The Contract of Sale – review
We strongly recommend that once you finda property that you are interested in putting in an offer, to make sure youcontact us to arrange for the Vendor’s Statement and contract of sale to beprofessional reviewed before you commit to buying. This service is including inour cost.
A vendor’sstatement also known as section 32. It is a document that tells potentialbuyers’ certain things about the property they should know before signing acontract to purchase. The vendor is legally responsible for the vendor’sstatement.
The vendorStatement allows buyers to confidently enter in a contract of sale in theknowledge that there aren’t currently any adverse interests registered againstthe property. If a vendor statement is incorrect, or in complete, it will givethe buyer the right to terminate the contract of sale.
A vendorstatement is therefore an important document in the conveyancing process and inorder to avoid errors it is recommended that you engage us to review thedocument on your behalf.
Every standardContract of Sale includes a 3 clear business days cooling-off period, startingthe next day the purchaser signed the Contract of sale. If the purchaser backsout from the contract, they required to pay you 0.2% of the purchase price or$100 whichever amount is higher.
Ideally, 10% ofthe purchase price is the deposit paid on exchange of contract. However, thismay be negotiated by the parties before signing the contract of sale. Thedeposit may be in cash, bank guarantee or deposit bond. Most cost deposits areheld in an in the real estate agents trust account and will be release to thevendor after the settlement.
Settlement is the date that the property islegally transferred to the purchaser and the balance of the purchase price ispaid to the seller. It is our upmost to make sure that your property settlementis smooth and hassle free making life easy for you. Giving you a call as soonas your property has settle so you can pick up the keys to your new home!