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Understanding the Contract of Sale

On Dec 05 2013
Tagged as:
  • Buying


Once you've found the perfect home for sale that you'd like to purchase, you can then enter the process of negotiating a sale with the owner and real estate agent. A sales and purchase agreement may look like a scary document full of clauses and fine print, but it's actually not that hard to understand.

Understanding the Contract of Sale

A purchase agreement may look scary, but it's actually not that hard to understand.

Steps Before you Sign

Once you've found the perfect home for sale that you'd like to purchase, you can then enter the process of negotiating a sale with the owner and real estate agent.

A sales and purchase agreement may look like a scary document full of clauses and fine print, but it's actually not that hard to understand.

Once your offer has been accepted by the owner, and after both parties have signed the contract, the contract is considered to have been exchanged.

However, before you sign the contract, you will need to get it reviewed by a lawyer or solicitor. It's extremely important to have a professional check that everything is sound.

While the contract for your property is getting drawn up, book a professional property inspector to view the home as one of the special conditions of sale.
 

Things to Remember

Each state can have different rules and regulations for the sale and purchase of real estate. This means it is extremely important that you have an understanding of your rights and obligations as a buyer in the area in which you are purchasing.

As a buyer, you have a legislated cooling off period for the sale of the property. The length of this period can vary in each state, as well as the rights you have during this time.