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.
Contract review (purchase)
First contract review
FREE OF CHARGE
Fixed professional fee - contract review
(after first contract review)
Fixed professional fee - off the plan contract review
As noted above, if you are considering purchasing an existing residential property:
our first contract review is FREE OF CHARGE; but
after that, our fixed professional fee per contract review is $200 + GST
If you are considering purchasing an off the plan residential property, our fixed professional fee is slightly higher (due to the complex nature of the contract) and is: $300 + GST
If you are the successful purchaser, our professional fee for acting on a purchase is set out in BUYING and will incorporate the above fee.
There may also be other documents that you may wish to obtain before proceeding with the purchase of a property (the estimated cost of which are set out below):
Building and pest inspection report: $400 - $600 + GST
Strata inspection report: $250 - $350 + GST
Survey report: $550 + GST
Building certificate: $300 + GST
Swimming pool compliance certificate: $250 + GST
Please note that we do not:
negotiate or advise on commercial terms;
advise on development consents or development potential;
review or advise on any building, pest, environmental, strata or other such property reports; or
provide any financial or taxation advice.