Seek legal advice before signing your contract.
You are now ready to take that final step – you have found a property you wish to purchase whether for an investment or to be your principal place of residence, even perhaps your first home.
Contracts are prepared by Real Estate Agents on behalf of the seller. You have most probably negotiated on the price and the Agent is asking you to sign the contract so that he can put the offer to the seller.
All residential REIQ contracts have a warning on them stating that you have the right to legal advice before you sign the contract. This is the time that you should engage a Lawyer to act on your behalf, not after you have signed the contract. The Agent will require you to add your Lawyers details to the contract, however, the most important issue is that you do not sign the contract until you have received legal advice.
Your Lawyer will be able to check the contract and ensure that it reflects your best interests by inserting, if not already in the contract, any special conditions that would be appropriate for your circumstances and such things as which searches would be most appropriate for this property.
Most contracts will have a finance clause and usually a building and pest inspection clause, however, there may be other special conditions that need to be inserted into the contract to protect you.
All contracts and properties are different, the buyers have different circumstances associated with their purchase and your Lawyer will discuss fully what your options are. Discuss the timing of settlement, whether any additional searches will need to be conducted. For example, if the house is under 6 years old the builders insurance would still be applicable and the Lawyer would most probably suggest a special condition stating that the contract is subject to you being satisfied with the results of a QBSA search within a time frame prior to settlement, this search can be conducted early in the matter and would give you peace of mind by confirming that the builder insurance is in place.
This is an extremely stressful time for you and knowing there is someone there to assist you and protect your interests at all times makes the whole process an exciting one as well. Please contact McColm Matsinger Lawyers to assist with your legal requirements.