No matter whether you are buying a home or an apartment, understanding your real estate contract can be complex. In this article, we will look at the best ways to understand some of the most important clauses in your contract.
Jargon
Real estate contracts are official legal documents that are likely to contain terms which you may not understand. To better build your understanding, here are some terms which are likely to come up in your contract.
Appraisal
An informal assessment of the value of the home, usually conducted by a real estate agent.
Body Corporate
An additional fee which you will have to pay annually if the piece of land has been subdivided into flats, apartments or units. It covers maintenance and management of common areas.
Easement
Whether the property can be used by third parties such as governments or local councils. This can affect the value of a property, so it is important to discuss.
Basic Legal Requirements
Understanding what a contract must resemble will also assist you with the fine print of your real estate contract.
It must:
- Be in writing.
- Identify the parties.
- Provide a detailed description of the property. It is important to receive legal help while looking at the description of the property, as there are certain elements written here that can impact the price of a property.
- Have a listed purchase price. It is also important to read over this aspect, as it needs to have settlement details. Check for accuracy concerning the payments and financial terms.
- Although this is not required, inspect the seller warranty clause. What are they responsible for fixing before you purchase the home? This can be discussed between both parties.
- Legal promise. Note the contract withdrawal terms.
- Signatures.
Without all these parts, a real estate contract is not legally binding.
If you have any questions about any part of your contract, contact a law firm: it is essential that you clarify them before signing a legally binding document.
Need Advice or Assistance with your Real Estate Contract?
If you need help understanding your real estate contract, speak to our experienced lawyers in Brisbane. As members of the Queensland Law Society, our lawyers will examine your individual circumstances and offer timely advice on the best pathway forward.
At Phoenix Law, we specialise in Family Law, Personal Injury Law, Migration Law, Commercial Law, Property Law, Litigation Dispute Resolution, Estate Planning, International Trade Law, Intellectual Property Law and Workplace Relations Law. We speak your language, with a team of multilingual lawyers ensuring our clients get the best possible understanding of Australian law. Call our law firm today on 07 3180 0908 or contact us online.
