STOP! Before signing a contract, you need to ensure you understand what you are signing.
A contract is a legally binding document. A standard document does not mean it is safe to sign it without proper advice.
Once you have signed a contract you are bound by the conditions. It can be a difficult and potentially expensive process to negotiate changes or terminate a contract. Does that contract cover all your concerns? If it does not, then in the event of a dispute only a judge can make a decision. Do not leave your affairs to chance!
If you are buying or selling real estate and are signing a lease, trust documents or any other contracts, it is recommended you have the contract/deeds reviewed by your solicitor prior to signing.
Get advice before you contract to sell your home
Residential contracts have become complicated over recent years. There are a large number of government regulations dealing with residential property. Real Estate Agents are not allowed to give legal advice and do not conduct the searches necessary to determine if your property is legally ready for sale. Sellers must be careful to avoid being ‘penny wise and pound foolish’ as the saying goes. Just because it is a standard contract doesn’t mean it is safe to sign. One size fits all never applies to legal matters!
Most people agree that attending to various searches before buying a property is smart. Incurring legal costs can prevent much greater losses where these negative impacts are not discovered before you become the owner of the property. Many sellers simply are not aware of the financial consequences of not attending to these matters before sale.
Sellers must ensure that their house has a compliant electrical safety switch and smoke alarms installed and that the swimming pool is registered and a current safety certificate held (if not held an appropriate notice must be given to the buyer before signing the contract). Other issues with the property must be determined and disclosed. In addition the seller or its agent must comply with certain government requirements when giving the contract to the buyer to sign. Are you entitled to sell? Has anyone got an undisclosed interest in your property? Is the property described properly? Have you complied with the Consumer Law and all the other laws that impact upon selling your property?
The failure to comply with these requirements can result in the buyer terminating the contract and seeking payment from the seller for the failure to comply. In many instances these costs far outweigh the legal costs of ensuring the contract is fully compliant.
At Wright Clarke Solicitors we will review your contract to confirm it reflects the intended agreement. We can help you understand the terms and conditions of the contract and identify any legal implications.
A simple review is often complimentary and we always advise you before fees are incurred. Contact us today on 07 4992 2722 or email@example.com if you’d like our assistance with reviewing your contract.