The Advice
Pre-contract advice is given before the Contract is signed and becomes binding (following signing by both the Seller and the Buyer). We encourage you to pause before signing on the dotted line (or inserting a digitised signature using e-signing software). If you have reservations about what a clause means and how it could potentially affect you, it’s best to get advice up-front. That way you can ensure you properly understand your obligations before you are locked in.
Our Process
Our team will review your Contract and advise you on the key terms (particulars of the property, purchase price, finance/building and pest conditions, and special or unusual conditions). Depending on whether you are the Buyer or the Seller, we may highlight specific rights and obligations. For example, if you are the Seller, we will remind you of your obligation to ensure that compliant smoke alarms are installed. Whereas, if you are the Buyer, we would recommend that you verify (by physical inspection) that there are compliant smoke alarms installed.
During this time, you may provide us with further information about the nature and context of the transaction. For instance, if your purchase is subject to the sale of your current property, we would typically draft a special condition to help protect your interests. Solicitors should generally draft custom clauses because it reduces the chance of wording being unclear or hard to follow, meaning less confusion for everyone involved!
We can order additional property searches for you that help to work out whether the property meets your needs and expectations.
After receiving our pre-contract advice, you will have the opportunity to discuss any recommendations or concerns with our team. Next, we seek appropriate amendments to the Contract. If no changes are needed, you can proceed confidently to sign the Contract.
We aim to finalise our pre-contract advice on the same business day! This is not always possible, for example, if the Contract is received late in the day or if there are many pages of special conditions to review.
Ultimately, whether you are the Buyer or the Seller, pre-contract advice provides you with valuable insights and a clearer understanding of the Contract before entering into it.
If you would like pre-contract advice, feel free to send us a copy of the Contract directly, or have your real estate agent forward a copy to our team!
Cheers,
Josh Fox & Alessy Doliente
Foxlaw