A contract for sale is a requirement for property sales and the process will change depending on the state that you are selling your property in. As a vendor or seller, it is part of your responsibility to have the contract prepared prior to listing your home for sale.
A contract for sale is designed to protect both parties in the sale and will be prepared by a solicitor or conveyancer. It will outline the terms and conditions of the property sale as well as inclusions that will sell with the property.
What are the standard inclusions?
The standard inclusions in a contract for sale will be details like the names of the vendor and purchaser, the property address, the sale price, and the deposit required and terms around the deposit.
It will include anything that is excluded from the sale and inclusions like fixtures, chattels, and fittings. If there are improvements that will occur prior to settlement, these will be noted plus the certificate of title information and date of settlement.
A contract for sale might also have clauses that detail exchange and settlement are subject to factors like the results of pest and building inspections, finance, and additional time for settlement if the purchaser is looking to sell their current home or you need time to find a new property.
As a seller you will also need to disclose any material fact that might impact the sale, our sales agents will discuss this with you when signing your agency agreement. Your solicitor or conveyancer will discuss adding zoning and property certificates, any easements and covenants, and potential plans for the property.
Do you need special conditions?
Special conditions may need to be added to the contract if there are works that need to be actioned prior to settlement and detail the levels of responsibility.
You may also add in special conditions around pet requirements, especially in a strata complex and access to the property prior to settlement. If a purchaser would like to renovate part or all of the property, you may negotiate an earlier access.
Your solicitor or conveyancer will guide you through preparing a contract for sale including any penalties or financial implications that may result from failure to meet any of the conditions that are stipulated in the agreement and resolve any disputes that may arise.
Talk with your solicitor or conveyancer for the best advice before you go into selling your property and listing it for sale to ensure that you are protected and remove stress from the sale.