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Home>What’s reviewed in a contract of sale in New South Wales?

What’s reviewed in a contract of sale in New South Wales?

Buying property in NSW is exciting but there is more to a property purchase than simply agreeing to a price. Behind the scenes of every successful property sale is a conveyancing professional ready to guide you through your journey that begins with the contract review. Once a thorough contract review is completed, the finer details of the contract – including sale price – can be negotiated.

The contract of sale is a document created by the seller’s conveyancer or solicitor and is designed to inform any potential buyer about the property for sale. Our experienced conveyancers review your contract by checking all the key components, such as special conditions, price and settlement date, as well as ensuring the required disclosure material has been attached. These documents need to be thoroughly examined before the contract is signed. Our team will make sure you’re not signing something with hidden clauses or unwanted surprises.

With your instructions, we can also act on your behalf to propose changes that may be specific to your needs, such as a negotiation around settlement date, or any inclusions and exclusions you may want to ask about.

Although the rules and procedures relating to conveyancing are consistent throughout NSW, every property is different. So, it’s important to understand what applies to your specific property. It’s another great reason to work with a conveyancing specialist who can guide you through every key step of your contract review when buying property in New South Wales.

For a standard contract, we will email our review to you within 1-2 business days.

 

What does a contract for sale include?

A contract for sale should contain several key details, including:

  • The names and addresses of both the vendor and purchaser
  • The property address and land title particulars
  • The sale price
  • The deposit amount
  • The property settlement date and any special conditions, such as inspections and finance-specific conditions
  • A detailed list of any inclusions or exclusions of fixtures and fittings (such as carpets, curtains, blinds, appliances, etc.)
  • Whether the property is sold as ‘vacant possession’ or ‘subject to a lease’
  • Any other property being sold as part of the sale agreement

When you’re buying property in New South Wales, the contract for sale will include additional documentation, known as Schedule 1 Prescribed Documents. These documents must be attached and will include information that is specific to your property such as particulars of land title, sewerage, drainage and council zoning, as well as important certificates if, for example, the property you are purchasing includes a swimming pool.

 

How to avoid contract of sale issues

As with any negotiation and legal process, there are warning signs to watch out for when it comes to reviewing any contract of sale. These may include:

  • A seller acting unreasonably when negotiating the property price or contract terms.
  • The absence of any of the required disclosure material.
  • A valuation that is lower than the asking price. To avoid potential problems, purchasers can request an upfront valuation from an independent property valuation specialist.

It’s also important to ensure that you check the possession rights of the property. A property sale that is subject to an ongoing tenant’s lease may not suit every incoming buyer.

 

The right time to sign a contract

The contract of sale should only be signed after a careful contract review – and this is why you should work with an experienced conveyancing specialist.

If you review the contract of sale document during the property search process, your eyes will be open to potential issues before a deep emotional connection with the property is made. Look carefully at any conditions in the contract that don’t meet your expectations. If negotiation around specific clauses are not possible, accept that this property may not be right for you and move on.

Whether you are a property investor, or looking for your own place to call home, a property transaction is a significant financial decision that must be taken seriously.

This article is provided for general information purposes only. Its content is current at the date of publication. It is not legal advice and is not tailored to meet your individual needs. You should obtain specialist advice based on your specific circumstances before taking any action concerning the matters discussed in this article.

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