Now comes the part you need to do without the emotion – signing the contract, but what is the contract.
- What am I signing for
- Am I signing my life away
- Which boxes do I tick
- Am I legally bound to this document
- What happens if I can’t get my finance or there is something wrong with the house will I still be liable to buying it.
These
Its best to have all your facts prior to signing and don’t be pressured into signing until you have had an opportunity to have a conveyancer look through it if you are unsure.
So what is the Contract:
It is a document which creates legally enforceable obligations between parties. For a contract to be binding under Australian Law, certain elements must be satisfied.
These include:
- An offer
- An acceptance
- Consideration
- Intention
- Certainty
- Capacity
- Formalities
What is in the Contract:
- The complete address of the property
- The names of the seller and the buyer
- The Sellers / Vendors agent details
- The conditions of the transaction which include terms and payments and loan details
- The deposit to be paid
- The Total sale of the property
- The dates of offer and settlement
- Any inclusions and exclusions as discussed by the buyer and seller
As a purchaser check that attachments such as Zoning and property certificates, sewage plans, plans of the land if within a subdivision and bulders warranty insurance certification are attached.
Can you negotitate terms of your Contract? YES you can !
Some things you may negotiate in your contract:
- Payment terms and amount of initial deposit
- Fixtures and Fitting included or not in the sale of the home
- Subject to finance/ subject sale or settlement of another property
- Subject to Building & Pest inspection
*Prior to signing any contract you should have a conveyancer review, Adcocks Conveyancing are here to guide you through the process