In what circumstances can a standard contract become non-standard?

You should know that when buying and selling residential property, nothing is ever simple. It is “made simple” by those that are experienced in the trade.

Even something that may on the surface look like a standard contract can quickly become a non-standard conveyancing matter if it does not include what should be included in the first place. For example, if you are purchasing a property for the purpose of investment, but you are not aware that the tenant is about to move out, you could end up settling a property without a tenant come settlement date. To protect you against this situation, you could ask your conveyancing lawyer to write a special condition into the contract that requires the seller to renew the tenancy agreement with the tenant as a precondition to settlement. This will protect your mortgage serviceability for at least 12 months after settlement.

Knowing what to include in a contract is just as important as knowing what not to include. It is all well and good to ask a conveyancing lawyer to include every term and condition to protect your best interest, but this may make it unappealing to your proposed buyer or seller. An experienced conveyancing lawyer will not only be able to draft terms that protect your interest, but phrase it in a way that is appealing to the other party so that they are more likely than not to accept your offer. If you do not take advantage of the opportunity to seek advice before you sign, you may be paving the way towards a non-standard conveyance sooner than you think.