The Standard Contract for Sale of Land
The appropriate mode of dealing with residential property in New South Wales is a written contract in standard form approved by the Law Society and Real Estate Institute joint committee.
This contract sets out the rights and duties of both the purchaser and vendor. The twelve pages of contract contain many clauses, however not all are applicable to every situation. The first line of the clause makes it obvious if that clause is applicable, however the clause can be crossed out requiring signatures of the parties and witnesses involved.
Changes are normally made by adding special conditions to the rear of the contract.
The vendor’s solicitor prepares the contract. In the case of an advertised property, this must be done before the house is advertised or auctioned.
The attachments such as sewer diagrams etc must be attached or the purchaser can rescind within 14 days, or if certain disclosures are not made, the purchaser can rescind up until completion.
As you can see, it is important that proper instructions are given to allow all searches and enquiries to be made, and enough material to ensure appropriate disclosure is made.
We will cover some of the main points in the contract over the next few weeks.
If you have any questions you would like answered either confidentially or via this medium, please email us at firstname.lastname@example.org
This is intended for general information and does not constitute legal advice and should not be relied upon as such. Formal legal advice should be sought.