Common Contract Conditions When Buying or Selling a House Selling a property should be easy. You engage a real estate agent, set an asking price, hold a couple of open inspections, and the offers start pouring in. Right? And buying a home should be just as effortless. You find a place you love, submit a reasonable offer and the Vendor accepts. Sure thing! In reality, most purchase offers will contain conditions, and these can range from simple to complex. As Conveyancers, it is our job to understand the conditions contained in the offer, and the potential implications for both the Vendor and Purchaser. As a Purchaser, you have the opportunity to make your offer subject to various conditions to protect your interests. The real estate agent may offer to draft these conditions for you but it’s important to remember they are acting on behalf of the Vendor, so we recommend asking your Conveyancer to write any offer conditions for you. As a Vendor, you should also have your Conveyancer review the offer conditions to ensure you are adequately protected. Your Conveyancer may recommend making changes to the conditions of sale or the wording of any conditions if they are not in your favour or put you at risk. When a contract includes conditions, it will also outline what happens if each condition is not met, including whether the Purchaser can cancel the contract and if any deposit is refunded. Here are six of the most common contract conditions included in a purchase offer, and what they mean: Subject to finance: This gives the Purchaser time to organise a loan for the property they are buying. It means that if their loan application is refused, they may choose to terminate the contract and not proceed with the purchase.  Subject to valuation: This is often included with a ‘subject to finance’ condition as loan approval is almost always dependent on the property valuation.  Subject to sale or settlement of sale: When the Purchaser needs to sell their own home to finance the purchase, this type of condition may be included. As a Vendor this means the transaction will only go ahead once the Purchase has sold their property, or once the property sale has settled, which could cause considerable delays. Subject to building inspection and/or pest inspection: Building and pest reports can identify any problems with the property, ranging from minor issues like a cracked window to serious issues such as termites or structural damage which could end up being costly. Fixtures and fittings: In most cases, fixtures and fittings are included in the sale but if there are specific items to be included or excluded, this should be set out as a condition in the contract.   Repairs or removal of rubbish: Sometimes the Purchaser will make requests related to specific repairs needed or tidying up required. Depending on the type of work involved, the contract may allow a claim for the cost of performing the works if not completed, rather than termination of the contract. At Cornerstone Conveyancing SA our experienced and friendly team can help guide you through the process of buying or selling a property, and help you understand any contract conditions involved. Our Certified Practising Conveyancer status gives you peace of mind, and you can rest easy knowing we are fully accredited and compliant with government registration requirements and with the Australian Institute of Conveyancers SA Division. As a family business, we truly appreciate your trust in us and pride ourselves on providing exceptional customer service at every stage throughout your property transaction. We would love to have a chat with you about your property sale or purchase and invite you to get in touch with any questions you may have. ...

Did you know that there is a difference between a Registered Conveyancer and a Certified Practising Conveyancer?In summary, while a Registered Conveyancer is subject to certain restrictions and requirements designed to protect consumers, a Certified Practising Conveyancer is held to a higher standard, with requirements for ongoing professional development and annual recertification. Our Director Nicole Rajan (nee Xenides) is a Registered Conveyancer with an Advanced Diploma in Conveyancing, and a Certified Practising Conveyancer (CPC).Not sure how this makes a difference to you? Keep reading for the finer details.In South Australia, anyone except a legal practitioner who prepares legal documents to transfer property to a new owner must be registered as a Conveyancer with Consumer and Business Services (CBS), a division of the South Australian Government’s Attorney-General’s Department.This includes sole traders, partners in a partnership, and companies.Anyone holding this registration is known as a Registered Conveyancer, and this system is designed to protect consumers by ensuring that only people with appropriate qualifications are providing conveyancing services.Registered Conveyancers also need to follow specific legal procedures when preparing and processing documents for property transactions, and they must hold funds received from clients in a Trust Account held in a bank, building society or credit union which has been approved by CBS.It is also compulsory for conveyancing businesses to have professional indemnity insurance from a company approved by CBS.This all sounds very complicated, but when conveyancers are dealing with large sums of money and sometimes complex property transactions, you want to know they are qualified and compliant!If you want true peace of mind when you’re dealing with a property transaction, we recommend you engage a Certified Practising Conveyancer.This offers an even greater level of protection because this title is only awarded to conveyancers who meet an additional set of criteria set by the Australian Institute of Conveyancers (AIC).Here in South Australia, for a Registered Conveyancer to attain the title of Certified Practising Conveyancer they must:Be a practising Registered ConveyancerHave a minimum of 24 months of experienceBe a fully paid-up member of the Australian Institute of Conveyancers SA Division (AICSA)Have attained 100 professional accreditation points (which equates to a minimum of 10 hours of professional development training or equivalent) in the previous calendar yearReapply for the right to use the CPC title each calendar yearAt Cornerstone Conveyancing SA we take great pride in our Certified Practising Conveyancer status and our entire team has a commitment to ongoing professional development. We are fully accredited and compliant with government registration requirements and with the Australian Institute of Conveyancers SA Division.Even the support staff within our practice hold relevant qualifications for their specific duties, including the Australian Institute of Conveyancers SA Division, Certificate in Practical Skills.As a family business, we truly value the relationships we have with our team, our clients, referrers, suppliers, and supporters and we strive to contribute to the South Australian community in a meaningful way. The satisfaction of our clients is our highest priority, and we pride ourselves on providing exceptional customer service at every stage of the conveyancing process.We would love to have a chat with you about your property transaction and invite you to get in touch with any questions you may have. ...