Did you know…
Very few people engage their conveyancer BEFORE they’ve signed a contract to buy or sell a property – even though it doesn’t cost a cent? (not with us, anyway).
Your real estate agent may be keen to sign quickly, and with good reason, but you’re entitled to get advice first.
It’s crucial to have your conveyancer look over the contract terms before everyone signs it. Once the parties have signed, it’s difficult to renegotiate contract terms later, especially if they only benefit one party. Your conveyancer will ask for the details of any verbal discussions with you and the agent, and ensure they are reflected in the contract.
Purchasers should pay particular attention to ensure they don’t become ‘locked in’ to contracts if, for example, they’re not able to obtain finance, sell another property, or break a lease.
It’s not just purchasers who need to beware, vendors often overlook crucial elements to their agreement to sell the property which aren’t included in a standard contract.
It’s not just purchasers who need to beware. Vendors often overlook crucial elements to their agreement to sell the property which aren’t included in a standard contract.These can include:
- Whether certain items are included with the property or not, if unclear (eg. dishwashers, large pot plants and caravans)
- Whether any water licences are to be transferred with the property;
- Stipulating settlement is subject to mortgages being able to be paid out where the property has been sold for a loss;
- Whether retrospective council approvals are required for extensions and improvements (and allowing adequate time frames);
- Access to the property after settlement to remove belongings.
Again, your conveyancer will ask you about any matters which might need to be reflected in the contract, and ensure the are not overlooked.
If you know someone looking to buy or sell, make sure they have a chat with us before they’ve signed on the dotted line.
At Connolly Wilson Conveyancing, we charge a fixed fee only once the property settles – no matter how many times you seek our advice, and no matter how complicated the settlement.
Connolly Wilson Conveyancing is a South Australian conveyancing firm specialising in the legal transfer of estates in real property. Our team of registered conveyancers services the Fleurieu Peninsula, Adelaide Hills and Murraylands. Any advice provided in this article is general in nature, and we encourage you to discuss your individual situation with us before making any decisions.