What is a contract review?
A contract review is not only an important part of the conveyancing process, but it is crucial to help identify potential issues or risks associated with the transaction, ensure that the terms and conditions of the contract are fair and reasonable, and help to protect the interests of both the buyer and the seller.
A contract review is conducted by a Licensed Conveyancer to ensure that the terms and conditions of the contract for sale of the property are fair, reasonable and legally binding. The contract review is an essential part of the due diligence process and can help identify any potential issues or risks associated with the transaction.
The contract review can help identify important information such as:
• Whether there are any special conditions attached to the sale, such as building and pest inspections or finance approval.
• Whether there are any encumbrances or restrictions on the property, such as easements, covenants or zoning restrictions.
• Whether there are any outstanding debts or rates owed on the property.
• Whether there are any rights of way or access issues that may affect the use of the property.
• A contract review can also help identify any ambiguities or gaps in the contract and ensure that all parties understand their obligations and responsibilities.
If any issues are identified during the contract review, we will work with the relevant parties to negotiate any necessary changes to the contract to ensure that it is fair and reasonable. Once the contract has been reviewed and any necessary changes have been made, it can be signed by all parties and the property purchase can proceed.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][/vc_column][/vc_row]