What contract will be used?
Most property transactions will use the standard contract developed by the Real Estate Institute of Queensland and the Queensland Law Society.
Who prepares the contract?
The contract is usually prepared by the agent and presented to a buyer to sign either when an offer is being made or when a verbal offer has been agreed upon.
When is the contract binding?
If the buyer has signed the contract at the time of the offer and the seller then accepts the terms of the contract from the buyer and signs it, the contract immediately becomes binding on both parties.
Should I talk to Smart Move Conveyancing before signing?
Many people are comfortable signing a contract before contacting their conveyancer or solicitor. Smart Move Conveyancing is happy to provide advice prior to you signing and may help you identify issues you were not aware of. This is included in the cost of a standard conveyance.
Can I vary the contract?
Until you sign, you can negotiate what are usually called “special conditions” on the contract. Remember, you and your transaction are unique and a standard contract will often not deal with individual circumstances.
What are special conditions?
Special conditions are additional clauses on the standard contract designed to meet the individual needs of your transaction. The most common special conditions in a residential contract include making the contract conditional on a prior sale, inclusions or exclusions from the property and problems or repairs that must be corrected before settlement. You should always speak with you conveyancer to discuss the inclusion of any special conditions.