Contract of sale
Under Northern Territory (NT) law a contract of sale of land form, that is approved by the Registrar or Law Society of the NT, must be used for all property sales.
Under the law a real estate or conveyancing agent must not prepare or finalise a contract of sale of land unless it has been approved by the Registrar of Land, Business and Conveyancing Agents or the Law Society Northern Territory for people other than lawyers.
Contract of sale information
The contract of sale will provide all of the following information.
The contract of sale must include all of the following names:
- the name and address of the seller
- the name and address of the seller’s conveyancer or solicitor
- the name and address of the buyer
- the name and address of the buyer’s conveyancer or solicitor.
The contract of sale will include all of the following relating to the sale of the property:
- particulars of the property sold
- improvements included in the sale, if included
- furnishings or chattels included in the sale, if included
- the purchase price
- amount of deposit and where held in trust.
The contract of sale may include the following:
- any tenancy that will continue after settlement
- any registered interests in the property
- any fees if the buyer wants early possession.
- default interest
- finance if required to purchase
- any special conditions.
Before you sign
You should make sure that all items to be included in the sale are included in the contract.
You should not be pressured into signing a contract unless you understand it.
The standard terms of the contract will provide for all fixtures and fittings.
These are any items that are screwed, bolted, joined, nailed, glued or plumbed into a property.
Fixtures and fittings must be sold with the property unless otherwise recorded that it is excluded in the sale.
Make sure that all alterations made during negotiations are initialled with your signature, and that any special conditions can be met within your agreed time frames.
The contract exchange is an important point in the sale process.
Two copies of the contract of sale are prepared, signed and exchanged.
You and the seller will each receive a copy of the contract.
The contract is not binding until the copies are exchanged.
Contracts for the sale of property not sold by auction must provide the buyer with a cooling-off period of four business days.
It means the buyer can cancel the contract of sale without penalty or explanation.
The cooling-off period starts the day that the contract is last signed by either you or the seller and exchanged.
The cooling-off period may be waived, reduced or extended by negotiation and agreement with the seller.
Last updated: 17 August 2017