By Matt Gill
It has become normal practice on the Gold Coast when purchasing or selling property, that contracts are often signed by the buyer and seller prior to obtaining legal advice from a qualified conveyancing lawyer.
Why does this occur?
Personally I think this occurs for one of the following reasons:
- Because of the “Cooling Off” period that is now offered in contracts
- The agent is keen to sign buyers and sellers to contracts to ensure the deal is done
- It can also be caused by the over eagerness of the parties involved.
With any sale or purchase, it’s essential that you contact your legal team prior to executing the contract. It takes very little time for an agent to send an email to your solicitor with the proposed contract, for them to review.
The solicitor will then review the contract and this will assist in identifying errors or issues of concern such as incorrect names on contracts and contract details not completed properly.
We have seen issues in relation to such things as:
- Finance clauses not structured correctly
- Building structural issues not identified
- Pest problems not dealt with correctly
- Incorrectly identifying property easements
- Agents poorly drafting special conditions, often without getting legal advice
In undertaking Gold Coast conveyancing on behalf of our clients or indeed anywhere throughout Queensland as we do, we always strongly urge our clients to forward us the contract prior to execution for our review.
Do not be rushed into signing a contract because an agent is pushing you to do so, or stating that you are able to rely on the “Cooling Off” period.
Please remember, under a “Cooling Off” period, you are liable to pay to the seller a fee equal to 1/4 of 1% of the purchase price. On a $500,000 property, this could amount to $1,250.
The purchase of a property is one of the biggest investments that you will make. It’s a stressful time and a time to be cautious and wary.
Contact our team at MCG Legal and we will review your contract to ensure it is correct prior to signing and your interests are protected.
Do not do what has become standard practice on the Gold Coast and sign a contract before receiving legal advice.
My name is Matt Gill and I am a Principal of MCG Legal on the Gold Coast.
My firm conducts Gold Coast conveyancing and has done so since the first day our doors opened. Our team has over 60 years of Gold Coast conveyancing experience and are here to help protect your interests.