Property Rule #1 – Always Get a Contract Review
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Why a Contract Review is Essential When Buying a Property
Purchasing a property is a significant investment, and while it’s tempting to cut costs wherever possible, one area where you shouldn’t compromise is reviewing the contract before signing.
What is a Contract Review?
Every property sale is governed by a Contract of Sale, outlining the terms and conditions of the transaction. However, these contracts may not always include crucial protections for buyers. Seeking professional advice before signing ensures you understand your rights and can negotiate additional conditions to safeguard your interests.
Having a conveyancer or property lawyer review the contract allows you to:
- Confirm the property aligns with your expectations.
- Identify any risks or unfavourable clauses.
- Request necessary amendments or special conditions, such as finance approval requirements.
The Role of Real Estate Agents in Property Contracts
Real estate agents work for the seller, and their goal is to finalise the sale as quickly as possible. In Queensland, buyers have the right to obtain legal advice before signing, and it’s crucial to exercise this right.
Never feel pressured to sign a contract before you are fully comfortable with its terms. A rushed decision could lead to unforeseen complications, especially if the contract lacks adequate protections.
Why You Need a Conveyancer or Property Lawyer
Engaging a conveyancer or property lawyer before signing ensures that:
- You are aware of any potential legal or financial risks.
- The contract includes appropriate protections in case issues arise.
- The purchasing process runs smoothly with expert guidance at every stage.
If a contract is signed without proper review, backing out later can be difficult unless specific exit clauses exist. A legal expert will assess the contract as if they were buying the property themselves, highlighting potential red flags and helping you make an informed decision.
Additionally, their contact details will be included in the contract, making them a key point of contact throughout the transaction.
Peace of Mind for Your Property Purchase
Buying a property is exciting but can also be overwhelming. Having a professional guide you through the process ensures a smooth transaction with no surprises.
If you’re planning to buy or sell a property, our experienced team of conveyancers and property lawyers can help. Call us today on (07) 4052 0780 for expert assistance.