BUYING A PROPERTY?

CONTACT US BEFORE YOU SIGN

 

Before you sign

When you are buying a property, we strongly recommend you give us the opportunity to look at the agreement for sale and purchase (“agreement”) before you sign it. Once you sign an agreement you are bound by its terms with either no or only restricted rights to get out of it. By having us look at the agreement first we can make sure that you avoid any pitfalls. Getting things right at the outset will save you time and money. We will be able to check an agreement for you quickly if you fax or email it to us.

Solicitor’s approval clauses can be helpful as they can enable us to negotiate certain aspects of an agreement. However, a solicitor’s approval clause is not a guaranteed “out clause” that enables cancellation of the agreement. We therefore recommend that you contact us before signing any agreement.

Things We Will Consider:

Below are some things we will consider and discuss with you when we check the agreement:

  • Are there any problems with the title to the property? We will check any easements, covenants, cross leases, body corporate arrangements or other documents registered on the title.
  • Have all local council requirements been met? We will recommend the agreement be conditional on you obtaining and approving a Land Information Memorandum report from the local council.
  • Are there any problems with the buildings? We will recommend the agreement be conditional on you obtaining and approving any necessary reports (e.g. builder’s and/or engineer’s reports, etc).
  • Should the agreement be conditional on anything else (e.g. obtaining finance, selling your existing house, approving any tenancy agreements, etc)?
  • Are the terms of the agreement legally enforceable?
  • Has the property been described correctly?
  • Is the chattels list accurate?
  • Are there satisfactory provisions in your favour if the seller breaches the agreement?
  • Do you need tax or accounting advice in respect of the transaction?
  • How should the property be owned?

Other Matters:

It is especially important that you give us the opportunity to look at the agreement before you sign it if:

  • You are buying at auction or by tender.
  • The property is a farm or commercial property.
  • The property is in the process of being subdivided.