Understand the Contract Before Signing

Before committing to a property purchase, it’s crucial to have a solicitor or conveyancer review the contract of sale. This legally binding document outlines the terms of the transaction and protects both the buyer and seller. Understanding the details can prevent costly mistakes and ensure a smooth settlement process.

Key aspects to review include:

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  Deposit Requirements: Confirm the deposit amount, payment deadlines, and refund conditions if the sale doesn’t proceed.

  
  


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  Settlement Period: Understand the agreed-upon timeframe for completing the sale, as it impacts when you take ownership and move in.

  
  


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  Special Conditions: Look for clauses related to building inspections, finance approval, or other contingencies that could affect the purchase.

  
  


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  Inclusions and Exclusions: Clarify which fixtures, appliances, or additional items are included in the sale to avoid disputes.

  
  


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  Legal Obligations: Ensure there are no hidden costs, zoning restrictions, or encumbrances that could impact your use of the property.

  
  

Taking the time to review and fully understand the contract will help you make an informed decision and avoid unexpected surprises down the track.