When purchasing residential property it is important to understand the legal effect of a contract of purchase.

A failure to understand the legal effect of a contract of purchase could result in:

1. Loss of your deposit
2. Loss of your cooling off rights
3. Not buying what you thought you were buying
4. An inadvertent breach of contract giving rise to a claim for damages against you by the vendor

The best time to obtain advice on a contract of purchase of residential real estate is before you sign it.