Contracts – Real Estate Booby Traps!
by Peter Mericka B.A., LL.B Real Estate Lawyer and Qualified Practising Conveyancer Victoria Lawyers Real Estate
Most real estate consumers are aware that real estate contracts are biased heavily in favour of the vendor, and contain a minefield of terms and conditions. But very few realise that some contracts contain “booby traps” that can do serious damage to BOTH parties!
First, we refer readers to our last posting about auction bullying. The auction is an easy means by which unfair and unconscionable special conditions can be concealed from the purchaser.
Of course, auction contracts are not the only ones to contain booby traps – they are found in real estate contracts of all kinds.
The unsuspecting purchaser, having signed the contract (with the assistance of the smiling estate agent), eventually delivers a copy to give to his or her lawyer. It is at this point that the full impact of the terms and conditions contained in the contract hits the purchaser like an exploding booby trap.
So, what kind of booby traps can a purchaser expect to find in a real estate contract? Lets analyse an example and see just how dangerous they can be.
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