How conveyancing can help AFTER you have signed a Contract of Sale
If you have just signed a contract of sale and you haven’t contacted a conveyancer yet, it may be in your best interest to do so as soon as possible.
If you signed in a hurry and are now reading the comment with more questions than when you began, then you definitely need to contact Tick Box Conveyancing today.
There is a lot we can do to improve your position in a deal even after the contract of sale has been signed, provided you get in touch as early as possible.
What Is A “Cooling Off” Period?
Did you just sign a contract of sale?
As the purchaser of a property, you may have access to a ‘cooling-off’ period which lasts three business days after you’ve signed a contract of sale.
During this “cooling off period”, you can turn your heels and withdraw from a contract of sale. If you do this, there is a “cooling off” fee you must cover. This fee is worth 0.2% of the Contract Price, and is generally deducted from your deposit (the rest of your deposit being refunded to you).
There are a number of exceptions where this three day “cooling-off” period does not apply. These situations are:
- When the land is sold via a publicly advertised auction.
- When the land is sold on the same day the land is planned to be auctioned (or 3 business days before/after that day).
- When you and the property’s vendor have previously entered into a similar contract of sale that dealt with the same land.
If these exceptions do not apply to your situation, then you have the three business day “cooling off” period.
What Can Be Done During The “Cooling Off” Period?
Three business days is enough time for Tick Box Conveyancing to go over your contract with a fine-tooth comb and bring any urgent matters to your attention.
If you haven’t enlisted the help of a conveyancer, then it’s possible there are things about your contract that you did not have resources to fully understand and take into context during the time of signing.
We will help you better understand what you’ve signed up for. We will advise you if there are any particular clauses or conditions in the contract that, once brought to light, may prompt you to consider exercising your right to exit the purchase.
Why Cancel A Contract of Sale?
There are contractual and legal problems that can surface over time when they are not anticipated.
With an in-depth study by Tick Box Conveyancing, you will be made aware of such problems quickly enough to avoid them completely.
There is new and clear information that we can gather within 3 days, answering questions in regard to the status of the building that may or may not have been answered prior to our enquiries:
- When was the last time the property had a pest inspection?
- Or an independent building inspection?
- Or an electrical wiring inspection? Old wiring can lead to house fires.
- How old is the property’s carpeting, kitchen bench top, oven, basin, shower, toilet and other crucial pieces? If these things are of a certain age, tenants may not have to reimburse you if they cause damages to them.
Outside of the property itself, there is a lot you should have clear information on before committing to a sale.
- Have you calculated the cost of land tax?
- Has funding from your chosen lender been unconditionally confirmed, or is it still pending?
- What are the zoning and parking laws that cover the property? Do they allow you to use the property as you intend to use it?
- Are there coming changes to those zoning and parking laws?
- Are there plans for construction in the area of the property which may complicate the property’s accessibility and liveability?
- What permits and approvals are required from the council to modify or use the property as you wish?
After a quick meeting, we can get a sense of your needs for the property and immediately find the most important information that you need to know before you lock in a settlement.
You will either end up feeling more secure and happy with your purchase, knowing with certain clarity that it’s the appropriate property for you, or you will gain the opportunity to avoid a mistake.
How To Withdraw During The Cooling Off Period
Tick Box Conveyancing can represent you. On your behalf, we can speedily notify the vendor’s solicitor of your intent to withdraw within three business days.
We have the resources necessary to quickly identify any issues relating to the property that you may have missed up until that point. We have the experience necessary to understand and unpack the contracts, financial details and the signs of missing information.
Should you pursue settlement, we can represent you and ensure that you are hitting all of the necessary milestones. We solidify the process, we make sure that there are no unexpected roadblocks or errors made by anyone, including the buyer or your loaner.
Contact Tick Box Conveyancing – the Melbourne Conveyancer who can get it all done in under 3 days!
Contact us today for a free, 15-minute consolation to get started.