Why should you have a Contract of Sale and Vendors Statement reviewed before signing?

When purchasing a property, you can expect to experience some nerves and excitement.  It often becomes daunting or overwhelming at times when the legal side of things are brought into it.  One thing that is strongly suggested is seeking independent legal advice upon receiving any Contract of Sale and Vendors Statement.

The main reasons as to why it is so important to have a Contract of Sale & Vendors Statements reviewed before signing include:

1. Once you have your name and signature on a Contract of Sale & Vendors Statement, and the vendor signs it – you will have a binding contract;
2. Prior to signing a Contract of Sale & Vendors Statement, obtaining legal advice can help you with negotiations to make the transaction fairer on you;
3. It is important to ensure that the Contract of Sale & Vendors Statement reflects what you have discussed and agreed with the other party. Sometimes what you have discussed will not be included into the contract;
4. Matters of which you may not be aware can be brought to your attention. For example, if there is a covenant or other restriction on the title;
5. We can advise whether you can put the property to the use that you wish to or whether permissions or permits may be required or what further enquiries you should make;
6. We can assist with special conditions that may be required to protect you, or special conditions that may need to be deleted in order to protect you

You should be aware that once a Contract of Sale has been signed, you can attempt to negotiate the terms of the Contract. However, the Vendor is under no obligation to agree to any requested amendments and can refuse all of your requests.  It’s important to note that having contracts handled correctly and reviewed can prevent you from having future legal problems.

If you require a Contract of Sale & Vendors Statement to be reviewed, contact Wollerman Shacklock on (03) 9707 1155 or email us at admin@wslegal.com.au.