Obtaining Contract Advice Before Signing a Contract of Sale

Buying property is an exciting and emotional achievement. Undertaking such a large investment is an important milestone in anyone’s life particularly if you’re a first home buyer. It is therefore important not to let emotions cloud one’s judgement. It’s all too easy to attend at an inspection and fall in love with a house. You immediately begin imagining yourself living in it. You begin visualising the various renovations that you could perform to trade mark the house as your home. In all the excitement, it’s easy to forget that what you’re purchasing is set out in black and white in a legal document. It is the duty of the Solicitor to ensure that a purchaser knows exactly what they’re buying so that they can make an informed decision about that purchase.

Purchasers often have preconceived notions of what they propose to do with a property. One couple had proudly purchased a dilapidated dwelling that was located on a large parcel of land in a popular Melbourne suburb. The couple had intended to demolish the dwelling and build three townhouses upon the land, two to sell and one to make their home. Unfortunately for that couple, the title to the property was encumbered by a covenant that prevented the erection of more than one dwelling upon the land. The couple were so eager to secure the purchase that they did not bother to see a Solicitor about the contract before signing it.

This story is but one of many examples where obtaining pre-purchase advice could have enabled a purchaser to make a properly informed decision. The message is not to be hasty. Sievers Lee Lawyers offer pre-purchase advice to prospective purchasers of real estate. The advice is set out in plain English in a letter that can be retained for future reference. We also take the time to explain to our clients the various facets of a property that the buyer should be made aware of.

The cost of obtaining pre-purchase advice is incorporated into the cost of undertaking the conveyancing for a successful purchase. What does this mean for you? It means that if you were successful in purchasing then it didn’t cost you any extra to get advice about the contract before you signed.

For more information about obtaining pre-purchase advice please contact us.