Did you know that any promise made during the purchase promise MUST be reflected in the contract of sale in order for it to be binding? Well its true. Everything. Making sure that the details are completed correctly and that you the purchaser doesn’t overlook something significant or meaningful to you in the purchase is the role of your advocate / Conveyancer.
We often hear from our clients of a promise made or an assurance given to them through the purchasing process regarding what can or cannot be done with the lot and or what is or isn’t included in the sale. Whilst we trust that all agents are operating within the best of their knowledge of the property, as an interested party, its easy to hear what you want to hear.
Your Conveyancer is your independent advocate, charged with the responsibility of adequately reviewing your contract of sale and disclosure documentation (in NSW the Section 149 and in Vic your Section 32). This independent review is critical to ensuring you are getting what you think you are getting. Failure to do so can be a costly mistake!
So the question begs, should you get a review of the disclosure documentation?
Many clients are reluctant to spend money on getting a review prior to an auction that they may or may not be successful in. I get that. Sometimes however our minds play funny tricks on us, telling us that saving a couple of hundred dollars is worth the risk. With Average home prices in NSW over $800,000.00 an $650,000.00 in Victoria, that risk is HUGE.
Ironically, there is not a chance we would drive a new car uninsured out onto the street would we? But we would take the risk on a new home purchase?!?!?!? Honestly its madness. False economy at its worst. The contract of sale and the disclosure documents are the foundation terms of the purchase – they set up the terms of the deal, likely one of the biggest deals you will ever enter into. Having it reviewed adequately is a minimum, negotiating it to better reflect your needs and wishes is the ideal.
That’s what we do here at Think. We take seriously the review of your documentation, prior to your purchase, working with you to understand your unique circumstances, alerting you to anything that is unusual or needs to be negotiated and drawing your attention to the critical points contained in the contract. We use our EXPERIENCE to also question, what has been Excluded from the contract, often raising for our clients the opportunity to make further inquiries that position them with the advantage in the purchasing process.
That the difference, going in with a review completed and the contract full negotiated – you are then best positioned to progress to a successful outcome because you know what your entering into and are confident that the terms meet your both your needs and your expectations giving you the confidence to bid.
So next time you question the necessity of a contract review prior to an auction, ask yourself, do I really want to win this property? If the answer is yes, then get the advantage and take some pre auction advice, so you can confidently enter the auction on a set of terms that meet not just the sellers needs, but your needs also.
Read more at Think Conveyancing.