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777 homes

Understanding the Implications of Contract of Sale for Real Estate Deal

Are you chasing through new homes Canberra market for your home requirement in Australia?  

Well, buying a house or any residential property is not just a walk in the park.  You have to struggle with much back and forth in prices, repairs, location, and many other things before fixing the deal for real estate in Canberra.

You can’t just get up from your bed on a sudden morning and buy a home. In Australia sale of land has to be in a written contract known as a contract of sale. You need to follow procedures for signing a contract of sale as it is crucial for buying a property.  

 

In Canberra’s real estate realm, two parties must have a written contract if they want to exchange property. A lawyer or conveyancer can also help you understand the terms and conditions stated in the contract of sale. 

 

What is a Contract of Sale?

A contract of sale is a set of documents that assure you of the legal right of your Canberra property. It contains all the terms and conditions of both parties (the buyer and the seller) on which they have agreed. It includes all the clauses and fine prints of the buyer and the seller, legally approved for the Canberra property market.

The below-mentioned points are always specified in a contract of sale.

  • Contract Date
  • Property Address
  • The selling price
  • Financial terms and conditions
  • Any type of negotiation 
  • Name of buyer and seller
  • Date of settlement of property

 

Why is it necessary to sign a Contract?

If you have a written contract of sale while buying any home or property, it will grant a legal advantage in your hand, reducing the risk of losing your property or getting sued by any company. The real estate investment agent helps you to sign a contract of sale. They help outline all the essential things that you need to know. 

 

Who prepares the Contract of Sale?

In the Canberra property market, the contract of sale is prepared by a highly qualified solicitor. The solicitor makes sure that both parties have a proper and protected agreement. 

 

COOLING OFF PERIOD 

Some Australian states have provisions for the cooling-off period that initiates when both parties underwrite the contract for non-auction sales. During this defined period, the buyer can walk away from the sale deal after paying a nominal termination fee. 

 

How does the contract of sale seal the 777 homes for sale deal?

When the buyer agrees to the seller’s terms and conditions, they move to the next steps of the contract process. If the seller makes some change, the agreement will be sent back to the buyer when everything is finalized between both parties to seal the deal. After that, the buyer will make the initial payment, and both parties will sign other required legal documents.