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Basics of Home Buying Contracts |
Written by Melanie C
Monday, 30 June 2008
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No one can buy a home or property without a contract. The contract is what names the buyer and seller and tells all about the price and the conditions of the sale. In some private sales there is no contract, but what is called a contract note, which acts in the same way as a contract. It is the seller's responsibility to attach to the contract any information that the buyer should be aware of, such as problems with the property. If problems are found after the exchange that were not disclosed, the sale can be cancelled without loss of deposit. Only if the buyer does not settle in the time specified is he likely to lose his deposit. The buyer's legal advisor must see to it that everything is in order. It is his responsibility to check that all the vendor's statements are accurate and negotiate all terms to see that they are fair. For instance, the settlement time may be too short. He must prepare and lodge all necessary documents and supervise the exchange and settlement. Legal things usually take a long time to get settled, but in the case of property, the time is remarkably short. It usually only takes up to 28 days between the time you first pay the deposit to the exchange of contracts, with two weeks being the average time. Final settlement can be from four to six weeks, with few going past the 70-day mark. Article Source: http://www.ArticleBlast.com |
About The Author:
Visit the Saville Australia website at http://www.savilleaustralia.com.au for more information on the company as well as residential property investment opportunities with luxury apartments.
Visit the Saville Australia website at http://www.savilleaustralia.com.au for more information on the company as well as residential property investment opportunities with luxury apartments.
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