When you're buying a property in New South Wales (NSW), one of the most important steps is reviewing the contract of sale. Here we outline some of the things that we go through when reviewing your prospective Contract. At SL Conveyancing, we take contract reviews seriously to ensure you fully understand what you’re signing up for. But what exactly do we look at during this process.
Let’s break it down in simple terms.
Property Details
The first thing we check is the basic information about the property. This includes:
Address and Description: We make sure the property’s address and description match what you’re expecting.
Title Information: We verify who legally owns the property and if there are any easements or restrictions that could affect your use of the land.
Purchase Price and Deposit
We carefully review the financial details in the contract, such as:
Purchase Price: The amount you’ve agreed to pay for the property.
Deposit Amount: How much deposit is required and when it’s due.
Payment Terms: We check the timeline for payments and ensure everything is clear and manageable for you.
Special Conditions
Contracts often include special conditions, which are extra terms that could affect the sale. We review these to ensure they are fair and in your best interest. Some common special conditions include:
Subject to Finance: This condition allows you to back out of the sale if you’re unable to secure a loan.
Building and Pest Inspections: We check if the sale is conditional on satisfactory building and pest inspections, protecting you from unexpected problems.
Inclusions and Exclusions
The contract should clearly state what is included and excluded from the sale. This could be items like:
Inclusions: Appliances, fixtures, or furniture that come with the property.
Exclusions: Items the seller plans to take with them, such as light fittings or garden sheds.
We make sure everything is clearly listed so there are no surprises on moving day.
Settlement Details
Settlement is the final stage of the property transaction, where the property ownership is officially transferred to you. We review the settlement details to ensure:
Settlement Date: The agreed date when the sale will be finalized and you’ll get the keys.
Adjustments: How things like council rates and water bills will be adjusted between you and the seller.
Legal Compliance
We check that the contract complies with all relevant laws and regulations in NSW. This includes:
Cooling-Off Period: Ensuring you have the standard five-day cooling-off period unless you’ve agreed to waive it.
Disclosures: Making sure the seller has disclosed everything they’re legally required to, such as any major defects or zoning issues.
Risks and Liabilities
Finally, we look for any potential risks or liabilities that could affect your purchase, such as:
Encumbrances: We check for any legal claims or debts attached to the property.
Zoning and Planning:* We review the local zoning laws to ensure you can use the property as you intend.
At SL Conveyancing, we review every detail of your contract to protect your interests and ensure a smooth property purchase. By carefully examining the property details, financial terms, special conditions, and legal requirements, we help you understand exactly what you’re signing and avoid any unexpected surprises.
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