11 May 2016

Do real estate sales contracts differ in each state?

Yes. The contract of sale is different in each state and it is recommended you be familiar and also seek legal representation for each new state you buy in, in order to minimise risk in the transaction. You will require a solicitor licensed in the state you are buying in and, as an example, not all NSW solicitors for instance are licensed for QLD contracts. Understanding the contract format in the state you are buying will make your offers more competitive. For instance, in QLD it is normal to request the contract ‘being subject to finance’ but in NSW it is not, and requesting this may make your offer less desirable to a vendor.

This article is provided for general information only and does not constitute personal advice, as it does not take into consideration your personal circumstances. Please consult a licensed tax or financial advisor before making any decision to invest.