What Should Buyers Look Out For In a Property Contract?
Buying property is such a big purchase and commitment (one of the biggest most of us are likely to ever make) that the contract is not something you want to take lightly. It’s wise to go through it with a “fine tooth comb” and equally as wise to discuss the finer details with both your agent and a legal representative who deals in property law and conveyancing.
Not only is it important to understand what the various clauses mean, it’s also very important to understand what’s included in the contract and if there’s anything missing that should form a part of the contract.
Check the Details and Particulars
Even the most basic information on a contract is of vital importance. Check that your full name appears on the contract and that it’s spelled correctly. The name has to be identical to the name that will appear on your mortgage, otherwise, this could delay the finance process as well as requiring a contract amendment.
Is everyone purchasing the property included in the contract with the full name also spelled correctly? All parties must be listed on the contract if there are 2 or more purchasers.
Include Your Solicitor’s Details
Don’t wait for the contract to be signed to make reference to your solicitor. Include those details within the contract. It makes the entire liaison process much simpler.
If your ability to go through with the property purchase hinges on the approval of finance, then this must be stipulated in the contract. If you don’t, then you won’t be able to terminate the contract in the event that finance is not approved. Include finance amount, lending institution details and finance date.
Building and Pest Inspections
This is also something that should be written into the contract. There is a section on the contract reserved for this, so be sure to insert a date for building and pest inspection. Failure to do so will likely mean you cannot terminate the contract if any building and pest issues arise upon property inspection. All contracts for property purchase should be first subject to a satisfactory building and pest inspection.
Talk To A Legal Expert In Property Law
If you are located in and around Brisbane and need legal advice regarding your property contract, then get in touch with your local, experienced experts at Aylward Game Solicitors. We know property law, so you can count on us.