A sale and purchase agreement can be one of the most intimidating parts of selling a home. There is a lot of information, unfamiliar language and a major financial decision sitting behind every signature.
Understanding the basic real-estate terminology can make the process feel less overwhelming.
Conditions
Conditions are requirements that need to be satisfied for an agreement to become unconditional. The specific conditions depend on the offer and the circumstances of the buyer and seller.
Your lawyer or conveyancer should advise you on the legal effect of any conditions before you sign.
Chattels
Chattels are items associated with the property that are included or excluded from the sale. The agreement should make it clear what is staying with the house so both sides understand what is being purchased.
Possession date
The possession date is the agreed date when the buyer is entitled to take possession of the property, subject to the settlement process and the terms of the agreement.
You should not have to feel lost in the process
Part of an agent’s role is to help you understand the real-estate process in plain language and make sure you know what stage comes next. Legal interpretation and advice, however, should come from your lawyer or conveyancer.
If you are selling for the first time and want the overall process explained clearly, talk with Shani and bring your legal questions to your lawyer before signing.