Purchasing property will be for most people the largest monetary transaction that they undertake in their whole lives. Thus, the importance of having peace of mind, that the process is running smoothly should be a priority for prospective buyers.
Where many people can encounter problems in their conveyancing process, is one of the very first stages – the Contract of Sale.
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The Contract of Sale is an agreement in writing which sets out the terms and conditions agreed upon between the buyer and seller. However, in real estate it is often not that simple, as a Contract of Sale is often drawn up by the vendor’s side, it will inevitably favour them. So, while on the surface it may look nice, it may not tell you about incumbencies, caveats, obligations and risks that you are facing by signing one of the most important documents in your life.
As you review the document on face value in many cases it may look fine, however, the details that are hidden or sometimes not included at all can catch you out. You may not see that the off the plan property of your dreams will take 5 years to build, when you are planning to move in next year or the fact that there are 2 easements over your land, hindering your ability to build on it. And it won’t disclose all the terms that constitute unacceptable risks that you should be aware of before signing the contract.
Therefore, the importance of a comprehensive and thorough review is imperative. This will ensure there are no surprises that cost you more time and money down the line, in an already lengthy and expensive process.
A review of the Contract of Sale provides peace of mind and security that you are getting what you want and are fully aware of what the other party may require of you.
At Titlexchange, our Conveyancers are the top professionals in the country, with years of experience reviewing a contract under the microscope, ensuring the customers’ interests are protected at all times, playing a big role in finding potential grey areas and ironing them out.
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