Purchasing Property – Review of the Contract
In Part 3 of our guide to buying and selling property, we look at how to review the Contract for Sale.
What is the Contract for Sale?
When you have your finances in order and you have found a property you are interested in, it is time for the review of the Contract for Sale.
This is prepared by the Vendor’s solicitor or conveyancer and will be forwarded to your nominated solicitor or conveyancer for review. As you may expect, the conditions will be tailored to favour the Vendor.
Who can assist with reviewing the Contract for Sale?
Your solicitor/conveyancer will review the contract and annexed documents and will advise you on the terms of the contract. You should be provided with a written copy of this advice, which will need to be read carefully to ensure that you understand the terms of the contract.
Any question you may have, no matter how small, should be raised with your solicitor/conveyancer, as you need to be sure that this property is the best move for you.
What if I have amendments?
When you have discussed the contract with your solicitor/conveyancer, they will request appropriate amends or changes to the contract. If you need the contract to be amended (e.g you need more time until the settlement date), this is when these matters will be negotiated.
At this time, you should also ask any questions you might have in relation to the building, land or process to ensure that these are answered before you are bound by the contract.
Then, once any amendments have been negotiated, you will be ready to exchange.
How can we help?
If you have any questions or need any assistance please do not hesitate to contact us at Southern Waters Legal. We offer a free 15 minute, no obligation chat if you want to go through your circumstances.
Read our other blogs in our series on buying and selling property: