Contract Reviews
If you’re on the hunt to purchase a property, we highly recommend having the Contract of Sale reviewed by our team, before you sign.
You wouldn’t buy a car without first obtaining a road-worthy certificate, would you?
Similarly, you wouldn’t (and shouldn’t) buy a property without firstly obtaining legal advice.
WHAT IS A CONTRACT REVIEW?
A contract review involves a Lawyer reading through the Contract of Sale and Vendor Statement, and providing advice on a number of items, including the following:
The General and Special Conditions included. Particularly, if there are any unfair Special Conditions.
Any inclusions and exclusions listed as part of the sale.
Whether the property is sold subject to an existing tenancy, and the implications of this.
Whether the property attracts GST at settlement.
Whether all relevant documents and property certificates have been included, particularly in the Vendor Statement.
Whether the Vendor has disclosed any notices pertaining to the property.
Advice on Covenants, Section 173 Agreements, Caveats, and the Location of Easements.
Building certificates and disclosure of any building works.
WHY SHOULD I GET A CONTRACT REVIEW?
The Contract of Sale and Vendor Statement is prepared by the Vendor (Seller’s) legal representative. Many Lawyers and Conveyancers amend their Contracts by inserting special conditions which are favourable to their clients. Meaning, there could be Special Conditions that are unfavourable to you as the Purchaser. We give you advice about these and assist you with negotiating removal of unfair special conditions.
Further, we often find that the majority of Contracts that cross our desks are missing vital property certificates. For example, we often see that legal representatives insert copies of rates notices from Council and Water Authorities, rather than including property certificates directly provided by the relevant authority. The latter is integral, as these certificates may disclose of any notices pertaining to the property, and with respect to the Water Certificate, could disclose of any unregistered easements affecting the land, or whether the property is serviced by a combined sewer. All of which, you as the prospective Purchaser should know prior to committing to purchasing a property worth hundreds of thousands, (if not) millions of dollars.
HOW CAN BLUEPRINT LEGAL HELP ME?
We provide you with written legal advice in the format of an easy-to-read email. We also encourage you to call our team to talk through any points which require clarification.
We provide general advice relevant to purchasing property and offer specific (detailed) advice relevant to the Contract of Sale and Vendor Statement that we have reviewed.
We can assist with negotiations of certain Special Conditions, or requests for property certificates.
We investigate whether any building works have been completed at the property and whether building certificates have been included in the Vendor Statement.
We check the Title and ensure that the Contract includes the registered Vendor’s details. If there is anything out of the ordinary, we will inform you.
We can explain unclear terms and ultimately empower you to feel more confident in understanding the document you are signing.
Our advice is to ALWAYS have a Contract looked over by a legal professional prior to signing.
If you have any further queries regarding contract reviews, please contact our team.
*The above information is general advice ONLY and not tailored to your personal circumstances. Should you require specific advice, you should contact Blueprint Legal.