What’s involved with a contract & when do I have to get this prepared?
Under NSW law, a property is not to be marketed or offered for sale unless a contract is available to be looked at by a buyer and if they are happy to pay the price, signed by a buyer.
There are no verbal contracts when it comes to sale of property in NSW because the law specifically says that a contract for sale must be in writing. If a buyer has an agreement with a seller and goes off to get their finance organised and hasn’t signed a contract, then another buyer can come and make an offer The seller is free to sell to the highest buyer or to change their mind and not sell at all.
The contract of sale must have everything the Conveyancing Act requires to be a valid contract. The solicitor generally organises these papers and it takes about a week for everything to be obtained from council, water board etc. During this time the property cannot be advertised or buyers told about it.