Ensure all details in the Reference Schedule, such as names, property description, and dates, are accurate. Notify your conveyancer immediately if you find any errors.What does "time is of the essence" mean in my contract?It means you must strictly adhere to deadlines in the contract. Missing a deadline could allow the buyer to terminate the contract or enforce it with possible claims for compensation.
The deposit shows the buyer’s intention to proceed with the purchase. It must be paid on time, usually held in trust until settlement. If the buyer defaults, you may be entitled to keep the deposit and claim compensation.
If your contract includes a building and pest inspection condition, the buyer must use licensed inspectors and notify you of the results. If the inspection is unsatisfactory, the buyer may terminate the contract, but they must provide a copy of the inspection report.
The buyer must take reasonable steps to obtain finance approval and inform you of the outcome by the finance date. If they don’t, either party can terminate the contract.
If the buyer is late with any payment, they must pay interest from the due date until payment is made, at the rate specified in the contract.
Disclaimer: Every property transaction is different, and the information provided may not be relevant to your circumstances. By using this site you agree that the information provided is for general purposes only and does not constitute legal, financial, or professional advice.
