Everything you need to know before signing a contract

It is important that you obtain the correct information before you sign the Contract of Sale. Firstly,it is important to ascertain how you are going to fund your purchase and organize the necessary loan pre-approvals if you intend borrowing from a bank to fund the purchase. When you sign the Contract of Sale you will need to pay a deposit of 10% of the purchase price of the property. This can be in the form of cash a bank guarantee or a deposit bond. The bank will give you a pre-approval of a loan but you must remember that the bank will always need to conduct a valuation of the property prior to confirming that they can go ahead and finance your purchase. When the purchaser signs the contract of sale he accepts the property in the condition it was in when the contract was signed “fair wear and tear excepted.”

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