Part 2 – Making
amendments to contract for sale
Sydney-based legal practice Ross Anderson Lawyers will assist you to avoid or minimise complications which arise
when purchasing real estate. We helped many of our clients to avoid multiple
pitfalls in the process and now ready to share our knowledge with you.
MAKING AMENDMENTS TO CONTRACT FOR SALE
As you are engaged in price negotiations with the real
estate agent or questioning him or her on various aspects of the property, you
should ask your lawyer or conveyance to check the contract for sale which was
given to you by an agent.
Many agents advertise open houses on Saturdays to attract
more potential buyers.
Ross Anderson Lawyers often receive phone calls from
potential clients right after open house asking to review the draft contract.
Indeed, by Monday morning when the agent opens his office, the clients are
already advised on provisions of contract and risks.
The thing is, the contract for sale was drafted by a lawyer
or conveyance, instructed by a vendor, (hopefully) within the legislative
provisions on conveyancing, however taking into account needs and wishes of
their client, not you the purchaser. If, for instance, there are some issues
with the property which the conveyance knows about, the contract would tend to
minimise vendor’s inconvenience and risks accordingly.
Approximately in 7-8 occasions out of 10, we, having looked
through the draft contract, recommended to our clients to instruct us to write
to the vendor’s lawyer or conveyancer to amend certain provisions, in order to
balance it to the purchaser.
Approximately in 50% of occasions, the vendor approved the
amendments. Needless to say, in the event that the amendments were not
approved, our clients at least were aware of their risks before making a
deposit and therefore made an informed decision.
Conclusion: ask your lawyer to look through the contract
after the open house.
As always, we remind that we at Ross Anderson Lawyers
provide conveyancing services and the details could be obtained on our website.
Contact Ross Anderson Lawyers on our phone line at 1300 86
16 76 and email us.
Mortgage Broker “In Advance Financial Management” will
assist to obtain a home loan best suited to your needs. Call Boris Glushankov on
0411 835 071 and mention this post to get a best deal on your mortgage.
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