Dear customer,
Judging by the number of agreements clients are bringing in, the market is still very active. This is good news but when you are very busy sometimes little details are missed in sale and purchase agreements.
Here are the common mistakes to watch out for:
We’ve had a few agreements where contact details for either the purchaser or vendor have been missing, which can cause delays.
Also, where GST is applicable to the transaction, the GST schedule must be filled out and it is imperative each party is encouraged to seek accounting advice before signing.
We’ve had a few deals go south when the vendor failed to provide vacant possession on settlement day. This causes considerable cost to the vendors and stress for everyone involved – agents included! Wade’s article below outlines the danger signals to look out for, what you can do as an agent to help the process and clauses that can be included if the purchaser is worried about delays.
In this newsletter we also explain what’s involved when selling property from a deceased estate. There are two big factors to watch out for – have the executors or administrators completed the required legal work including probate and transferring ownership from the deceased? And do they understand the implications of vendor warranties when selling property from a deceased estate?
If you have any questions about the information in this newsletter or need a quick opinion on something please don’t hesitate to pick up the phone.
Warm regards,
Peter, Greg & Wade
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