Agents, sellers and buyers should be aware of the importance of contracts containing correct details prior to the parties signing a contract.

There are a number of potential consequences (often costly) that may arise due to contract errors being brought to light post-signing.

Whilst it is important for all contract details to be correct, an issue that is occurring more frequently are errors in the buyers details.

Some examples of these errors are:

• incorrect spelling of a buyers individual name or entity name, 
• omission of a name (for example a middle name),
• an incorrect entity being listed entirely or written incorrectly (this occurs commonly with trusts), and
• alias, nicknames or previous names (i.e. non legal names) being listed.

Potential issues that may arise due to an error in the buyers details include (but are not limited to):

• the need for contract rescissions, variations and/or statutory declarations,
• transfer duty implications,
• finance delays,
• settlement delays (which may incur default interest),
• default of the buyer under the contract (for example, if an extension of a due date is required to enable time to rectify the error and the extension is not granted),
• additional legal fees,
• additional financier fees, and
• dissatisfied sellers and buyers.

It is therefore always important to double check with all parties that the details contained within the contract are correct prior to signing and to accurately ID the parties involved to avoid any unexpected issues and delays arising throughout the transaction.

Contact Us

Purchasing, selling or transferring property? Get the best representation. Contact Quinn & Scattini Lawyers on 1800 999 529, email mail@rmold.newwebsite.live or submit an enquiry.

We are available to meet with you at any of our local offices (Brisbane, Gold Coast, Beenleigh, Cleveland and Jimboomba) or by telephone or video-conference.

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This update is for your information and interest only. It is not intended to be comprehensive, and it does not constitute and must not be relied on as legal advice. You must seek specific advice tailored to your circumstances.