Understanding your Property Contract

property contract

What you must know about your Property Contract

If there is one aspect of your home purchasing process the significance of which cannot be stressed enough, it’s procedural legalities.

It is absolutely imperative to ensure you do not sign anything until you have ascertained beyond doubt your interests are protected. Standard contracts to purchase a property normally give you a three day cooling off period, but you shouldn’t just leave it at that. Experienced Australian homebuyers will always want to ask for extra clauses in order to protect their interests.

If an agent advises that you may be able to request changes to your contract at a later stage, be sure to let them know that you would prefer any changes to be made now rather than later. This is because once you set something in stone on your property contract, it is very difficult to get it amended later on. You may not always notice the agent’s reluctance to allow contracts to be edited later, but it is very surprising to find who won’t take issue to that.

The only way to get changes made to a contract once it’s been signed is to end the existing contract and re-negotiate a new one. And the seller doesn’t have to agree to your requests.

Generally the only way to get changes put in to an existing contract is by ending that contract and negotiating a new one from scratch, which is a major pain. The major downside of which is that the seller may not agree on the new terms. This is why it is extremely important to get think things through thoroughly and get it all right from the beginning.

Before you finance or refinace your property, the vital thing to do is to seek financial advice. Once you are satisfied you have understood your needs and what is available, you will want to use our very powerful home loan comparison tool using the link below to compare the different banking products, then make a decision.

Or call us on 1300 307 155 and speak to one of our Customer Service Specialists to get a free quote!

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