Importance of Reviewing Your Conveyancing Contract

A property transaction is a significant commitment, and the contract is one of the most important documents you will sign.

Before signing a legally binding contract, it is important to understand:

• Exactly what you are agreeing to
• Any potential risks or obligations
• Whether any terms should be clarified or changed before signing

What is a Contract Review

During a contract review, as your lawyer, we will carefully examine the contract of sale and other relevant property documents to check the key terms of the transaction, potential risks and anything that may require clarification or negotiation.

As part of the process, we will typically review the following:

• Purchase price and deposit
• Settlement date and key deadlines
• Finance conditions
• Special conditions
• Inclusions and exclusions
• Default and penalty provisions
• Nomination rights
• Any unusual obligations or terms

The review also considers the Vendor Statement (Section 32). This may include checking title details, planning information, outgoings, Owners Corporation information and other relevant property disclosures.

A contract review helps identify clauses that may be risky, negotiable or unsuitable for your circumstances and intentions, including special conditions that could limit your rights, shorten deadlines or shift risk onto you.

Why Review Your Contract Before Signing

Once a contract is signed, your options may be limited. Thus, reviewing it beforehand gives you the opportunity to:

• Clarify any unclear terms
• Negotiate changes or special conditions
• Request further information
• Adjust deadlines
• Reconsider the transaction before becoming legally bound

If an issue is identified, addressing it before signing generally gives you the best opportunity to resolve it with the other party. The earlier an issue is identified, the more opportunity you have to address it before signing.

Buying at Auction? Review the Contract First

If you are considering buying at auction, it is important to have the contract of sale and Section 32 reviewed before auction day.

Auction purchases generally have different cooling-off rules, so understanding the contract before bidding helps you make an informed decision and avoid unexpected obligations.

HOW CAN WE ASSIST?

At Agile Legal, our experienced lawyers can assist you with reviewing your property contract and identifying potential issues before you sign.

We can help you understand the terms of your contract, explain your rights and obligations, and advise you on any provisions that may require clarification or negotiation.

As the conveyancing process can be complex, getting legal advice before signing your contract can help you make informed decisions and avoid potential issues.

For any conveyancing enquiries, please contact us at info@agilelegal.com.au.