Participating at a property auction is always a thrilling experience for property buyers. But before you register to bid have you considered seeking legal advice with respect to the Contract for Sale?
There are number of matters to be aware of when purchasing property, but most importantly you should have the contract reviewed by a qualified property lawyer.
What do we review in an Auction Contract?
We can review the contract and provide you with written advice and, if necessary, negotiate any amendments required.
Once you obtain a copy of the Auction Contract from the Sales Agent, you can forward a copy to us for review. We will review the Contract to ensure the Contract is compliant with the Civil Law (Sale of Residential Property) Act 2003 (ACT) (“the Act”). We can advise on any omissions, and the risks of non-compliance.
It is common in the ACT for a Contact for Sale to include Special Conditions that prevail over the standard terms. We will review any Special Conditions and identify any particular conditions of concern. We can provide advice and make any recommendations necessary and even negotiate amendments on your behalf.
If the property you are interested in is a standalone house or a townhouse, it is most likely that there is a Building Report included in the Contract. We will help you identify some of the issues that are noted in the Building Report. However, you will need to ensure you are satisfied with the current state of repair of the Property prior to the Auction.
When you are buying an apartment or a townhouse, the Contract will include documents pertaining to the Owners Corporation records. These documents may disclose important information with respect to the complex itself. We review and provide advice on these documents.
If you would like for our team to review your Auction Contract prior to exchange please contact our friendly staff.