About Me

From Traditional to Innovative: Blogs About Legal Matters

There have been a few times in my life that I have needed a lawyer, and during those times, their help was invaluable. I worked with lawyers during the custody battle for my kids, when I dissolved the partnership for my business and after I suffered an injury at work. In this blog, I plan to write about the law from a range of angles. I may share posts inspired by my personal experiences, what's popular in the news or what strikes my fancy when I'm writing. I have a daughter, Oliva. I manage a medical clinic, and I love blogging. I hope you like the results. My name is Melinda, and thanks for reading!

From Traditional to Innovative: Blogs About Legal Matters

Buying Residential Land? Here are Must-Have Things in Your Contract

by Júnia Melo

Purchase of properties is such a huge financial undertaking and therefore it is important the sale contract meets all the legal requirements. This is vital for the process to proceed without legal hiccups. Basic information such as the parties to the contract, the price of the property, details of the property itself, as well as the promise, should all be clearly featured in the contract.

Starting from the opening page of the sale contract, the following particulars must be included;

  • The selling agent – In the case where an agent exists, their names ought to appear on the contract of sale.
  • The contractual parties – Your name as the buyer and that of the seller must be correctly featured on the contract.
  • The exact price as agreed by you and the seller for the property must be included. Any amount deposited should also be noted on the contract.
  • The property and its full description including the address must appear on the contract together with any improvements on it and their nature.

A cooling off period as well as a statement indicating the prescribed form of the cooling period must be included. Depending on the area within Australia, different places vary in terms of cooling off periods. For instance, Victoria has 3 business days while New South Wales has 5 business days.

What Your Seller Should Disclose

Under the sale of land contract, the sellers or vendors must attach all the disclosure documents, warranties, and conditions along with a full disclosure and description of any serious defects in the property title that you must be aware of and accept.

The documents that should be attached include:

  • The planning or zoning certificates
  • Detailed plans which show the network or position of sewer lines relative to the property
  • Any documents creating covenants, easements, and any other restrictions as shown on the property certificates
  • A clear copy of the property certificate including the official plan of the property. In the event the land is a strata title, a detailed copy of the entire strata plan must be availed.
  • The builder, developer, or owner must attach a home warranty insurance certificate to the contract.

If the above particulars are not included, the contract can be vulnerable to cancellation by the vendor which may expose you to unnecessary inconveniences.

As the buyer, you should bear in mind that a breach of warranty on the part of your seller can give you the powers to rescind the contract. For more information, contact a company that specializes in conveyancing.