When buying property, one of your conveyancer's primary responsibilities is to negotiate the terms of the contract of sale. Below is an article discussing what your conveyancer will look out for when assessing and negotiating the contract of sale.
Cooling-Off Period and Closing Date
The cooling-off period allows you to terminate the contract of sale without incurring any penalties. Typically, it lasts a few days after you sign the contract of sale. During this period, your conveyancer will conduct thorough assessments to ensure that the property is reasonably priced and meets the legal requirements. They will also conduct background checks on the area in which the property is located. For instance, the area may have a high crime rate, noisy neighbours or land contamination. You can back out of the deal if you feel that you will have an uncomfortable stay.
The closing date is when the contract of sale expires. By this date, each party should have conducted the responsibilities outlined in the agreement. For example, you will be required to have paid for the house.
Below are some things to look out for when examining the disclosures:
The seller should disclose significant property defects. It could be a shifting foundation, salt damping, pest infestation or the presence of dangerous materials.
The seller should inform you of easements. For example, the land might have a public drainage system, or a portion of the land may contain a public access road.
When buying into a strata development, the seller should provide the development's bylaws, financial details and the minutes of the last AGM.
The seller must indicate what is included in the sale. Remember, some of the items you viewed during the property visit could be excluded from the sale.
Contingencies are conditions that each party must meet before the closing date of the contract. For example, your conveyancer could ask the seller to allow you to conduct a home inspection. If the property contains defects that were not included in the disclosures, the seller should be ready to renovate the property at no extra cost. Alternatively, they should be willing to renegotiate the asking price. Your conveyancer could also ask for a home sale contingency. It allows you to find someone to purchase your home. If you do not find a buyer before the closing date, you are free to walk out of the deal. The seller will refund your deposit.
Your conveyancer must have sufficient experience in the trade. Check client reviews to determine the quality of services offered. Also, do not forget to assess the terms and pricing of the property lawyer.Share
29 March 2021
I love all of those quirky laws that are still on the law book. It's a little hobby of mine to track down some of those laws and try and work out if there was a story behind how they got on the books. I've been doing it for 14 years and have accumulated a lot of material that I have researched. I thought it would be fun to start a blog with some of these stories to share with other people who like to know a little more about law and about history. I hope you enjoy my site.