Buyers Guide Buyers Guide | Page 19

What is a contract of sale? A document signed by both the seller and buyer. It outlines all of the property details including the price agreed by both parties. Usually, the contract of sale is drawn up by the real estate agent on behalf of the seller. However, if the property has been sold at auction or there’s no agent involved, the conveyancer will draw up the contract. What is a vendor statement? This document sets out details about the property being sold such as: Body corporate fees Any planning details associated with the property Payable taxes Any encumbrances on the property Again, it is recommended that you employ a conveyancer to draw up the contract as any incorrect information can render the contract of sale invalid. As part of their research, they will conduct title, planning and rate searches. buyer's guide