Conveyancing Process: Contract Dates For Properties

There can be a number of conflicts between the buyer and the seller when a property is traded. To prevent many of these conflicts, there is often a legal requirement for preparation of certain documents such as the conveyancing contract that are to be signed by both the buyer and the seller in order to state their consent. These documents are generally prepared by the conveyancing solicitors and are considered to be legally binding for both parties. The purpose of such documentation is to ensure that rights of both buyer and seller are well protected during the conveyancing process.

 

One of the causes of dispute can be the contract date. It is often a question as to what date should be inserted as the Contract Date when the property contract is being prepared. Conveyancing solicitors in Gold Coast suggest that this date should be the one when the seller signs the contract. However, there can be a conflict in this case with regards to the cooling off period. This is the time during which the buyer may terminate the contract due to any valid reason. The cooling off period will be five business days starting from the date the buyer receives the contract. This contract must be signed by both parties when the buyer receives it. The cooling off period cannot begin from the contract date mentioned in the item schedule of the contract.

 

There can be a dispute between the buyer and the seller as to when the contract was formed. If the date the seller signs the contract is used as the date of contract, it might not be accepted. This is because the buyer might not have communicated on the same date. The contract should be effective from the date the seller communicates acceptance of the offer to the buyer. However, regardless of the conflict, it is suggested that the seller should date the contract whenever signatures are put on the contract. In case there is a dispute regarding the contract or the cooling off period, it can be settled by both the buyer and seller amongst themselves. For more effective conveyancing works, conveyancing professionals come into assistance.

 

To make sure the entire conveyancing process is handled in a smooth manner, it is a good idea to hire conveyancing professionals. These experts are better able to guide both parties regarding their rights and responsibilities. They are also able to give a sound judgement regarding various issues of conveyancing, such as the date of contract and the cooling off period.

Guarantee the best quality of service at a low-cost, fixed price with Ownit Conveyancing! Tested and proven for over 30 years.

 

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Andrew Francey

B.Bus, GCAF, GAICD

Chief Operating Officer

Andrew has over two decades experience in high growth fast moving consumer goods, agribusiness and professional services. Supporting the Ownit team to deliver on client expectations, and implementing processes to scale the organisation, is a key focus for Andrew.

Andrew is a C-Suite leader with Chairman and Board experience.  He has formal qualifications in Business, Applied Finance and AICD Company Directors Course.

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