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.
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.
- An offer
- An acceptance
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