Don’t Sign Before your Contract Review!
By Julia Thermos
21 June 2016
One of the most important steps in purchasing a new home or investment property is often overlooked by purchasers... and it can be a costly mistake.
We highly recommend that all purchasers obtain legal advice prior to executing a Contract of Sale to ensure that the Contract of Sale and Vendor Statement have been thoroughly reviewed and any potential issues are identified prior to signing. It is always better to be aware of any potential issues at the outset rather than trying to come up with costly solutions when settlement is due and penalty interest is accruing.
So, how can a contract review help you? It will provide you with a concise summary of the Contract of Sale and the Vendor Statement that is easy to read and enables you to make an informed decision as to whether the property is right for you. We can also advise you on any additional special conditions that you may require.
A contract review will include the following details and may be tailored to your specific requirements:
- What are the terms of the sale?
- Is there a cooling off period available to you?
- Will GST be payable in addition to the purchase price?
- What goods are included in the sale?
- Is the property sold on the basis of vacant possession or is it subject to a lease? What are the terms of the lease?
- Are there any onerous special conditions that should be amended or deleted?
Do the title particulars in the Contract of Sale correspond with the documents provided in the
- Vendor Statement?
- Are there any restrictive covenants, easements or encumbrances which affect the property?
- Are there any zoning issues or planning overlays that may affect your intended use of the property?
- Which services are connected to the property?
- Do the property certificates disclose any outstanding charges or issues to be concerned about?
- Have all applicable building permits, approvals and insurance been obtained?
Do you require any additional special conditions? For example: making the sale subject to a satisfactory building and pest inspection report, or to provide the purchaser and its agents access to the property prior to settlement (e.g. for the purpose of inspecting the property, carrying out necessary assessments, surveys or tests).
It is important to obtain legal advice from a specialist in the area before taking any action in respect to signing a contract. Tisher Liner FC Law are accredited Property Law Specialists and can assist in all property law matters.
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