Five Contract Essentials For Buyers - June 2023
June 26, 2023 / Written by Rich Harvey
1. Contracts vary between states and territories
0.25 per cent of the purchase price from the deposit. In Victoria, the cooling off period is three business days and the buyer can get a full refund of the deposit, less $100 or 0.2 per cent of the purchase price (whichever is greater).
This is just one example of where an unwitting buyer might get caught out if they don’t understand the different rules governing property purchases throughout the country.
You’ll also discover that each jurisdiction has its own standard contract proformas specifically created to help fulfil local legislation. Many of these proformas are designed by the relevant real estate institutes but can come from law societies or other associations as well.
The lesson is this – don’t fool yourself into thinking real estate contracts are a one-size-fits-all-locations affair.
2. Managing key dates is crucial
3. Conditions are flexible
4. You need to know your entity
5. Seek specialist advice
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