{"id":9604,"date":"2016-10-14T18:11:36","date_gmt":"2016-10-14T07:11:36","guid":{"rendered":"http:\/\/www.realestatetalk.com.au\/?p=9604"},"modified":"2016-10-14T18:11:36","modified_gmt":"2016-10-14T07:11:36","slug":"dont-sign-a-contract-of-sale-until-youve-read-this","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/dont-sign-a-contract-of-sale-until-youve-read-this\/","title":{"rendered":"Don\u2019t sign a contract of sale until you\u2019ve read this &#8211; Andrew Mirams"},"content":{"rendered":"<p>&nbsp;<br \/>\nBuying a new property \u2013 whether it\u2019s your first home or your 10<sup>th<\/sup> investment property \u2013 is always an exhilarating experience. But in the excitement of your new real estate prospects, it is important not to rush past the important bits. Remember, it\u2019s the job of a real estate agent to put the pressure on you to sign contracts and get locked in. A property might look good at an open inspection but sometimes nice aesthetics can disguise real estate nightmares.<br \/>\n&nbsp;<\/p>\n<h3>What is the contract of sale of real estate?<\/h3>\n<p>The <a href=\"https:\/\/www.localagentfinder.com.au\/blog\/what-is-a-contract-of-sale\/\">contract of sale<\/a> is part of a series of legal documents you\u2019ll receive upon purchasing a property. It\u2019s the first document you\u2019ll sign after your offer has been accepted by the seller and simply sets out the terms and conditions of the purchase.<br \/>\nIn the contract of sale, you\u2019ll find:<\/p>\n<ul>\n<li>The conditions of the purchase<\/li>\n<li>The property\u2019s address<\/li>\n<li>The name of the vendor and the purchaser (that\u2019s you!)<\/li>\n<li>The deposit that needs to be paid<\/li>\n<li>The accepted offer price<\/li>\n<li>The date of settlement<\/li>\n<li>And whether the property will be vacant or subject to lease<\/li>\n<\/ul>\n<p>But before you sign this binding contract, it\u2019s important to think clearly and get the facts straight. This is an emotional time but<strong> asking yourself these three questions will help you determine if you\u2019re making a smart financial decision \u2013 or save you from make a poor one!<\/strong><br \/>\n&nbsp;<\/p>\n<h3>Have I done my due diligence?<img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-9605\" alt=\"House made of puzzle pieces\" src=\"https:\/\/i0.wp.com\/realestatetalk.com.au.s3.amazonaws.com\/wp-content\/uploads\/2016\/10\/Puzzel-house-300x298.jpg?resize=300%2C298\" width=\"300\" height=\"298\" \/><\/h3>\n<p>In order to avoid real estate nightmares further down the track, it is important that you find out as much as you can about the property that you\u2019re making an offer on. In order to conduct your<a href=\"http:\/\/www.propertyobserver.com.au\/finding\/residential-investment\/27292-conducting-due-diligence-the-three-stages-before-purchasing.html\"> due diligence<\/a>, you may need to employ the expertise of a solicitor or a conveyancer.<br \/>\nThere are three major areas you should consider while conducting your due diligence. The first of these is looking at the structural integrity of the house. A building inspection will highlight any problems in the house which might not necessarily be evident to the naked eye. Whilst this inspection might set you back a few hundred dollars it\u2019s well worth spending it to save yourself paying hundreds and thousands of dollars on a building that needs serious repairs.<br \/>\nThe vendor is also responsible for providing you with a statement of important technical information about the property. Use this information to understand exactly what your money is buying. In this document, you should be able to see information about the building plus any garages or car spaces, documents from the local council detailing developments to adjoining properties and documents from utility providers presenting any easements over your land.<br \/>\nThe final consideration in conducting your due diligence is making sure you have sufficient funds to pay by the settlement date. If the agreed settlement date is 30 days and you\u2019ve failed to secure the money from a lender within that time, the vendor can legally take your deposit.<br \/>\n&nbsp;<\/p>\n<h3>Have I read and understood the Section 32?<\/h3>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-9606\" alt=\"Signing a form\" src=\"https:\/\/i0.wp.com\/realestatetalk.com.au.s3.amazonaws.com\/wp-content\/uploads\/2016\/10\/Sign-contract-850x239.jpg?resize=850%2C239\" width=\"850\" height=\"239\" \/><br \/>\n<strong>The <\/strong><a href=\"http:\/\/www.domain.com.au\/news\/buying-a-house-what-to-look-for-in-a-section-32-vendors-statement-20150927-gjpp9g\/\"><strong>Section 32<\/strong><\/a><strong>, also known as the vendor\u2019s statement, should have been revised when conducting your due diligence, but it cannot be stressed enough how important it is to understand this document. It would be highly recommended to sit down with a solicitor and consider the following variables.<\/strong><br \/>\n<em>Copy of the title<\/em> \u2013 This tells you exactly what is on the title. If you\u2019re purchasing a property that has already been subdivided sometimes what you see isn\u2019t necessarily what you get. This section will help you get to the bottom of what will really be yours.<br \/>\n<em>Zoning certificate<\/em> \u2013 Is the property you\u2019re purchasing residentially or commercially zones? Make sure you know this before you decide on any big plans.<br \/>\n<em>Outgoings<\/em> \u2013 it\u2019s important to know any rates you\u2019ll have to pay or body corporate fees if you\u2019re looking at an apartment or townhouse. These costs will all add up when you consider the repayments you\u2019ll be making on the loan.<br \/>\n<em>Building permits issued in the past 7 years<\/em> \u2013 This section is extremely important to ensure that all works on the property have been done legally and will be structurally sound. Any renovations or works that did not receive the proper building permits should be raising red flags for you.<br \/>\n<em>Most recent lease agreement \u2013<\/em> This applies to investment properties and is very useful for understanding how much to expect in rent each month. If you set the rent much higher than the previous owner, you might struggle to find tenants.<br \/>\n&nbsp;<\/p>\n<h3><b>Article written by Andrew Mirams, Managing Director at Intuitive Finance\u00a0<\/b><b><br \/>\n<\/b><b>Visit:\u00a0<a title=\"http:\/\/www.bmtqs.com.au\/\" href=\"http:\/\/www.bmtqs.com.au\/?utm_source=real-estate-talk&amp;utm_medium=article-oct-2015&amp;utm_term=homepage&amp;utm_content=compare-the-pair&amp;utm_campaign=real-estate-talk\">www.intuitivefinance.com.au<\/a><\/b><\/h3>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; Buying a new property \u2013 whether it\u2019s your first home or your 10th investment property \u2013 is always an exhilarating experience. But in the excitement of your new real estate prospects, it is important not to rush past the important bits. Remember, it\u2019s the&#8230;<\/p>\n","protected":false},"author":176692471,"featured_media":9609,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2,32,36,17],"tags":[70],"class_list":["post-9604","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-andrew-mirams","category-buying-a-property-topic","category-property-investment-topic","category-property-investment","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Don\u2019t sign a contract of sale until you\u2019ve read this - Andrew Mirams - Realty Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/channels.realty.com.au\/realtytalk\/dont-sign-a-contract-of-sale-until-youve-read-this\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Don\u2019t sign a contract of sale until you\u2019ve read this - Andrew Mirams - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"&nbsp; Buying a new property \u2013 whether it\u2019s your first home or your 10th investment property \u2013 is always an exhilarating experience. 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