Not only is purchasing a property the biggest financial commitment most of us will make in our lives, it also involves making a significant legal undertaking when it comes to signing the Contract of Sale.
That’s why it’s so important to have both eyes open when entering into such an important contractual agreement – which means getting the right professional advice so you fully understand what you’re agreeing to.
Imagine you’ve bought land and build your dream home in a residential estate, compete with a lovely ornamental garden, only to discover the contract you signed includes strict design guidelines preventing you from using any plants other than a set list of native species. And, what’s more, that the land developer can legally require you to replace your ornamental garden with their approved natives.
Contract disputes do happen
My Expert® Conveyancing’s Belinda Scott says these situations do happen, and more often than you’d think. “In off-the-plan land purchases a lot of residential estates will have design guidelines with covenants covering things like building materials and colours, street front design, driveways, garages, carports and sheds, retaining walls, landscaping – even the design and colour of the letterbox.
“The problem is a lot of people don’t understand that these are all contractual conditions that you agree to when signing the contract and are in turn legally obliged to meet.”
A highly experienced Conveyancer, Belinda recently had a client who came to her after dealing with a developer for several weeks without realising the property had an easement along the back. “This meant there was no way he could build the shed he wanted on it,” says Belinda. “If we hadn’t done that full contract review for him, he wouldn’t have known about the easement and would have gone ahead and signed the contract.”
Everything is reviewed, including the fine print
Unfortunate scenarios like these are why Belinda and her team take the time to review every detail of the sale contract – including the fine print – and explain things in simple terms so clients understand all that they you should about the contract.
“We quite literally go through everything and put any special conditions in plain English so clients know exactly what the contract says. The contracts are designed to be written in legalese which people don’t even understand and, so quite simply don’t know what they’re signing.”
The review process can take several hours, but it’s time the My Expert® Conveyancing team is willing to commit to so clients are aware of all their contractual obligations.
“There are few in our industry that will actually pick apart a contract and explain it,” says Belinda. “But we would rather spend the time to make sure the client is happy with the advice they’re actually getting – so there are no hidden surprises.”
To have your contract reviewed by one of our Expert Conveyancers call 1300 My Expert (1300 693 973), or complete our online enquiry form here.
Disclaimer: The information provided in this blog is general in nature only and does not constitute personal financial advice. The information has been prepared without taking into account your personal objectives, financial situation or needs. Before acting on any information in this blog you should consider the appropriateness of the information having regard to your objectives, financial situation and needs and it is important for you to consider these matters and to seek appropriate legal, tax, and financial advice.
Pinnacle Advisory Pty Ltd. Trading as My Expert® Wealth ABN no 36 638 505 950 is a corporate Authorised Rep of MG Wealth Advisors Pty Ltd AFSL n. 496089 ABN no. 20 617 338 137.