What is a contract of sale?
A contract of sale is a legally binding document that is used in the conveyancing process to set out the terms and conditions of a property sale. It is also known as the "Sale Agreement" or "Purchase Agreement".
The contract of sale typically includes information such as:
The property details, including the address, lot number, and dimensions.
The purchase price of the property.
The settlement date, which is the date on which the final paperwork will be completed and ownership of the property will be transferred to the buyer.
Any conditions that need to be fulfilled before the sale can be completed, such as the buyer obtaining finance or the seller providing a termite report.
Any inclusions and exclusions in the sale, such as fixtures and fittings.
The contract of sale is a legally binding document, meaning that both the buyer and the seller are required to adhere to the terms and conditions outlined in the contract.
It's important for both parties to review and understand the contract of sale before signing it, and to seek legal advice if there are any questions or concerns. It's also important for the buyer to be aware of the cooling off period, which is a period of time after the contract is signed during which the buyer can still back out of the sale without penalty, if it applies to the jurisdiction.
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