Taking time to think about contracts

I PUT together a contract earlier this week, Sydney based buyer, local seller, and once we had all the details confirmed, it took all of five minutes from finishing filling everything out on our end, to the buyer receiving, reviewing, signing, and getting it back to us.

It’s literally half a dozen or so clicks using a platform like DocuSign or similar.

Five minutes, instead of sending, printing, signing, scanning and resending.

Five minutes, instead of, heaven forbid, printing, mailing and waiting on Australia Post to do the round trip.

As amazing as this all is though, and it really is amazing that legally binding documents can be completed so quickly and easily, it’s worth keeping in mind that at the end of the day these are just that – legally binding documents.

There have been more than a few occasions when I have had to explain to a buyer who has had their offer accepted that they have in fact had their offer accepted – for real.

No more paperwork, no coming in to sign something, the deal in fact has been done.

When the miraculous becomes commonplace and the temptation to be blase sets in, it’s important to remember to take things seriously, and importantly – look things over like you are spending hundreds or thousands of dollars, not like you are just skipping to the end of the terms and conditions for the app you just installed (though you should probably read those too).

First of all, make sure you clarify what it is you’re signing – and if the front page says ‘contract’ that should be your first flag to pay more attention.

Different agencies will take different approaches, and while you might just be given a one-page offer form to fill out (that binds noone and can be pretty bland), others will go straight to the deal in full.

If it’s the contract document, then take the time to read it and ask questions.

Most signing programs will also allow you to download the document, so you can pass this on to your solicitor or adviser.

If the terms are right, and you know what you are getting into, then great – but don’t forget to always check the simple things too, such as middle names and spelling which will save your solicitor headaches down the track.