Buying a property is one of the most exciting times a person or business can experience. A fresh start, a place to call home, a future investment, the next phase of a business venture – all equally exciting.
As the process can be fairly long with a number of parties involved (banks, brokers, agents) it is highly recommended that you have a lawyer review the contract prior to signing it. Even if you have read the contract countless times, it is worth letting an experienced and independent property lawyer review it, so you can be certain that your upcoming purchase meets your current and future expectations.
Over the years we have heard of, and witnessed situations where a buyer had lost money in a property purchase because the transaction was not well documented. Many of these situations could easily have been avoided. While we understand that selling and buying a property can be the end of a long journey, it is worth taking the time to make sure the fine print of the contract protects your interests.
Here are a few out of the many cases we have witnessed over the years:
- Buyers are often disappointed to find maintenance items in a property that are not covered by the standard building structural report special conditions in their contracts.
- A buyer may not be able to demand a seller to apply for building approval for unauthorised structures unless the contract of sale confers that right.
If buying off the plan, whether it is for vacant land or a commercial or residential unit, buyers should be aware of the following:
- Clauses that enables the seller to unduly extend the settlement date (e.g. 4 years and above).
- Clauses that enable the seller to vary the size, finish, and strata unit entitlement of the property you are buying.
Whatever stage you are in, consulting a law firm regarding the contract can save you future headaches, disputes, and dollars. It will allow you to hear and understand all your current options and recommendations for the next steps.
For further information regarding buying and selling property, feel free to contact us at M 6:8 Legal and we would be happy to advise you.