Before you sign a contract to purchase a property, you should always have the contract reviewed by a property lawyer or conveyancer. Once you sign a contract, you are legally bound to complete the purchase in accordance with the terms of the contract. There is also no cooling off period if you purchase a property at an auction in New South Wales.  

If you send your contract to us to review before you sign it, we will:

• carry out a detailed review of the contract;

• check that the contract reflects your expectations or what was agreed;

• provide you with a high level overview of the contract and of your rights and obligations;

• identify any material issues, e.g. non-compliant structures, encroachments or restrictions on what you can do with the property;

• recommend and seek any amendments to the contract which will better protect your interests. Contracts generally tend to be drafted more in favour of vendors; and

• recommend any further enquiries (e.g. obtaining a building/pest inspection report or a survey report) and next steps (e.g. obtaining unconditional loan approval) before proceeding.

Once this review is complete, you should be aware of any adverse risks and will be able to make an informed decision as to whether or not you want to enter into a legally binding contract to purchase the property.

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