Understanding the Contract of Sale

Hi all. Found an excellent article that I am sure many will relate to. Hope you get something useful out of this...

The contract of sale, just like any other contract, is an agreed, signed and stamped document of terms and conditions in between the buyer and the seller with proof o buyer’s property ownership. If you are buying your property in Australia, there is a definite need for you to be able to understand and digest the information stated in the Contract of Sale.

In a highly developed country like Australia, where all commercial or non-commercial related transactions are carried out under strict laws, the contract of sale is important to legally sell the property for the buyer to buy. Once the property buyer and the seller get on the common grounds of property agreement, the real estate agent would often provide the buyer with a Contract of Sale that is compulsory by the law to be signed by both parties in order to make a legal property transaction. It is important to make sure that the contract is prepared meticulously by one party, and checked thoroughly by the other in order to avoid any discrepancies, errors, or any omissions and protect the interests of both parties fairly.

Cooling-off period

A cooling-off period allows certain leverage to the buyer to withdraw from the contract within a specific period of time.

There is an important consideration that needs to be made in between the buyer and the seller. Nothing should be confirmed until the contract gets signed. Any considerations taken into the contract should be discussed before signing it, such as the property purchase price, condition of the proportion, liabilities for any damages, property insurance, etc. 

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Thanks,

Sam Sagggers