By Julian & Renee (Australia) – with writing support from Alberto Aldana (Colombia)
A contract of sale must be prepared before any marketing or open home inspections take place. In New South Wales, real estate agents are legally required to have a complete contract of sale in their possession before they can advertise your property or show it to potential buyers. This document is far more than a mere formality; it is a vital agreement designed to be thorough and to protect the interests of both you and the purchaser throughout the transaction
A “flawless” contract is one that includes all prescribed documents and legal disclosures about the property. It ensures that the contract is legally sound, comprehensive, and fully transparent. For the vendor, a properly prepared contract reduces the risk of the sale falling through. It should:
- Attach all required supporting documents.
- Disclose any legal matters concerning the property completely.
- Be legally robust, with no errors or omissions.
- Prevent incomplete or missing information that can cause arguments.
Not having a full contract can lead to serious ramifications. If a contract is incomplete or omits key matters, a purchaser may be entitled to rescind, even if it is settlement day. In serious cases, the failure to disclose the information may be misleading conduct, which may involve legal consequences.
The vendor can face serious consequences if the contract is less than complete. If the contract misses any of the required documents or legal disclosures the sale will collapse. This could cause the sale to be delayed or cancelled or dispute issues on settlement. It’s our duty as the vendor’s conveyancer to ensure that the contract is complete.
Before marketing the property even off the market, the real estate agent will be chasing you for the paperwork to prepare the contract. To streamline your property sale and avoid losing potential buyers, the process begins with you as a vendor contacting a conveyancer to initiate the formal paperwork. Once the conveyancer prepares the contract of sale, the real estate agent is legally cleared to begin advertising the property. At Flash Conveyancing, we prioritize speed and quality, typically delivering a completed contract within 1 to 2 business days—though this can extend up to 5 days depending on the availability of online property certificates. Contacting your conveyancer immediately ensures that your agent can market the property without delay, preventing missed opportunities or a lost sale.
We prepare contracts at Flash Conveyancing that meet all requirements under the law for sale. Under the direction of Julian and Renee, we have over 13 years of experience working in New South Wales. Our expert advice will help you avoid any legal mistakes and feel comfortable moving forward with your sale.You leave legal details to Flash Conveyancing, and you can focus on your next move.
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