Property Law: 09 October 2023
Author: Lauren Woolley & Ralph Davies - Our People
The Contract of Sale is a legally binding agreement between the Vendor and Purchaser. The Contract of Sale includes the usual details of the particulars of the transaction including whether the property is sold with ‘vacant possession’ or ‘subject to a lease’ and the inclusions or exclusions such as fixtures and fittings, carpets, lights etc.
The Contract also includes the general conditions of sale, which are standard in most Contracts of Sale in Victoria. In some instances, the Contract will include special conditions to cater for particular circumstances and these should be reviewed to ensure they accurately represent the particular circumstances and any specific agreements between the Vendor and Purchaser.
The Contract may also be conditional on particular events occurring or being satisfied. This means if the event does not occur by a particular date the Contract will come to an end. There may be also requirements that must be complied with in order to being able to exercise rights to withdraw and particular attention should be given to ensure compliance. Such events include the purchaser receiving formal loan approval or a satisfactory building or pest report.