Andy
There are several points that the buyers
have t keep in mind when they are going through the process of purchasing the
house. Setting aside the arrangement of the money for the house and preparing
the important documents; there is another vital thing that the buyer has to
look for. It is the contract of the house.
Double-Check these Points of the Contract
Checking of the contract is not enough as
you can miss out on many points, so double-checking of the contract is critical. It
doesn’t matter what type of contract you have made like stop renting and start buying; the main thing is that you check and
double-check the following points in the contract before you sign.
The items included and excluded
There are many kinds of contracts in which
a deal is made between the buyer and seller about the items that the seller is
willing to sell to the buyer along with the house. Sometimes the sellers are
ready to sell everything in the house or a fully furnished house. But in many
instances specific items are listed for sale; so check the things in the
contract list.
Mention of the Settlement date
The most critical point to look again and
again is the mention of the settlement date. At what date the house keys will
be handed over to the buyer from the seller. A clear-cut date must be stated on
it. Another thing to check is there is always an alternative date mentioned. It
is usually 30 to 45 days after the actual date.
Tenancy and other Occupants info
If there are occupants already living the
house then their details must also be there in the contract. There are no
problems when the house has no tenants but when you are purchasing the house
that having people living them then you have to consider their situation as
well. They have to be informed of the deal made between the buyer and seller.
Any unique terms and conditions
There are many special terms and conditions
that the sellers and buyers can add to the contract. But be careful that these
conditions must be there only when both parties have approved them. Several
property websites are there like Stop Renting Perth that offer
great help in this matter of drafting the special terms and conditions.
The Title of Possession
This means that the names of the seller, as
well as the buyer, must be appropriate. It has happened that the names of
either of the parties have been entered wrong and people without double-checking
have signed it and later fall into great trouble. Checking the title of
possessions is crucial for both the buyer and the seller.
The amount you will pay
Usually, the amount of the house is wrongly
entered. The confusion comes when the zeros after the digits are being entered.
If a single zero is added or subtracted then the whole contract has to be
written again or the buyer has to pay the amount stated. So be very careful and
check again and again the amount you have to pay in the contract.
The Duration of the Payment
The contract is an agreement between the
two parties so every detail is to be analyzed before signed; including the time
duration of the payment. It also includes the specifications of the payment
like; in which method payments will be made, how much time will be taken to
clear the installments and the installment amount.
The agreement is written as discussed between the parties
It is critical that the contract must have
exactly the same clauses and terms and conditions as discussed between the parties.
This can be achieved by making a mock copy of the agreed contract and given
copies of it to the buyer, seller, and their lawyers. Then the final contract
can be checked by all who have the mock copy of the original contract.
All documents are attached
A contract can never be approved if there
is an important document missing. You can make a list of the papers that you
need to give with the contract. When attaching all of the documents; you can
check it with the list. This same list can also be given to your lawyer and he/she can do a final inspection.
The information is right
There is information entered on the contract like the names, addresses, phone numbers, title of possession, price,
important dates, evolution report of the house, tenant info must be complete and
right. Nothing must be false as it will be deemed a fraud.
Make sure that you are not gazumped
Sometimes a seller makes a verbal agreement
with a buyer but after a while sells the same property to a higher bidder. This
is called gazumped which is very common in Australia. It is important that you make
sure that the agreement is real and final.
Especially check the stop renting and start buying
Contract
Out
of all contracts stop renting and start
buying is a special one in which the terms and conditions are different. It
is important that all of the above points of the contract are checked
thoroughly especially for this kind of contract.
