What is a Contract of Sale?
What is a Contract of Sale? A Contract of Sale is a legally binding agreement outlining the terms of the real estate transaction.
This legal document is essential to the conveyancing process.
What is included in a Contract of Sale?
If you have inspected the property you’re interested in purchasing, don’t assume everything you saw is part of the property’s sale. The Contract of Sale will include these details:
- Conditions of the sale, such as finance, building and pest inspections and any other conditions outlining what the parties are subject to or agree
- The names of the vendor and purchaser
- The property’s address
- The amount of deposit that must be paid
- The sale price of the property
- The date of the property settlement
- Whether the property will be available as a vacant possession, or if it is subject to a lease.
Who signs the Contract of Sale first?
The buyer usually signs the contract first as a formal offer to purchase.
From the moment a buyer signs the contract, it becomes a legal and binding document.
The seller will then sign as an acceptance of the offer.
However, before you sign ANYTHING, it is important to have the Contract of Sale reviewed by a professional who knows how to read the fine print.
Settle Easy’s team of local conveyancers are the experts at reading the complexities of contracts and providing you with a review. We offer a FREE contract review so you know what you’re getting. To receive you FREE contract review, submit your details in the field below or sign up to our platform to get the ball rolling.