Insurance – when should a Buyer obtain insurance The standard conditions of a residential REIQ contract of Sale states ‘The Property is at the Buyer’s risk from 5:00pm on the first Business Day after the Contract Date’. Therefore, we recommend that the Buyer obtains an insurance policy as soon as possible after executing the contract. […]
There is a lot to consider when purchasing your first home, a family home or an investment property. It is a major financial decision and both the Buyer and Seller needs to be aware of their circumstances and needs. It is important that both parties obtain pre-contractual advice and negotiate with the other party in
Special Conditions Read More »
We recommend that Buyers make the contract subject to a Building and Pest inspection to ensure there are no defects in the property that are costly to rectify. In the REIQ contract of sale for residential properties, it is standard to include a building and pest inspection date. It is up to the Buyer and
Building & Pest Condition Read More »
If the REIQ contract is subject to finance, the Buyer is required to take all reasonable steps to obtain finance approval. Buyers must be aware that the Courts have held that if a Buyer terminates a contract under the grounds of failure to obtain finance, evidence must be provided that all reasonable steps were taken
What does time of the essence mean? Most real estate contracts in
Time is of the essence Read More »
When purchasing a property with two or more buyers, our office is required to ask
Joint Tenants vs Tenants in Common Read More »
