Real estate can be a good investment but it pays to do your homework. As recent times have shown, it is just as easy to lose money as to make money in owning real estate. There are lots of things that can go wrong when purchasing real estate. And it is when you are purchasing that you make your money in real estate. In real estate you make your money when you buy, not when you sell. If you pay too much upfront or buy the wrong property, you will not make money on or even lose money. Real estate is a relatively large and expensive transaction compared to buying appliances or a car. Because of the big dollars involved, any serious mistakes have the potential to be catastrophic.
Sale of Land in New South Wales is done with the Contract for Sale of Land created by The Law Society of New South Wales and The Real Estate Institute of New South Wales (‘the Contract’). Over recent years, the Contract has had several new editions.