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What is a contract of sale?

A legal document offered in advance of the sale by the seller (Vendor), usually prepared by their solicitor or conveyancer, outlining the details of the sale of the property. The contract of sale is legally binding when signed by both parties, Vendor and Purchaser.

The contract of sale sets out the terms and conditions agreed between a vendor and purchaser, which include:
  • Agreed sale price of the property
  • Deposit to be paid
  • Settlement terms and date
  • A list of inclusions being sold with the property
  • Any special conditions required prior to the sale of the property
  • A cooling off period (if applicable)  
Once duly signed between Vendor and Purchaser, legal representatives for both parties prepare for the property transaction to be finalised.
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