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What is a contract of the sale of land used for?
In most of the states of Australia, there is a standard contract for the sale of land which is used in the process of conveyancing. To use New South Wales as an example, there is a standard contract for the sale of land which is issued by the Law Society of New South Wales. This standard contract contains a cover page which details the inclusions and exclusions of the property, the price, the deposit, the pattern of land tax, the payment of capital gains tax, the address of the solicitor for the vendor and the vendor’s agent, the title reference of the property and its address and other necessary details which are used to summarise the transaction. The contract on the second page lists all of the documents which are included in the contract. There are then a list of standard terms and conditions which are included in the contract which include approximately 30 terms which the parties agree to. Special conditions are then normally included in the contract. The contract will then also contain mandatory documents which must be included perform a valid contract such as the deposited plan, the sewer diagram, the title search, section 149 certificate, Strata by laws and any other information which is required in order to complete the transaction.
The stage at which the contract is normally prepared is before the agent puts a property on the market. Potential buyers of the property can and have their legal representatives examine the contract to see if it meets with their approval and if they wish to request amendments in relation to the contract. Once both parties agree to the same thing, there is possible to exchange contracts and binding phase of a transaction begins, normally with a six-week period the settlement. However, the parties can agree to a different period if they wish. The matter then proceeds settlement assuming that there are no problems.if you need to have a contract prepared or you would like some advice about a contract your scene of the property we would be more than happy to help you, we have lawyers available online now to assist with your enquiries.