04 Dec Agents – Too Busy to read the New Contract?
Here’s the PDL Bullet point list
There’s a new look and feel about it, a fresh new layout and some key changes that we’ve been hoping would be included.
Some of the key features include:
- Title Encumbrances – must be specifically listed, especially statutory easements and covenants. It’s not sufficient any more to simple say ‘refer to title’ or searches will reveal. If you do, there is a risk that a buyer may be able to terminate, and your seller client won’t be happy.
- The “Warning Statement” is now included on the signing page, though it’s not as glaringly obvious as we were anticipating. (See below pic)
- The definition of business day has been amended to exclude working days between Christmas/New Year.
- Keys – there is a new (clearly stated) right given to the buyer to request to have the keys handed over at settlement, provided that request is made 2 clear business days before settlement.
- The Contract for Residential Lots in a Community Titles Scheme has also had a makeover, and similar provisions as outlined above have also been included.
As always, call us if you have any questions – better to ask to clarify what needs to be done before going to contract rather than trying to fix a potential nightmare later.
If you need any more information please contact our solicitor Kylie Drysdale