Ray White Mountain Creek Buyers Guide 2018 2018 | Page 19

What is a
contract of sale?
Usually the contract of sale is drawn up by the real estate agent on behalf of
A document signed by both the seller and buyer. It outlines
all of the
the
property
details
the stating
price
agreed
by
means
agent
will ask you
to sign a including
contract of sale
your
offer price,
both and
parties.
terms
conditions and settlement to submit this to the seller for acceptance
the seller. In Queensland, offers are presented to the seller “in writing” which
or
commence
negotiations.
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,
Once both parties have signed and initialled the contract and any amendments
the conveyancer will draw up the contract.
throughout the negotiations, the contract of sale is then dated and the cooling
off period beings (unless it is an auction contract as there is no cooling off period
application under auction terms).
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