Buying property? Then this blog is for you!!

This blog helps the property buying community to more easily share strategies, stories and helpful tips. It is an open blog. Anyone can join, contribute and invite others to join.

If you would like to talk property, please contact us:
Office: 1300 911 576
Martyn Fleming: 0400 000 822
Guy Clarke: 0409 055 128

16 February 2010

Getting familiar with contracts BEFORE you buy!

The contract is the brief document that states who's buying the property and at what price. However, it also contains other very important conditions.

We always recommend you seek legal advice before signing any contract to buy property. Not only do most people do this, the Form 30c (pictured below) makes this point quite clearly. However, at Morpheus Property, we go one step further. We recommend you become familiar with standard contracts BEFORE a real estate agent even begins to draft one for you!!


Because this will help you understand how to negotiate effectively. When a real estate agent gives you their 'best of intentions' and assertions about the property, they're meaningless until they're written in your contract. Be prepared... sometimes, there will be misunderstandings or things will go wrong!! When things go wrong, all eyes will turn to your contract and you need to ensure you've protected yourself. Not only do the conditions need to exist in your contract, they need to be useful and legally enforceable.

The main areas to become familiar with (for the purposes of negotiation) are:
  • Excluded Fixtures
  • Included Chattels
  • Price and deposit handling
  • Finance and Building/Pest conditions
  • Special conditions
Take a look at the following blank REIQ contract and find the areas mentioned above.

If you have any questions about contracts and would like competent legal advice, contact us on 1300 911 576 and we'll refer you to a property legal specialist in your area.

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