Buying or selling property? Make sure your contract has the right conditions

Having the right conditions in a contract when you are buying or selling property is extremely important. Why? Because including the right conditions lessens your exposure to risk. They allow you to collect valuable information about a property after you've signed the contract so you can make an informed decision about:

1)    if you are the buyer – whether to continue with the purchase or not;

2)    if you are the seller - whether the buyer’s request for changes, a reduction in price or to end the contract are reasonable

Conditions can address matters such as:

·         the state of the property

·         Building Condition/Status Report

·         Pest, Plumbing and Electrical Reports

and can be dealt with specifically in the contract.  

Without them, you increase your exposure to risk because you have limited your ability to question matters, stand your ground on a particular item, seek changes or simply leave the contract.

So, the next time you are buying or selling property, make sure that you discuss with your conveyancer what conditions should be in your contract.

 Need a conveyancer? Give us a call or send us an email! We can handle your residential or commercial transaction, whether you are the Buyer or the Seller. We can also give you recommendations when it comes to mortgage brokers.

 Please feel free to call us on (08) 8941 6355 or email conveyancer@bowden-mccormack.com.au or hannah@bowden-mccormack.com.au should you wish to discuss your property transaction needs.