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Home>What’s reviewed in a contract of sale in Tasmania?

What’s reviewed in a contract of sale in Tasmania?

Buying property in Tasmania 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.

Our experienced conveyancers review your contract by checking all the key components, such as special conditions, price and settlement date, that 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. We can also propose changes that are 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 Tasmania, 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 important step of your contract review when buying property in Tasmania.

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

 

What does a contract of sale include?

A contract of sale must 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 and due date
  • The property settlement date and any special conditions, such as building and pest inspections and finance-specific conditions.
  • A 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’

Once your signed contract has been exchanged it becomes a legally binding agreement. Ensuring you fully understand what you are signing is critical and will help you avoid any costly mistakes. Always read the contract, and your contract review, carefully and address any questions you might have to your conveyancing specialist.

 

Buying property in Tasmania

If you’re planning to buy property in Tasmania, it’s important to understand that it is not mandatory for sellers to disclose information about the property to you. Tasmania is a buyer-beware state when it comes to purchasing property.

To protect yourself as a buyer, making enquiries with the seller, agent, council and other authorities before signing the Contract of Sale is highly recommended. An experienced conveyancer can help by making these queries on your behalf.

Having a basic understanding of any contract you are about to sign is always critical. A conveyancing specialist or lawyer can guide you through the more complex areas of the contract and answer any of your questions.

After all, buying a property is a significant investment, having the right advice and support at your fingertips helps you make an informed decision about the property and avoid costly mistakes.

 

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.

  • A seller acting unreasonably when negotiating the property price or contract terms.
  • A valuation that is lower than the asking price. To avoid potential problems, purchasers can request an upfront valuation.

 

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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