Understanding the essentials of a property sale contract
When selling a property in Australia, having a sale contract is a critical step, with requirements that may vary by state. As a seller, it’s essential to organise this contract before listing your home. Created by a solicitor or conveyancer, this contract protects both the buyer and seller by clearly stating the terms, conditions, and items included in the sale.
What is typically covered in a sale contract?
A property sale contract will include essential information such as the names of the buyer and seller, the property address, sale price, deposit details, and any included or excluded items, such as fixtures, fittings, or other features. It also includes specifics like the title information and settlement date, and may note any repairs or improvements scheduled to be completed before settlement.
Contracts often contain clauses for conditional aspects, such as building or pest inspections, finance approval, or additional time for settlement if needed by either party. You’ll also need to disclose any information that may impact the sale—something your agent and legal representative can discuss with you.
Adding tailored conditions
Some properties may need additional conditions added to the contract, especially if work needs to be done before settlement, or if there are particular requirements for strata properties, such as pet restrictions. Other unique terms may cover early property access for buyers who want to start renovations before settlement, with terms negotiated to ensure both parties are comfortable.
Guidance from legal professionals
Your solicitor or conveyancer will assist in preparing a thorough contract and help you understand any implications of the conditions, including potential penalties for unmet terms. They will also work to resolve any issues that arise, ensuring a smooth process.
Consulting with your legal advisor before listing your property is a wise step, giving you peace of mind and protecting your interests throughout the sale process. This preparation can help streamline the experience, allowing you to focus on your next steps.