Don’t get caught! Read the fine print on the real estate contract
Don’t get caught! Read the fine print on the real estate contract.
Every once in a while we all skip over the details on a document and either sign or click ‘okay’ on the internet.
Although this is generally harmless when it comes to updating software or signing up for a store membership card, doing this with your real estate contract, can lead to very bad consequences, since real estate transactions are huge.
While there is a certain degree of risk associated with all types of real estate investment, it can be argued that delving into property involves more of a gamble than it did, say ten to 15 years ago.
Global instability and an increasingly intertwined economy make the trade environment and the general confidence level shaky at best.
Australia is faring better than most advanced nations and the solid federal finances, low unemployment and continuous pipeline of investment support the prospect of successful ventures.
However, as seasoned investors know, not having a backup plan in place can leave you vulnerable not only to outside influences but those who are in desperate situations themselves.
Be meticulous with your real estate contract
For anyone embarking on a new real estate venture, it is worth being meticulous about the details of the real estate contract agreement, and then get it looked over again by a professional.
President of the Law Society Justin Dowd said the importance of knowing your legal obligations during a property transaction cannot be understated.
“Making a mistake or misunderstanding the legal requirements when buying or selling property can have a significant impact on your finances and lifestyle,” Mr Dowd said in a statement issued October 31.
Essentially, it is quite dangerous to enter into an agreement which you do not fully understand, especially when it involves one of the largest financial commitments that many people make in their lifetime.
It is always advisable to enlist the services of a qualified professional and solicitor in matters of major property transactions.
Comments
Got something to say? Post a comment...
You must be logged in to post a comment.
Thank you for this reminder, I have been a little relaxed with things of late….
It was been embedded into me due to my Grandpa's not only attention to fine print and detail but also the colour of the signature – due to his colour issues – he always signed in blue pen. In the late 80's, in his company another person started signing on his behalf including ownership and company documents. Same initial and and same surname as my grandpa- completely different signature and completely wrong person, completely different gender….
The fraud that was committed resulted in two people serving time in prison. The problem was it was the correct name – different signature and the person accepting the signatures should have asked for further identity checks from the other person… but because there was no checking that person also faced severe penalty.
My Grandpa's commitment to signing always in blue pen has assisted so many legal battles and other issues that arose from the complications flowing on from the fraud by this other person.
I used to be annoyed at his insistence on always having a blue pen, but the consistency has only served to provide clarity and a great sense of detail in the legal battles that are still going on even though he is no longer around.