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Once a contract is signed, you are legally bound to purchase or sell the property. You should consider your legal right to have your contract reviewed by a Solicitor before signing the contract.
As part of the review, our Solicitor will explain the terms of the contract, identify any potential issues and explain any special conditions that form part of the contract.
The Contract document is a legally binding agreement between the buyer and seller. Important information including but not limited to, the parties’ entire names and contact details, contract price, deposit amounts, encumbrances, tenancy details, swimming pool requirements, regulations pertaining to safety switches and smoke detectors, finance amount and financier details, inspection conditions, settlement date and place for settlement.
A Contract also includes any special conditions or disclosures required by the parties. All of which are vitally important to form a legally binding Contract of Sale.
It is important to remember that once the contract is signed by the buyer and seller you are bound by its terms.
If these terms are not in accordance with what you thought had been agreed, then sadly you are bound to these terms.
Having your contract reviewed by an experienced legal professional prior to your final signature ensures that you fully understand the terms in which you are agreeing to buy or sell your property.
Whilst at first glance a contract can appear to be relatively simple, it is always in your best interest to ensure that an experienced person in conveyancing matters ensures your legal rights are protected and that you fully understand the terms of your contract.
Keep in mind, that agents are not qualified to give legal advice to the parties and cannot represent the legal rights of the parties.
The notion that any contract is a “standard” contract can be misleading.
Don’t sign anything until you’ve spoken to us.
Property contracts are complex, and the wrong advice at the wrong time can cost you dearly. Our conveyancing lawyers will review your contract in full, explain exactly what you’re agreeing to, and identify any conditions or clauses that put you at risk before you’re legally bound.
