Share on

Buying a property is such an exciting time in one’s life but can also be quite daunting when it comes to the legal side of things. One thing we cannot stress enough is that before you sign any Contract documents, you should always get them reviewed and explained to you by a professional. A contract is an agreement between yourself and the Vendor. The Vendors representative will prepare the Contract of Sale which will outline all parties’ details, deposit price, sale price, finance conditions, building and pest inspection reports, chattels included and sets out any special conditions associated with the property.

There is also a section 32 Vendors Statement attached to the Contract of Sale. This document explains all the details regarding the property such as rates, local planning, any encumbrances, any restrictions, permits and any other certificates or notices relating to the property. The reason that we strongly advise you to have your Contracts reviewed prior to signing is that there can be issues with the property that you are unaware of such as;

  • Restrictions;
  • Building notices;
  • Caveats,
  • Soil issues;
  • Building or pest issues;
  • Crown land issues;
  • Having a sufficient finance approval clause;
  • Pool fencing issues.

A professional will review your Contract and advise you whether any issues apply to your Contract or any red flags are popping up. They will then negotiate with the Vendors representative if there are any amendments you may want to make to ensure your Contract is on order.

You should be aware that once you sign a contract, you can attempt to renegotiate the terms, but the Vendor is under no obligation to agree to any amendments and can refuse all of your requests.

After signing your Contract, under Section 31 of the Sale of Land Act 1962, the purchaser has 3 clear business days to change their mind and terminate the Contract. This time begins from the date that the purchaser signs the Contract. The cooling off right does not apply if the following come into effect:

  • The sale is at or within 3 clear business days before or after a publicly advertised auction;
  • The parties have previously entered into a contract for the same property in similar circumstances;
  • The purchaser is an estate agent or a corporate body (e.g. a company); or
  • The sale is at or within 3 clear business days before or after a publicly advertised auction;
  • The property is used primarily for commercial or industrial purposes, and land larger than 20 hectares used primarily for farming.

We understand that a lot of the legal process can become overwhelming so why not reach out to us today to seek clarification and ask those questions that are worrying you. Lets work together on achieving a stress free conveyancing process for you and make sure your Contract is the right fit for not only you and your dreams but a seamless legal transaction with the right protection and advice! Call our conveyancing team today on (03) 9743 1333 or email .