A Contract for Sale is one of the central documents in the home sale process. It outlines the terms and conditions between the seller and purchaser.
Before you or any agent markets your property, a ‘Contract for Sale’ must be made available to prospective buyers. Not having one is an offence under NSW law and can result in heavy fines.
The contract outlines the terms that bind the purchaser and seller as agreed-upon terms. In NSW, the contract for sale must be drafted and ready before a party markets their property.
A Contract for Sale must state the following:
- names of the vendor and purchaser
- property’s address
- Sale price
- property’s settlement date
- deposit that must be paid
- personal property that the vendor may include within the sale
- Financing information.