The importance of a contract review – a purchaser’s perspective

When purchasing property, purchasers will often be told that a contract or Section 32 statement is “standard” and may often be pressured to sign a contract quickly and without appropriate legal advice.

Purchasers should always have a contract and Section 32 statement reviewed by a legal professional before signing.

Coulter Legal has experienced property lawyers who can assist to ensure the terms of the contract are acceptable and to have any issues highlighted to the purchaser before signing a legally binding contract.

As a general guide, they recommend the following aspects of a contract and Section 32 statement be reviewed by a legal professional before signing a contract:

Particulars of sale – the parties to the contract and the details of the property should be correctly described, with all chattels included and the price, deposit and balance correctly shown. This is where it should be indicated if the purchase is subject to finance approval or building and pest inspections. The GST treatment of the property and any leases should also be shown here.

General conditions – these are the “standard” conditions included in almost all contracts for sales of land in Victoria. It is still important purchasers understand the general clauses they are agreeing to upon signing of the contract.

Special conditions – these are the “non-standard” clauses that are included at the request of the vendor. Accordingly, they will usually benefit the vendor. These should be thoroughly reviewed and understood. Coulter Legal can assist with negotiations for any of these to be removed or amended before entering into the contract.

Section 32 statement – this is where the vendor is required to disclose information about the property including outgoings, any encumbrances, any recent building works and the owners corporation information (if applicable).

Coulter Legal is here to assist.

Contact the team today for a pre-signing contract review to protect your most important financial investment.