Before signing a contract:
1. Understand all the terms of the contract including:
- Date of settlement
- Date of finance approval
- Provision of any special conditions that you require to be completed to be written into the contract so that you may be able to complete your purchase eg
- Sale of another property
- Completion of repair work by the seller
- Receipt of monies from a third party
2. Obtain legal advice before signing a contract if you do not understand any of the terms of the contract.
Horrocks Solicitors are happy to provide over the phone advice before you sign a contract if you can email or arrange for the real estate agent to fax a copy of the contract to us.
After signing a contract:
1. Obtain a cover note for the building and public liability insurance within 24 hours of signing a contract.
The terms and conditions for the commonly used contracts provide that the property is at the buyers risk after signing the contract.
It is important that you obtain sufficient insurance cover to be able to replace the house and all other improvements on the property including sheds and pergolas if the house and the improvements were totally damaged or destroyed.
Public Liability insurance should be at least $5,000,000.