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The contract of sale is the foundation of a property transaction, outlining the responsibilities of the vendor and purchaser.
We can review your contract of sale and section 32 vendor’s statement to ensure you are protected.
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It is a legally binding document that outlines the terms of the sale, such as the purchase price, the date of settlement, and any conditions that must be met before the sale can go ahead.
The contract of sale is important because it protects both the vendor and the purchaser. It ensures that both parties are aware of their obligations and that the sale is conducted fairly. It also provides a way for resolving any disputes that may arise during the sale process.
If you are buying or selling a property, it is important to have a lawyer review the contract of sale before you sign it. This will help to ensure that you understand all of the terms and conditions and that you are protected in the event of any problems.
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A contract of sale of real estate is a legally binding agreement between a vendor and a purchaser to transfer ownership of a property from one party to the other. The fundamental requirements for a valid contract of sale of real estate are that it must be in writing and signed by all parties involved.
Section 126 of the Instrument Act 1958 (Vic) states that a contract of sale of real estate must be:
Apart from these basic requirements, there is no prescribed form of contract for a contract of sale of real estate. A contract may be as simple as a single page document that sets out the fundamental terms of the sale, such as the purchase price, the date of settlement, and any conditions that must be met before the sale can go ahead.
Traditionally, the vendor or their lawyer prepares the contract of sale of real estate. However, there is no reason why it cannot be prepared by the purchaser or their lawyer. The contract of sale is tailored to suit the parties and circumstances of the sale. It usually contains various conditions that set out the conditions for the purchase or sale.
Most lawyers and licensed property conveyancers use the standard form contract of sale of real estate in order to ensure that there is uniformity in the industry. This allows industry professionals and consumers to anticipate their rights and responsibilities. The Law Institute of Victoria’s (LIV) standard form of the contract of sale of real estate can be purchased here. A sample copy of this document can also be viewed at the elawpublishing website.
If you are unsure about who should prepare the contract of sale of real estate, it is best to consult with a lawyer or licensed property conveyancer. They can help you to understand your rights and responsibilities and ensure that the contract is properly drafted.
If you are not familiar with the conveyancing process, it is important to seek professional advice from a conveyancer or solicitor.
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