Contract Review Service
We provide a Contract Review Service for standard residential properties.
*(meaning not off the plan, unregistered, neighbourhood scheme or company title properties)
Contract Review Service
We provide a Contract Review Service for standard residential properties.
*(meaning not off the plan, unregistered, neighbourhood scheme or company title properties)
We offer to review your standard residential property (meaning not off the plan, unregistered, neighbourhood scheme or company title properties) at a rate of $250.00 per contract.
If you are successful at purchasing the property, this will be deducted from our fees on settlement. Our contracts are reviewed within 3 business days from the date of receipt of payment.
We offer one FREE contract review for first home buyers
What can go wrong with a contract?
When buying or selling property in New South Wales (NSW), it’s critical to be aware of any potentially overlooked or confusing clauses in the sale or purchase contract. While no clause in a legally-binding contract should be genuinely “hidden”, there are terms that might be less obvious or potentially misunderstood.
Here are some clauses or provisions you might want to look out for when dealing with property contracts in NSW:
Cooling-Off Period: In NSW, buyers usually have a 5-day cooling-off period after exchanging contracts, during which they can withdraw from the sale. However, this can be waived, extended, or shortened by negotiation.
Special Conditions: Any special conditions should be clearly stated in the contract. These might include conditions related to building and pest inspections, financing, or other specific concerns.
Encumbrances: The contract should specify any encumbrances on the property, such as easements, rights of way, or covenants.
Deposit: The contract should clearly state the required deposit amount, which is typically 10% in NSW, and the consequences of failing to provide the deposit.
Settlement Date: The date by which the sale must be finalized and ownership transferred.
Stakeholder: Specifies who holds the deposit until settlement, usually the selling agent or the seller’s solicitor.
Requisitions on Title: This clause allows the buyer to make inquiries about the property’s title. However, many standard contracts limit this right, so it’s crucial to understand any restrictions.
Adjustments: Specifies how certain expenses (like council rates or water charges) are adjusted between the buyer and seller at settlement.
Access to Property: Terms allowing the buyer to access the property, typically to conduct inspections, before settlement.
Included Fixtures and Chattels: Clearly defines what is included in the sale, such as light fittings, curtains, or appliances.
Penalty Interest: Specifies any interest charged if the buyer delays settlement.
Building Reports: Especially if you’re buying, be wary of clauses that limit your rights if a building report identifies significant defects.
Land Tax: Addresses who will pay any land tax due on the property.
GST Clause: If the seller is registered (or required to be registered) for GST, there may be GST implications for the sale, especially for commercial properties or new residential premises.
Force Majeure: Like many contracts, there may be provisions for unexpected events that prevent either party from fulfilling their obligations.
To ensure you’re not caught off guard by any terms or conditions, it’s always a good idea to consult with a conveyancer for a
contract review or solicitor experienced in NSW property law. We can review the contract, and advise you.