This is it! You’re ready to sign your contract. If you’ve been reading the Your Property Australia website you’ll know that you should have at least already spoken to your lawyer by now.
Your lawyer will be able to review the contract BEFORE you sign…it’s simply much easier to walk away if there are serious issues. With that in mind here are the top 5 things to do before you sign a Contract of Sale.
Inspect The Property. Properly.
Just like in Compton, a drive by is unacceptable. You have to get into that property and give it a good shake! Because once you sign that Contract of Sale, the Vendor is only obligated to keep it in the same condition as when you signed that document.
If something is broken, faulty or you would like to have it fixed before settlement, now is the time to do a thorough inspection and find out what that is. Your Property Australia encourages our buyers to take their YPA checklist and fill in any areas that need our attention. From there we can draft a special condition which will ensure that your rights are protected.
Secure Your Finance
If you’re putting pen to paper without having your finance secured then alarm bells should be ringing. Even if you believe you have an excellent chance of securing finance the process can take weeks and even months if the banks are busy. These things take time and filling in the documents and processing that paperwork can easily absorb a couple of weeks in itself. With the average settlement time between 60 and 90 days, you will start to feel unnecessary pressure and stress when your settlement date is creeping closer and you still haven’t got approval for the money to pay for your property.
Understand the Contract of Sale
It’s simply not good enough to just sign and hope. If you are waiting to engage a legal professional to handle your property transaction then at the bare minimum, do yourself a favour and read the Contract of Sale! Click here to read a basic guide to reading a Contract of Sale here
Understand the Vendor Statement
Take a moment to read our guide ” Reading a Vendor Statement which will give you a basic guide to looking through a crucial component of the Contract of Sale featured here. The Vendor Statement is the important information about the property that the Vendor is required by law to tell you before selling the property.
Talk to Your Property Australia.
Do you qualify for a First Home Owners Grant or a reduction in the stamp duty payable on your new property?
Click here for more information on the First Home Owners Grant
Click here for more information on the First Home Buyers stamp duty exemption, concession or reduction.