Why You Should See A Lawyer Before Exchanging The Contract Of Sale

Buying a property is more often than not the largest purchase you will make in your life and after attending countless open houses and finally finding your dream home you want everything to run smoothly.  

By entering into a Contract of Sale without seeing a Lawyer first you might be exposing yourself to a lifetime of trouble.

The most common way of buying a property within New South Wales is by Private Treaty. A Private Treaty sale is when a property is placed on the market for an asking price and buyers make an offer to the owner to buy the property.

When you have found the property and you are ready to make an offer, you are able to request a copy of the Contract of Sale.

The Contract of Sale contains vital pieces of information regarding the property and can be the difference between a painless transaction or a nightmarish experience.

While the Contract of Sale may be similar for each property, no two properties are entirely alike and as such no two Contracts will be either.

Some features that are common with most Contracts of Sale will be:

  • Sewerage Diagrams
  • Title Searches
  • Plan Diagrams of the Property
  • Property Certificates

At Taylor and Scott, once you have received the Contract of Sale we can review all of the documents and offer important and reliable advice before taking the next step.

We can discuss with you the various terms of the Contract and explain important information you need to be aware of before proceeding.

After reviewing the Contract on your behalf we can advise you on the best way to move forward and we can negotiate on your behalf to get the best result possible.

If necessary we can also arrange for further checks to be done on the property such as pest inspections and building inspections. While these type of checks are not always necessary we will be able to help you make the most informed decision and help you avoid buying a property that may end up costing you tens of thousands of dollars down the track.  

The next step is then to Exchange the Contract of Sale. It is at this point that you pay the deposit and become bound by the terms and conditions of the Contract.

When buying a property by Private Treaty in some cases a cooling off period may be available to you after exchanging of the Contract of Sale. This means you can exchange the Contract of Sale and pay a deposit of 0.25% of the purchase price.

In such a competitive market when there may be multiple interested buyers a cooling off period can be useful as it will mean the property will be taken off the market for the period which is usually 5 days. This period can be extended in some cases. At Taylor and Scott we can carry out further checks on the property during the period and continue to negotiate terms of the Contract to protect your interests.

By first allowing Taylor and Scott to offer advice on the Contract of Sale you give yourself the peace of mind that the Property you are buying is everything it seems. With a wealth of experience we are here to help and care for you.

At Taylor & Scott “We Care For You”.