What’s Included In A Property Sales Contract

What’s Included In A Property Sales Contract

A contract of sale is an absolute must when it comes to buying or selling property in Australia.

Legally, all property sales require a sales contract and the process differs slightly between the states and territories. A lawyer in Chatswood such as TY Lawyers can assist with all aspects of property law and purchasing or selling.

Unfortunately buying and selling is not a simple process and can be quite complex to the everyday person.

That’s why it’s important to have an experienced and professional property or conveyancing lawyer in Chatswood ready to assist if you’re planning to buy or sell real estate.

What’s Included In A Property Contract Of Sale

A contract of sale includes all the important information relating to the sale of a property, such as:

  • names and address of the buyer and seller
  • property for sale address
  • conditions of the sale
  • any inclusions or exclusions
  • the selling price
  • the selling agent
  • cooling off period
  • certificate of title information
  • initial deposit, payment terms and conditions
  • settlement period
  • any special conditions of the sale

As previously mentioned, the specific inclusions in a contract of sale differ between states so the above is not an exhaustive list.

Once the sale contract signed, it becomes a legally binding agreement between the purchaser and the seller.

If You’re Selling…

A property lawyer in Chatswood assists sellers with drafting and preparing the contract of sale for their clients.

It is the seller’s responsibility to have the contract of sale prepared and ready to go, prior to selling or listing their house for sale.

If You’re Buying..

A property lawyer in Chatswood assists buyers by reviewing a property contract of sale, providing feedback and advice for their clients before they proceed with the purchase, keeping their best interests in mind.

What Can Be Negotiated In A Contract

Your property or conveyancing lawyer in Chatswood can advise you on certain points you may want to negotiate on the sale, but as a general rule of thumb, here are some of the factors that may be negotiated:

  • cooling off period
  • cancellation fees if cancelling the sale is requested
  • any fittings and fixtures included in the sale

When Settlement Day Comes Around

Your property or conveyancing lawyer in Chatswood will be keeping a close eye on the progress of the settlement and the actual settlement date.

When settlement day comes around, this is when the final payment of the purchase price is made and any final checks are completed.

Once the payment has been received, the keys can be given to the new owner.

When it comes to understanding how to navigate through the sale or purchase of a property – it can get quite complicated, especially if you’ve never had to do it before.

If you’re like further information with relation to a property lawyer in Chatswood, a conveyancing quote or some general advice, get in touch with our team of conveyancing lawyers in Chatswood.

Call TY Lawyers today, on: (02) 8007 0135. 

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