What do I need to put in a Contract of Sale?

In addition to the usual particulars such as the names of the buyers and sellers, purchase price and any special conditions, you need to insert the details of anything, which may affect the property. The two most common examples of this are the names of tenants if the tenants will remain in the property after settlement and the details of any easements which may affect the property. Examples might be a drainage easement or an access easement where you have the right to travel over your neighbour’s property to reach the road.

If these matters are not disclosed in the contract the buyer may be entitled to pull out of the contract or claim compensation from you even if they were advised of this prior to signing the contract. Even where you have given this information to the real estate agent or solicitor to include in the contract you, should still check that the contract has been prepared correctly as you are the person signing the contract not the solicitor or real estate agent.