The contract of sale for a property sets out the rights and obligations of both the buyer and seller. At its heart it details the property being sold and the price being paid for the property. However, the contract of sale included much more than just the price paid for the property. It details when the price must be paid and how much of a deposit is required, it covers who is to pay for any taxes associated with the purchase and what happens in the event that any disputes arise.
For the sale and purchase of such an expensive and important asset, it is important to understand your rights and obligations under your contract of sale.
A contract of sale is a legally binding document and there are consequences for not complying with your obligations under the contract. Breaches of a contract can include not paying the deposit when required or failing to pay the balance of the purchase price at settlement.
