MartinShields
Before you sign a sales contract, make sure you understand what your property agent will handle, what you’ll pay, and when key steps must happen. Ask how the agent will provide documents, respond to questions, and manage disclosures. You’ll also want clear answers about missed deadlines or a sale that falls through. A few specific questions now can help you avoid costly surprises later.
Key Takeaways
- What duties must I complete, what documents are required, and what happens if I miss a deadline?
- What fees and expenses will I pay, when are they due, and are any deducted from the sale proceeds?
- What are the key dates for signing, marketing, offers, settlement, and payments, including holiday adjustments?
- What happens if the buyer withdraws, financing or inspection conditions fail, or the sale falls through?
- Who handles deposits, disputes, and breach notices, and can you confirm all procedures and unclear terms in writing?
What Should You Ask About Your Contract Duties?
Before you sign, ask your property agent to explain exactly what the contract requires you to do. Review each duty, including when you must provide documents, respond to requests, or complete required forms.
Ask which contract clauses set these obligations and what could happen if you miss a deadline or fail to act. Don’t rely on assumptions or verbal summaries; request clarification in writing when a term seems unclear.
Confirm whether you must disclose specific information about the property or notify anyone about changes before completion. Ask your agent to distinguish their agent responsibilities from your own duties, so you know who handles each task.
If a clause appears unfair or confusing, ask whether you should seek independent legal advice before signing. Make sure you understand every obligation you’re accepting.
What Costs and Timelines Should You Confirm?
Ask your agent to list every cost you may face, including commission, marketing, legal fees, taxes, and any contract-related charges. Confirm which fees you’ll pay upfront, which come from the sale proceeds, and whether amounts include applicable taxes.
Ask what happens if a property inspection requires further reports, and who pays for them.
Review financing options and any costs tied to your chosen arrangement, such as discharge fees or bridging finance.
Then get a clear schedule for signing, marketing, offers, settlement, and payment. Ask when each milestone starts, what you must provide, and how much notice you’ll receive.
Confirm whether weekends, public holidays, or lender processing affect deadlines.
Request all dates and cost estimates in writing, and check the contract against them before you sign.
If anything remains unclear, ask your agent or conveyancer to explain it.
What If the Buyer Withdraws or the Sale Falls Through?
If a buyer withdraws or the sale falls through, your options depend on the contract and local law. Ask your agent what steps you should take, when you can relist, and whether you must return the deposit. Don’t assume you can keep it; the agreement may require a specific process or dispute resolution.
Review Contingency clauses carefully. They may let the buyer cancel if financing, inspections, or another condition isn’t met. Ask your agent to explain each deadline and notice requirement, and confirm whether the buyer has waived any condition.
Discuss Legal implications with a qualified lawyer if the buyer breaches the contract or you’re unsure about your rights. Ask who’ll handle deposit disputes, marketing costs, and communication with the buyer. Get the next steps in writing before you act.
Conclusion
Before you sign, ask your property agent to explain every duty, cost, deadline, and disclosure requirement in writing. Confirm what happens if the buyer withdraws, how disputes are handled, and which fees you’ll still owe. One useful benchmark: the National Association of Realtors reports that 5% of purchase agreements were terminated in 2024, underscoring why you should clarify cancellation terms. Don’t rely on verbal assurances. Review the contract carefully, and get independent legal advice if anything’s unclear before you commit.
