Review of Contract before Property Purchase

Property Law: 16 November 2023

Author: Lauren Woolley & Ralph Davies - Our People

Whether you are a first home buyer or experienced property investor, one of the first steps you should take when purchasing a property is to have the Contract of Sale and Vendor Statement reviewed by a lawyer.

After attending an inspection and finding your “dream home” it is normal to want to sign a Contract as soon as possible. However, reviewing the Contract and Vendor Statement is essential as it establishes what terms you are bound to and provides essential information regarding the property.

Given the significant investment that you are about to make ensuring that there are no hidden problems or issues that you are not aware of is essential.

Doing this will ensure that you are fully aware of the condition of the property, terms of sale (including finance and building/pest reports), any restrictions applying to the property and give you the ability to identify and problems before you are locked into the purchase.

You can also make an informed decision on how much you are willing to offer for the property based on the outcome of these enquiries.