SALE CONTRACT

Before advertising a property for sale a vendor must have a proposed Contract for Sale. This Contract sets out the terms and conditions for sale. The sections dealing with the purchaser and the purchase price are completed following an agreement to purchase.

The Contract also includes a copy of the Title documents, a drainage diagram and the Zoning Certificate issued by the local Council.

In addition to the Contract, purchasers sign a "Sale Note" confirming that they have signed the Contract, been informed of cooling-off rights (usually five days unless otherwise specified) and, where appropriate, have authorised an agent to proceed with the exchange.

By signing these two documents, you will have committed to the purchase of the property, subject to cooling-off rights. A deposit of 10% of the agreed purchase price is usually paid at this stage.

Cooling-off rights allow either party to withdraw from the contract, within the agreed period, without recourse.

It is advisable to consult and engage a solicitor when purchasing property.