Before you sign: three questions to ask your solicitor

A property contract is the point where a plan becomes a commitment. It is also the point where most of the avoidable mistakes happen — not because people are careless, but because the rules are different in every state and territory, and the contract in front of you was written by the other side.

Here are the three questions we tell every client to ask their solicitor or conveyancer before signing anything.

1. What is my cooling-off period in this state?

The cooling-off period is the window after signing during which a buyer may be able to withdraw from the contract, sometimes with a small penalty. The length of that window, the penalty, and whether it applies at all depend on the state or territory the property is in and how it is being sold. Some sale types have no cooling-off period. Do not assume the rules from your last purchase apply to this one.

2. When is the deposit due — and is it refundable?

Know the exact date the deposit is payable, the amount, where it is held and under what conditions it comes back to you. A deposit is real money leaving your account; the conditions around it should be understood before you commit, not discovered afterwards.

3. Is there a finance clause, and what is the deadline?

A finance clause (sometimes called a “subject to finance” condition) can protect you if your loan is not approved in time. But it only protects you if it is in the contract, and only until the date written in it. Miss that date and you can lose the protection. Ask what the deadline is, what you need to do before it, and what happens if the lender is slow.

Why this matters more than it seems

Every one of these questions has a different answer depending on the state, the type of sale and the specific contract. Your solicitor or conveyancer answers them — that is precisely what they are for. Our role at TNC Group is to make sure the questions get asked before the pen comes out, and to keep the finance, legal and property sides of the process talking to each other so that no deadline is missed.

Next step

If you would like the whole process managed from strategy to settlement, book a free 15-minute call: https://leads.leads.tncgroup.com.au/widget/booking/VIiJOVAo7mhEsE3xLNrb

General information only — not legal advice. Cooling-off rules and contract conditions vary by state and territory and change over time. Speak to your solicitor or conveyancer about the contract in front of you.