Contract Reviews & Why You Need One
It is our strongest recommendation that you obtain contract advice before purchasing a property.
Most people only purchase a handful of properties during their lifetime. If you do not fully understand the documentation then we recommend getting Contract Advice.
You can obtain pre-contractual advice:
before you sign the Contract;
during the cooling-off period; or
if the Contract is subject to other conditions in which you still have a choice about whether you want to be bound, such as a due diligence period.
Auctions are unconditional. At the fall of the hammer, the purchaser and vendor are immediately bound. There is no cooling-off period, no subject to finance or subject to inspection (unless negotiated and approved prior), therefore you must be 100 per cent committed to the purchase. Similarly, if you enter a contract and the cooling-off period expires or does not apply you will be locked into the Contract.
Pre-contractual advice offers you the following:
Peace of mind that the Contract is on terms that would be acceptable to you.
Assurance that that there are no “traps” in the Contract that might affect you later.
Inspection of any special conditions that would affect you and any special conditions that could be included in the Contract to protect you.
An assessment of the Vendor’s Statement (Section 32), which sometimes reveals otherwise undisclosed matters that affect the property – such as significant future charges that you might have to pay after settlement.
A broad understanding of the terms of the Contract and further information relating to the property and planning details.
By getting a Contract Review, it equips you with the knowledge that might affect the amount you pay for the property or you may decide that the property is unsuitable for you.
Contract Advice is an Important Part of Your Due-Diligence on Your Property Purchase.
Either way, when you make your offer, or if you decide to continue with the Contract, you will be doing so from an informed position.
We offer complimentary Contract Reviews and our service is fast, easy to understand, accurate, professional and carried out by an experienced Licensed Conveyancer.
To avoid purchasing traps and the unexpected, call us on 03 6724 2222 or alternatively, send us an email attaching your Contract for review - info@viceconvey.com.au.
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