A Sale and Purchase Agreement is not just a formality. It records the parties, property, price, payment timing, completion obligations and remedies if something goes wrong. Buyers should review the SPA carefully with their lawyer before signing.
Check the core details
Confirm names, IC/company numbers, property address, title details, parcel/accessory parcel information, purchase price, deposit, balance payment deadline and stakeholder arrangements.
For upfront cost planning, use the PropGo stamp duty calculator and legal fees calculator before committing to the timeline.
Review timing and possession
Completion date, late-payment interest, vacant possession, apportionment of outgoings and utility handover should be clear. If the property is tenanted, confirm whether vacant possession or existing tenancy applies.
For strata property, ask about maintenance charges, sinking fund, house rules, renovation approvals and outstanding sums. These can affect ownership immediately after completion.
Use professional advice
This checklist is not legal advice. It helps buyers ask better questions before their lawyer explains the SPA. If a clause is unclear, get written clarification before signing.
FAQ
Can a buyer change SPA clauses?
Some clauses may be negotiable, especially in subsale transactions, but changes depend on seller agreement and legal advice.
Should I sign before loan approval?
That depends on the transaction structure and risk tolerance. Buyers should understand financing deadlines and consequences before signing.