Buying or Selling a House? You need to read this!!

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If you are buying or selling a house or residential land then you need to be aware of the changes to the Contract for Houses and Residential Land, tenth edition.

Under previous editions of the Contract, the bank fees payable for up to four bank cheques requested at settlement by the Seller was payable by the Buyer.

Under Item 2.6 Adjustments to Balance Purchase Price in the Terms of Contract for the tenth edition, in particular subsection (13) which states:

(13) The cost of bank cheques payable at settlement:

(a) to the Seller or its mortgagee are the responsibility of the Buyer; and

(b) to parties other than the Seller or its mortgagee are the responsibility of the Seller.

Be aware of this new edition and make sure you add any amounts for bank cheques to your figures.