Unpacking Buyer's Default: Your Guide to Western Australia Property Contract Risks with the REIWA Contract

1. Plain English Definition

"Buyer's Default" means when a buyer fails to uphold their end of the bargain as set out in the Western Australia property contract, specifically the REIWA Contract. This could involve not paying the deposit on time, failing to secure finance by the due date, or not completing the settlement process as agreed, leading to potential serious consequences.

2. The Danger Zone: Buyer's Risk

• Forfeiture of Deposit: Under the REIWA Contract, if you default, the seller can typically keep your entire deposit, which is often 5-10% of the purchase price, as liquidated damages without needing