As a buyer and seller you have a legal right to have your Contract reviewed by a Solicitor before signing the Contract to ensure that you fully understand the terms of the Contract before it is signed and you are legally bound to purchase or sell the property.
The Contract document is a legally binding agreement between the buyer and seller. Important information including but not limited to, the parties’ entire names and contact details, contract price, deposit amounts, encumbrances, tenancy details, swimming pool requirements, regulations pertaining to safety switches and smoke detectors, finance amount and financier details, inspection conditions, settlement date and place for settlement. A Contract also includes any special conditions or disclosures required by the parties. All of which are vitally important to form a legally binding Contract of Sale.
It is important to remember that once the contract is signed by the buyer and seller you are bound by its terms. If these terms are not in accordance to what you thought had been agreed, then sadly you are bound to these terms.
Having your contract reviewed by an experienced legal professional prior to your final signature ensures that you fully understand the terms in which you are agreeing to buy or sell your property. Whilst at first glance a contract can appear to be relatively simple, it is always in your best interest to seek advice from an experienced solicitor.
Agents are not qualified to give legal advice to the parties and cannot represent the legal rights of the parties. The fact that any contract is a “standard” contract can be misleading. As all properties and people’s requirements are different, so to are Contacts.
A.L.F. Lawyers, will review your contract and provide you advice before the contract is signed and the conditions and terms locked in.
Contact one of our Lawyers on 3088 6161 or our website on www.alflawyers.com.au