Up here, time is of the essence in our standard property contract. This means if you are buying or selling a house, if you (or someone else, like your bank) does not do something on time, there can be serious consequences.
To guide you through the process, it is critical to have an experienced law firm helping you out. As soon as you sign the contract, the ‘time is of the essence’ issue can have immediate consequences which you need to be aware of. And that ‘standard’ contract that the agent is insisting you sign you might have some other things in it too that you didn’t know. Read on for some helpful hints.
Get the contract reviewed before you sign it
Any real estate agent worth his or her salt will be eager to have a contract signed as soon as the deal is done. But you shouldn’t sign anything until you have had a solicitor or conveyancer review it. A property is the biggest investment many of us will make so it is important to ensure that the contract you are signing is correct for you, even if it looks ‘standard’. Taking the time to get advice initially can minimise the headaches later, whether you are buying or selling.
We are happy to assist with reviewing any contract before you sign it.
Time is of the essence
Setting realistic timeframes at the outset means an already stressful process won’t be made any more stressful then it has to be (particularly at the moment when COVID 19 has put pressure on banks and their systems and there are a lot of transactions – even building and pest inspectors are needing more than 14 days’ notice which is something we’ve not dealt with in all of our years in conveyancing!)
The standard contract doesn’t generally cover council approvals – if something (e.g. that pergola or shed, or even the house itself) is not approved, then you might be left dealing with the fall out as a buyer after settlement. We can put a clause in that protects you as a buyer to ensure the relevant checks can be done (and you can do something about it if things aren’t in place).
Local knowledge and friendly, approachable people you can rely on
With offices in Toowoomba, Roma and Warwick, we have the local knowledge and experience to assist with your next property transaction, whether it be a house, vacant land, a commercial property or a rural property.
This article was prepared by Andrew Braithwaite, Director, who along with Aaron Smith, leads the Property Law & Conveyancing Team at Hede Byrne & Hall Lawyers. If you need one of our experienced lawyers and conveyancers to assist with reviewing your contract for the sale or purchase of land, please make an appointment with our office on (07) 4637 6300 or alternatively, send us a direct online enquiry.