Five Common Problems When Signing a Sale And Purchase Agreement and How to Avoid Them

Finding a home of your dreams is a daunting task which may take several months or even years. After performing extensive legwork, if you manage to seal the deal, you need to pay attention to numerous things such as signing on the dotted line. Many homeowners make a mistake of missing the important clauses in a hurry to get the required paperwork done. The sale agreement is not a standard document. There are various details included in it, and if you happen to miss them out, you may land in troubles. If selling house in Takanini is on your mind, read the article till the end where we will be giving you information on the common mistakes that most of the people commit when signing a sale and purchase agreement and some tips on how to avoid them.

What is a Sale and Purchase Agreement?

The sale and purchase agreement is a contract between a property buyer and seller. This agreement contains all the details and other specifications such as terms and conditions of the sale, etc. This agreement provides both the parties with assurity about what will happen when.

Common Mistakes People Commit When Signing sale and purchase agreement

GST– One of the sections of sale and purchase agreement states whether the vendor is registered or not. You may end up paying an additional 15% of the purchase price, if the vendor is GST registered. Do not sign until the GST section in the agreement is not complete.

Read Clauses Properly– Sellers need to be aware of the clauses when signing the agreement so that they do not risk missing out the sale. Several buyers and sellers try to add clauses to the agreement that enables them to cancel the agreement when they change their minds. We recommend you not to agree to additional clauses without seeking advice from the professionals.

Conditions– Many individuals rely on adding a condition to the agreement to give a way out of an agreement in case they change their mind about the sale. Again, be careful about signing the agreement if you come across such conditions in the agreement.

Settlement Date– Before signing the sale and purchase agreement when selling a house in Takanini, think carefully about the settlement date. The reason being, when the date is locked in, you may not be able to change other events linked to it. If you happen to negotiate a change to the settlement date, it may give the other party an opportunity to renegotiate other details in the agreement, which may become a cause of concern for you.

Those were several important things you need to pay attention to when signing a sale and purchase agreement. It is extremely important to ensure the agreement is signed by all the parties who need to sign it. You can also depend on a skilled and experienced real estate agent to provide you the right guidance when buying or selling a house in Takanini. The agents will walk the entire process with you to ensure you a smooth and hassle-free real estate transaction.