Using a DIY contract
WARNING:
Before reading any further, please click on this link, to read through our
disclaimer.
Completing a Contract of Sale, and submitting it to the vendor is a very serious step. If the vendor accepts your offer by signing it and telling you that it has
been accepted, you may be locked into the purchase of the property.
Every purchaser of real estate is strongly advised to obtain independent legal advice from a qualified lawyer before signing any legal document, including
an offer to purchase real estate.
Remember - DIY means you are on your own!
If you're considering completing the Contract of Sale and submitting your offer to the vendor, and you have not yet spoken with your
own lawyer, you are acting on a do-it-yourself basis.
You cannot request assistance from Lawyers Real Estate, because we act for the vendor, and our role
is to protect the interests of the vendor.
If you have any doubts about what you are doing in completing the contract and submitting your offer, then you really
should wait until you have had the opportunity to obtain legal advice and assistance from your own lawyer.
Read the contract in full
You should read the entire contract document to ensure that you know what it contains. You should also ensure that you understand your
obligations under the contract.
See your lawyer if you wish add or remove anything, to ensure that changes to any of the terms and conditions are properly drafted.
Read the vendor's statement in full
You should read through the
section 32 vendor's statement
so that you are fully aware of its contents. Again, if there is anything you do no understand, or about which you are unsure, you should obtain further advice and assistance from your own lawyer.
Completing the "Particulars of Sale" page
The "Particulars of Sale" page contains the basic details of your offer.
When completing the Particulars of Sale please write clearly in blue or black ink.
Changes can be made by ruling a neat line through the incorrect word, number or sentence, and
then writing the correct information nearby. Each alteration should be initialled.
We will now examine each of the headings in the Particulars of Sale individually:
Vendor's Estate Agent
This section is not applicable, and can be dealt with by inserting "N/A" for Not Applicable, of just leaving it blank. Why does this
section appear in our contracts? It's because we prepare contracts for use by
estate agents, as
part of our conveyancing business (see www.LawyersConveyancing.com.au).
Vendor's Solicitor
Our details are already recorded, as we act for the vendor.
Purchaser's Solicitor or Conveyancer
Insert the full name, address, telephone number and fax number of your own lawyer. If you are intending to use a conveyancer you should ensure that you also
obtain advice from a qualified lawyer, as
conveyancer in Victoria are not qualified or permitted to provide legal advice or to perform legal work.
Vendor
The vendor's details are recorded in full.
Purchaser
The purchaser's details are recorded in full.
IMPORTANT
If two or more people are buying the property, and they are not
buying as a domestic couple (i.e. husband/wife or domestic partners) care must be taken when recording shared ownership. If one purchaser is
to own more shares than the other it will be necessary to record each purchaser's shares. Failure to show the proportions each purchaser is to own may result
in additional stamp duty liability!
Land Description
This section sets out the title details of the property being purchased, as recorded in the
certificate of title.
Property Address
This section sets out the postal address of the property. It is important to remember that the postal address is no more than a means of finding
the property by street number. The full details of the property, including its dimensions and its location in relation to the surrounding land, is recorded under
the "Land Description" details. The purchaser should ensure that the land identified by the property address, and the land identified in the land description are actually one and the same property.
Chattels
First, see our definition of
fixtures and chattels.
Chattels do not form part of the property, and the vendor is entitled to remove them. However, the vendor and purchaser may agree that
certain chattels are to remain with the property and are to be included in the sale. This is done by adding them to the contract under the heading, "Chattels".
Sometimes it may be difficult to determine whether an item is a fixture or a chattel. For example, a dishwasher that is permanently plumbed-in and built into the kitchen bench would be a fixture. But what
about a dishwasher that is free-standing, with hoses attached with clip-on fittings?
To eliminate any doubt as to what the purchaser intends to take as part of the purchase deal, all items identified as being included in the purchase should be listed under the "Chattels" heading.
Submitting the offer
The offer is submitted by delivering the completed
contract of sale
to our office. This can be done by:
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Delivering it to our office in person; |
| |
Sending it to us by post, email or fax; or |
| |
Having your lawyer send it to us by post, email or fax. |
Legal Notice
All visitors to this website are advised to visit our
Disclaimer regarding the limited use of information provided on this website, and our Conveyancing Section for conveyancing consumer information.
