Understanding and negotiating suitable terms of contract is an important step in the purchase process when buying property.
Buyers should be aware of all inclusions, any easements or covenants effecting the property and proposed settlement or completion dates. Ensuring that the contract accurately reflects the purchaser, seller and defines the correct property is of vital importance and will eliminate the need for costly changes to the agreement at a later date.
It may sound silly but entering a contract that contains a simple error such us incorrect spelling of name – where it doesn’t match other identification documents such as driver’s licenses or birth certificates, can in fact create undue stress and issues down the track.
Similarly, where a contract doesn’t specify a complete list of inclusions problems can occur upon settlement when items that the purchaser assumed were included are in fact no longer with the property.
Your solicitor or conveyancer should undertake thorough searches on your proposed purchase and make sure that you can “perform” within the terms of the contract.
Your legal representative should ensure the following:
Any land tax adjustments
That completion dates are suitable to the purchaser, particularly if they are selling another property in order to buy
Inclusions match the buyer’s expectations
Any release of deposit clauses are accurate and workable
Any development consents where the building has undertaken recent additions
Drainage and sewerage diagrams
A survey of the building ensuring that it does not encroach an adjoining allotment
Confirmation of vacant possession if required.
Your legal representative will be well versed with the contract and will understand all the clauses that affect your purchase. You need to liaise with them in terms of the inclusions, your expectations and suitable settlement time. The team at R&W Seaforth/Balgowlah are here to help. If you have any property related questions we are happy to guide you through them & compile relevant information that will help you make the best decision for your situation. Just give us a call on 9948 7080.