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