When you’re buying or selling property, the excitement can sometimes overshadow the nitty-gritty details, especially when it comes to the Contract of Sale and S32 Vendor Statement. This document is crucial – it outlines everything from what’s included in the sale to how much your outgoings may cost you. As a professional conveyancer in Point Cook, we’ve seen countless contracts, and we’re here to help you navigate them with ease.
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Inclusions and Exclusions
One of the first things to check for is what’s included in the sale. Is that gorgeous chandelier staying, or will you be left with a lonely lightbulb? Make sure all the fixtures and fittings you inspect to be part of the sale and are listed. If you’re the seller, ensure you specify any items you intend to take with you to avoid disputes later on.
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Deposit and Payment Terms
The contract will specify the amount of deposit required to be paid and when it is due to be paid. Typically, a 10% deposit is standard however, this can be negotiated. Pay attention to the timelines for payment – missing a deadline could result in default costs, penalties or much worse, forfeiting your deposit.
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Cooling-Off Period
In Victoria, most property contracts include a cooling-off period, giving the buyer a chance to withdraw from the sale. It’s typically within 3 clear business days of the day that you sign the contract, but there are exceptions and comes at a cost. You are entitled to a refund of all the money you paid except for 0.2% of the purchase price if you end the contract in this way.
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Special Conditions
Look for any special conditions in the contract. These could include anything from building and pest inspections to finance approval. Typically, these special conditions are enduring for the benefit of the vendor and not the purchaser. As professional conveyancers, we strongly recommend you obtain pre-purchase contract advice ensuring these conditions are reasonable and fair for all parties involved.
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Settlement Date
The settlement date is when the property officially changes hands. It’s usually 30, 45, 60, or 90 days from the contract date, but this can be negotiated. Make sure the settlement date works for your circumstances, as you may need to time it with an end of lease or vacate date if you’ve sold a property also.
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Title Search and Property Certificates
As part of your conveyancing transaction, we will conduct a title search to ensure there are no surprises affecting the property. We’ll also obtain property certificates to check for things like council approvals and any outstanding rates.
Engage a Professional Conveyancer
It’s crucial that you have a professional conveyancer review your contract before signing. We can explain the fine print and help you understand the legal implications. This step is so important, as a simple oversight can lead to significant problems down the road.
Trust Your Local Conveyancer in Point Cook
Navigating a Contract of Sale can be overwhelming, but it doesn’t have to be. By understanding the key components and seeking professional advice, you can confidently move forward with your property transaction. At Fisher Conveyancing, we’re here to support you every step of the way. Whether you’re buying or selling, our experienced team in Point Cook is ready to assist you with all your conveyancing needs.
