10 Mistakes When Purchasing a Property Which Can Be Avoided - Part 2 - Making Amendments To Contract For Sale And Purchase

 10 Mistakes When Purchasing a Property Which Can Be Avoided



Part 2 – Making amendments to contract for sale


Sydney-based legal practice Ross Anderson Lawyers will assist you to avoid or minimise complications which arise when purchasing real estate. We helped many of our clients to avoid multiple pitfalls in the process and now ready to share our knowledge with you.


MAKING AMENDMENTS TO CONTRACT FOR SALE AND PURCHASE


As you are engaged in price negotiations with the real estate agent or questioning him or her on various aspects of the property, you should ask your lawyer or conveyance to check the contract for sale which was given to you by an agent. Many agents advertise open houses on Saturdays to attract more potential buyers.

Checkbox Legal often receives phone calls from potential clients right after open house asking to review the draft contract. Sometimes, by Monday morning when the agent opens their office the clients are already advised in brief on provisions of contract and the risks involved.

The thing is, the contract for sale is drafted by a lawyer or conveyancer as instructed by a vendor, (hopefully) within the legislative provisions on conveyancing, however taking into account the needs and wishes of their client, and not yours, the purchaser's. If, for instance, there are some issues with the property which the conveyancer knows about, the contract would tend to minimise vendor’s inconvenience and risks accordingly.

Approximately in 7-8 occasions out of 10, having looked through the draft contract, we recommended to our clients to instruct us to write to the vendor’s lawyer or conveyancer to amend certain provisions, in order to try and enhance your position under the contract.

Approximately in 50% of occasions, the vendor approved the amendments. Needless to say, in the event that the amendments were not approved, our clients at least were aware of their risks before making a deposit and therefore made an informed decision.

Conclusion: ask your lawyer to look through the contract after the open house.

As always, we remind that we at Checkbox Legal provide not only residential and commercial conveyancing services, but also act for our clients in a variety of other legal matters - check out our website for details.

Contact Checkbox Legal on our phone number 0410 64 54 53 or sent us an email.

Regards

Andre Petrov - Checkbox Legal.

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