What is a contract of sale?
A contract of sale is a legally binding agreement between a seller and a buyer. It details the terms and conditions in which a seller agrees to transfer ownership of a property to a buyer. The document is the core of protecting your rights as a purchaser, which is why it’s advised that an experienced lawyer or conveyancer conducts a review and negotiates on your behalf.
Why should I get a contract review?
It is important that your rights and interests are protected during the process of buying a property. A contract of sale needs to be reviewed by an experienced lawyer or conveyancer, to uncover any red flags, hidden costs or nasty surprises.
What the conveyancer does?
A conveyancer is a qualified professional who specialises in the legal procedures of buying and selling property.
- Provide expert information and advice about the purchase of your property
- Prepare or review legal documentation for property transactions
- Ensure their clients are legally protected throughout the process, from sale to settlement.
Is there a cooling off period?
If you buy a residential property at auction, there is no cooling off period. If however, you purchase residential property by private treaty there is a statutory cooling off period of five business days, which can be waived by the buyer.
Each State is Different
The rules around buying or selling a property in Australia differ from state to state.
- Stamp duty
- Legal obligations
- Government authority requirements
It’s important that you get expert advice about what the legal requirements are for your individual property transaction.
What if I want to undertake development works to the property I’m purchasing?
Various state and local council planning policies apply to control what type of works can and can’t be undertaken to a property. Expert legal and planning advice should be obtained before assuming development work can go ahead.
How do I check on strata arrangements?
You should obtain a comprehensive strata report to understand the financial position of the Owners Corporation and to determine whether there are any issues that have been flagged by the Owners Corporation in respect of the property.
A buyer should do this investigation before exchange of contracts.
Do I need a pest and building report?
A buyer should undertake a thorough pest and building report before purchasing a property. This is to ensure there are no obvious building defects or infestation problems with the property.
These reports can be arranged through the Kaz Conveyancing team.
Give us a call
Our team would be happy to answer any of your questions and/or provide you with further information about our services.