Before you sign a Contract of Sale.
By Jonathan Tisher
28 April 2015
Before you sign a Contract of Sale consider the following items which we frequently come across when reviewing contracts on behalf of purchaser clients:
Is the property correctly described in the contract of sale and in accordance with the title (a copy of which should be annexed to the Vendor’s Statement)?
- Is the property sold with vacant possession or subject to a lease? Has a copy of the Lease been provided and are there any issues of concern?
- Are there Owners Corporation issues for consideration, including proposals for major works to common property or special levies which will become payable by the purchaser?
- Are there any particularly onerous or problematic Special Conditions?
- Do the title documents and planning certificates identify any zoning issues, planning overlays, restrictive covenants, easements or other encumbrances which may affect the purchaser’s intended use of the property?
- Have applicable building permits and approvals been obtained?
- Is there land currently occupied by the Vendor which is not included in the title plan?
No two properties are the same and it is important that the Contract of Sale and Vendor’s Statement are reviewed carefully prior to being signed. We are happy to review Contracts for clients and are often able to do so in a short timeframe as we understand that there are often time pressures.
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