We get it. Reading the fine print of a contract can be particularly boring. Especially when you’re bursting with excitement to get into your new home and work out the best place for your brand new couch. But, it pays to be thorough.
With regards to the Contract of Sale for your new property purchase, we always recommend you seek legal advice. It’s extremely important you understand what you’re agreeing to and what’s included (and not included) in the agreement.
Here’s just a few things you need to look out for with the Contract of Sale:
- Is there a finance clause?
- What are the terms for the deposit? Is it a standard 10% on exchange or does it reflect something else you have negotiated?
- What are the settlement terms? Have you checked that this timeframe is achievable?
- Is there a penalty for delayed settlement?
- What do the listed Inclusions cover? Is there anything that has been left out?
- Make sure you use your FULL name (identical to your 100pt ID) when everything has checked out and it’s time to sign.
With regards to the Loan Contracts for your new mortgage, here’s some things you need to look out for*
- Is the loan term and loan amount correct?
- Is the Interest rate noted correct?
- If there is an interest rate discount applicable, is it noted correctly on the loan documents?
- Is the security address noted correct?
- Are the direct debits set up to come from the right bank account?
*We can help to ensure the Loan Contracts are prepared correctly by the lender – in fact, it’s all part of the MMO service.
And if you’re looking for legal assistance with the Contract of Sale, we can definitely put you in touch with the right people.
Make sure you completely understand what you’re agreeing to before you sign on the dotted line.
