Page 7 - Real estate: a guide for buyers and sellers

Introduction

Read before you sign Definitions

While buying or selling you will come For the purposes of this guide, the:
across different types of contracts such
as loan contracts, authorities to sell and • vendor or owner of the property being
contracts of sale. sold is referred to as the seller

Ensure you understand all terms, • mortgagee is referred to as the lender
conditions and fine print. Make sure • mortgagor is referred to as the
anything agreed to verbally is put in
writing so you know exactly what you are borrower
committing yourself to. • purchaser is referred to as the buyer.

Make sure you read and fully You can find further definitions in the glossary
understand what you are on page 46.
signing, before you sign it.

If something is unclear, ask for an
explanation. If you are still uncertain, it is
better to wait and seek professional advice
before signing. You should keep a copy
of all documents you have signed as a
record.

Foreign investors

If you are enquiring about buying
property in Australia and you are not an
Australian citizen or permanent resident,
contact the Foreign Investment Review
Board at firb.gov.au for more information.

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