Buying a home is the largest financial investment an individual makes. it’s a big-ticket investment and it’s essential to understand what you’re entering into.
Contract Review
Buying a property can be expensive and it is natural to want to cut corners and save as much money as possible on the peripheral services and fees, but during the property purchase process, the one place you cannot afford to scrimp is on a contract review.
Every property that is listed on the market is sold using a Contract of Sale, which sets out all the terms and conditions of the purchase/sale. The Contract itself will not necessarily contain all conditions that you require, accordingly, it is extremely important that you engage a conveyancer or property lawyer review and advise you on the Contract before you sign it so that you can understand your rights in the event of an issue with the property is identified after you sign the Contract and what additional Contract conditions can be inserted into the Contract to protect your interests.
Having a conveyancer or property lawyer review your contract before you sign on the dotted line provides you with the confidence that you are buying the home you expected to be buying. A contract review also gives you, as the buyer, an opportunity to raise any concerns or seek special conditions from the vendor, for example, finance approval and due diligence conditions.
Real Estate Agents And Contracts
You might find that the selling agent is applying some pressure to get an offer finalised, and the contract signed as soon as possible. In Queensland, you have the right to seek professional legal advice prior to signing – and you should.
It is an agent’s job to sell the property, therefore they will try to secure an interested buyer who is offering the right price. You should not sign a contract before you feel entirely ready. You should always ensure you feel comfortable with the terms of any contract before signing and a contract to purchase a property is no exception.
Engaging The Right Conveyancer Or Property Lawyer
You should always engage a conveyancer or property lawyer prior to signing the contract. If you agree to buy the property and find something materially wrong with it after the contract has been signed, unless the Contract has been drafted with appropriate protections, it is unlikely that you will be able to terminate the Contract and you may find yourself locked into purchasing a property you no longer wish to.
It is also important to arrange for a conveyancer or lawyer prior to signing because their contact details will form part of it and they will become a key contact during the purchasing process.
The main objective of a conveyancer or property lawyer is to act in their client’s best interests. This means reviewing the contract as if they were purchasing it for themselves.
They will then tell you the pros and cons of the property and raise any other red flags of concern. Ultimately it is up to you to decide if you want to go ahead with purchasing the property, but at least with a contract review, you have gone into the transaction with your eyes wide open and informed of your rights and obligations under the Contract.
If there are too many red flags then it is your right to withdraw your offer and not proceed with the purchase of that property.
Your conveyancer will also help you to complete the contract correctly whether it is your first time buying a home or not.
Purchasing a property can be a very exciting but stressful time. Engaging the expertise of a conveyancer or property lawyer is not only helpful, but it is essential to ensuring the purchase of your next property goes smoothly and that there are no unwelcome surprises!
If you are considering buying or selling a property, our team of experienced and friendly conveyancing lawyers are here to help so don’t hesitate to reach out to us today on 07 3088 6161!
Disclaimer. The legal content contained in this article has been provided for general interest only. It does not constitute legal advice.
