Arnold
CibbuanoThe Selling Process - Contract of Sale
February 9th 2007 00:44
A residential property cannot be advertised for sale until a Contract of Sale has been prepared. The contract must contain a copy of the title documents, drainage diagram and the Zoning Certificate (s 149) issued by the local council. Property exclusions must also be included and a statement of the buyer’s cooling off rights must be attached.
The draft contract must be available for inspection at the agent’s office. It is important that you consult your solicitor or conveyancer about preparing the contract to make sure that everything is in order.
If buying privately, your lawyer or conveyancer will check the details of the contract of sale prepared by the vendor’s representative. This contract should detail the:
* Price of the property,
* Settlement date (the day on which you agree to pay the full purchase price and take possession of the property),
* Chattels (movable possessions which may be included in the sale),
* Special conditions (e.g. conditional on a loan, sale of an existing property, satisfactory property inspection or perhaps on-going work on the property you want the vendor to complete prior to settlement).
Your legal advisor is responsible for checking the details of the contract, ensuring it contains nothing detrimental to the purchase or intended use of the property.
The contract is signed once all inspections are satisfactorily completed and the exact finance is approved in writing. Each party signs their own copy of the contract of sale, which has been prepared in duplicate. The vendor keeps the copy you have signed and you retain the copy they have signed. This process is referred to as the ‘exchange of contracts’.
Once all parties have signed a contract, it cannot be altered or changed. However, there may be unforeseen changes of circumstance which affect either party to a contract, between signing and settlement, that may require a change to be made to the contract. Provided all parties agree, there is no reason why changes cannot be made.
The draft contract must be available for inspection at the agent’s office. It is important that you consult your solicitor or conveyancer about preparing the contract to make sure that everything is in order.
If buying privately, your lawyer or conveyancer will check the details of the contract of sale prepared by the vendor’s representative. This contract should detail the:
* Price of the property,
* Settlement date (the day on which you agree to pay the full purchase price and take possession of the property),
* Chattels (movable possessions which may be included in the sale),
* Special conditions (e.g. conditional on a loan, sale of an existing property, satisfactory property inspection or perhaps on-going work on the property you want the vendor to complete prior to settlement).
Your legal advisor is responsible for checking the details of the contract, ensuring it contains nothing detrimental to the purchase or intended use of the property.
The contract is signed once all inspections are satisfactorily completed and the exact finance is approved in writing. Each party signs their own copy of the contract of sale, which has been prepared in duplicate. The vendor keeps the copy you have signed and you retain the copy they have signed. This process is referred to as the ‘exchange of contracts’.
Once all parties have signed a contract, it cannot be altered or changed. However, there may be unforeseen changes of circumstance which affect either party to a contract, between signing and settlement, that may require a change to be made to the contract. Provided all parties agree, there is no reason why changes cannot be made.
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