Conveyancing Resource Centre
Will I be protected if my agent prepares my contract?
Only people who are in the market and have bought before understand how big a question this is. This is because, in most States and Territories of Australia, it is common practice for the real estate agent to draft a contract on behalf of a seller.
Because most agents are not licensed to practice in law under professional standard legislation, they will use standard form contracts (such as the REIQ or ADL contracts) which allow them to enter template information in blank fields.
Even when these standard form contracts are used, there are often critical mistakes made by agents such as omissions or errors which can be costly for both the seller and buyer. A clear example would be failing to ensure the property description or lot particulars are entered or otherwise misspelling a name.
Statistically speaking, a very high volume of contracts forwarded to us from agents are incorrect, missing information or otherwise plainly wrong. It is for this reason that we always advise our clients to either have our firm complete the contract based on their individual needs or otherwise review it before signing.
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