must be made to either support@syoh.com.au or via syoh chat with syoh admin. syoh admin will then cancel the contract of sale.  
• If the buyer does not pay the deposit to fulfil the Contract for Sale they may be banned from using the platform in the future.

The Certificate of Title

• The Buyer is responsible for understanding the encumbrances included in the Certificate of Title, including though not limited to notifications, memorials and caveats.  syoh provides all encumbrances for the Buyer’s information but we advise seeking legal advice should the Buyer not understand any of the encumbrances included on the Certificate of Title.
• If buyer becomes aware of any restrictions / side agreements that were not listed on the Certificate of Title at the date of signing the Contract for Sale, then the buyer has the option to terminate the Contract for Sale by advising in writing to support@syoh.com.au and their Settlement Agent, within 3 days of becoming aware of the restriction and / or side agreement. If the Contract for Sale is terminated, then all deposit monies will be refunded to the buyer and the Contract for Sale will be considered void.

Progressing towards Settlement: Offer Conditional

• Both Seller and Buyer agree to nominate a Settlement Agent to act as their Representative throughout the Settlement process.
• Should both parties choose the same Settlement Agent, the Settlement Agent will provide documentation to be signed, outlining the rights and responsibilities of both parties.
• The Seller’s professional Settlement fee only, is included in the syoh service fee. Should there be any disbursements, unpaid rates or levies, or unpaid utilities/service bills, the Seller will be required to pay these costs at Settlement. These additional fees and outstanding payments will be communicated by the Seller’s Settlement Agent prior to Settlement.
• The Buyer is required to pay their full Settlement fee for their purchase transaction, plus any disbursements and/or duties required, including but not limited to Land Tax (if applicable) and Transfer Duty.
• Both Buyer and Seller are required to provide documentation verifying their identity upon the request of their Settlement Agent.
• The Buyer and Seller are to satisfy all requirements throughout the Settlement process to ensure that Settlement can take place at the time specified in the Contract for Sale (or prior if consent is given in writing to the Settlement Agents by both parties).
• Both Buyer and Seller are aware that should Settlement be delayed due to their inaction at any point in the Settlement process, penalties can be enforced at a rate of 9% per annum, calculated daily. This penalty can be applied from the day after Settlement was due to occur, until the day of formal Settlement.
• Should any dispute arise throughout this process, the Settlement Agents will negotiate an equitable solution for both parties. Should the Settlement Agents not achieve this solution, WA common law will apply.

THE FINANCE CLAUSE

• When a Buyer makes an offer subject to finance they must make all reasonable efforts to obtain finance approval within the time specified on the Contract for Sale.
• When the Buyer receives formal finance approval, it is their responsibility to advise both syoh (support@syoh.com.au) and their Settlement Agent, syoh by forwarding on the approval letter via email. From this point all dealings will be via the Settlement Agents. Should further contact between Buyer and Seller be required, syoh chat should be used to ensure records of all communications are kept.
• Should the Buyer be unable to satisfy the finance clause, they are required to provide a formal finance declined letter, on a Lending Institution or Bank letterhead. This document is to be forwarded immediately to their Settlement Agent who will advise the Seller’s Settlement Agent and the Contract will be considered terminated. The Buyer is also required to notify syoh (support@syoh.com.au). Once the Contract for Sale is terminated, all deposit monies will be returned to the Buyer within 20 working days, and the property listing will return to ‘Live’ Status on the syoh platform.

CONTRACT UNCONDITIONAL

• By entering into the Contract for Sale, the Seller agrees to allow the Buyer to conduct a final inspection of the property in the five days prior to Settlement.
• The Seller must make themselves available at a mutually convenient time with the Buyer to conduct the final inspection.
• Should the Seller not allow the Buyer to inspect the property within 5 days prior to Settlement, the Seller is obligated to allow the Buyer to inspect the property at 12pm on the day prior to Settlement. Should Settlement be delayed due to the Seller’s refusal to allow the Buyer into the property to conduct the final inspection, penalties may apply. Penalties for delayed settlement may enforced at a rate of 9% per annum, calculated daily.
• Should the Buyer still not be given the opportunity to inspect the property at 12pm on the day prior to Settlement, the Buyer may terminate the Contract for Sale and receive a refund of all deposits paid to date. This termination is to be facilitated by the Buyer’s Settlement Agent. Should the Buyer wish to waive this final inspection and proceed to Settlement, they can choose accept the property in an “as is” condition with no further claim from either party.
• The final inspection is solely for the purposes of checking:
  • that the property is in the same condition as at the date the Contract for Sale was signed and
  • that all conditions outlined within Annexure A of the Contract for Sale (plumbing, gas and electrical, pool fencing etc) have been met.
• The final inspection is not for assessing general repairs and maintenance, unless the condition of the property varies from the condition at signing the Contract for Sale.
• Should the property not be in the same condition as at the time the Contract for Sale was signed, the Seller is required to rectify any issues. These repairs must be arranged mutually through the Settlement Agents, and via syoh chat.
• The Seller is required to advise of the progress of works and allow the Buyer another inspection at the conclusion of the repair works to confirm the works have been completed.
• Once the Buyer and Seller have conducted the final inspection to both parties’ satisfaction, Settlement is to proceed as per the Contract for Sale.
• Should any dispute arise surrounding the Settlement of a property, the syoh platform will rely on the professional roles and responsibilities of the respective parties Licensed Settlement Agent to negotiate a satisfactory outcome for both parties.
• Should a satisfactory outcome not be able to be met, then WA common law will apply.
• In the event a legal dispute, all legal costs will be borne by the respective Buyers and Sellers.
• Both Buyers and Sellers agree to hold syoh harmless in the event of any dispute.

AT THE TIME OF SETTLEMENT

Transfer of Risk

• All Property related risk transfers to the Buyer at time of the formal Settlement of the property, except in the circumstance that the Seller’s grant the Buyers ‘Possession prior to Settlement’.
• Except where ‘Possession prior to Settlement’ is granted, the Seller is obliged to hold appropriate levels of insurance up until the date after the date of Settlement.
• syoh does not recommend that sellers grant ‘Possession prior to Settlement’.
• In the event that the Seller does grant ‘Possession prior to Settlement’ (by way of side agreement or an Annexure to the Contract of Sale), the seller should request to view a Certificate of Currency for an appropriate level of Insurance for the Property.
• The Seller is obliged to hold appropriate levels of insurance up until the date after the date of Settlement.

Keys, Security Devices and Garage Door Remotes

• The Seller agrees to provide the Buyer with all available keys, security devices (including passcodes for alarm systems) and garage door remotes at the time of authorised possession.
• Should the Seller not have keys for all windows and doors, garage door remotes and other security devices, it is the obligation of the Seller to make this disclosure in ‘Seller’s Disclosure Statement’ that forms part of this contract. 

Possession of the Property

• The Buyer is entitled to take possession of the property at 12pm on the day after Settlement or at a mutually agreed time after formal Settlement has taken place.
• syoh strongly discourages Possession Prior to Settlement.
• Should any dispute arise surrounding the handover process, the syoh platform will rely on the professional roles and responsibilities of the respective parties Licensed Settlement Agent to negotiate a satisfactory outcome for both parties.
• Should a satisfactory outcome not be able to be met, then WA common law will apply.
• In the event a legal dispute, all legal costs will be borne by the respective Buyers and Sellers.
• Both Buyers and Sellers agree to hold syoh harmless in the event of any dispute.

If property is leased at time of Settlement

• If a property is leased at the time of Settlement the current Lease Agreement associated with the property will be included as an Annexure in the Special Conditions to the Contract and in signing the Contract for Sale the Buyer agrees to take over the current lease without change, at Settlement.
• The Seller must also attach to the Contract for Sale a copy of all legal documentation relating to the lease including but not limited to, any relevant financial statements and a Property Condition Report.
• The Seller will receive all rent monies paid until 5pm on the day after Settlement.
• The Buyer will receive all rent monies on an ongoing basis as per the Lease Agreement from two days after Settlement.

If the property is a Strata Titled Property

• The Seller sells the Strata Lot subject to the interests notified on the Strata Plan and any other encumbrances notified on either / or the Strata Plan or the current Certificate of Title
• The seller warrants that there are no monies owed by the seller to the Strata company for any items, including but not limited to Strata Contributions or outstanding capital expenditures.
• The seller warrants that they have disclosed all relevant facts associated with the Strata Company or any facts pertaining to the Strata Scheme that may have influenced the Buyer’s decision to purchase, including proposed changes to the Strata Scheme, Strata Company, Strata Lot, Strata bylaws, and or any orders or legal considerations that may impact the Strata Lot.
• In the event that any previously unknown changes to the Strata Company or any facts pertaining the Strata Scheme arise in the dates between Contract Signing and formal Settlement, the Seller agrees to liaise with the Buyer via syohchat, or other medium, to discuss issues and cast any required votes as per the new buyer’s wishes.
• The Seller authorises the Buyer (at the buyers expense) to apply to the Strata Company for access to relevant documents pertaining to the Strata Plan

No Reliance

The Buyer acknowledges that a large proportion of the of information contained on the syoh platform has been provided by the Sellers, and the syoh platform accepts no responsibility should any of the provided information be proven incorrect. The Buyers agree that the Buyers are relying solely on the Buyer's own enquiries with respect to:

1. the fitness of suitability of the Property for any particular purpose or use
2. the correctness of the description of the Property
3. the Buyer's rights and obligations under this contract
4. the value of the Property
5. the terms, conditions and requirements of any Special Conditions to the Contract
6. the terms and conditions of any encumbrance on the Title, including but not limited to Memorials, Restrictive Covenants, Notifications and Caveats.
7. any matters that may affect the Buyer's right, interest or enjoyment of the property, and the Buyer will be deemed to have been satisfied with its enquiries and have entered into this Contract in reliance solely on that basis.