Pre-Purchase Property Contract Review

Why do you need a pre-purchase contract review?

While it is easy to nut out the basic terms in the contract such as price or whether it should be subject to finance, it is a lot harder to know the hidden tricks and tips that can really derail you during the conveyancing process.

With a contract review, your solicitor will advise on what to change to make the contract better suited to your needs.

Should I insert special conditions?

For buyers with particular concerns about the property, for example, whether all building approvals have been obtained or whether or not a development approval can be issued for the property, special conditions can afford the buyer a termination right. These special conditions can be drafted and tailored to suit each buyer’s needs and whether or not the property can be used as intended or if unfavourable search results are showing them a termination right.

What if I am buying at auction?

Typically, auction agreements are formulated to restrict a buyer's ability to terminate the contract. Seeking legal counsel before participating in an auction allows buyers to conduct pre-contract due diligence, involving investigations before signing the contract. This may encompass assessments such as identifying any easements impacting the property, determining if the property is situated in a flood-prone zone, and evaluating the legal or financial standing of the body corporate.