Pacific Law Team – Residential Contracts – 9th April 2025

In this informative session, Calvin Kong from Pacific Law walks through the vital elements of residential property contracts, emphasising that no two deals are the same—even neighbouring properties can come with vastly different legal risks. Whether buying a house, unit, off-the-plan apartment, or dealing with distress sales, Calvin highlights the need to match contract terms to your “why” and investment strategy.

Common Pitfalls and Costly Mistakes
Drawing from real-world examples, Calvin illustrates how simple errors—like mismatched contract prices or incorrect documentation—can cost investors dearly. He warns against relying solely on agents or rushing through DocuSign processes, and stresses the importance of legal review before signing anything.

Disclosure, Due Diligence and Special Conditions
From asbestos and zoning to easements and incomplete renovations, failing to do proper searches—or having the legal right to exit based on what you discover—can leave you stuck with expensive problems. Calvin recommends including tailored special conditions to protect your interests and ensure you can walk away if key deal-breakers emerge.

Legal Structure and Timing Matter
Calvin explains why your buying entity must be set up in advance. Delays in forming a trust or SMSF can cost you the deal—or worse, result in double stamp duty. He also clarifies contract timing rules and state-based risks, such as when insurance becomes the buyer’s responsibility in Queensland.
This session is a clear reminder that property contracts aren’t just paperwork—they’re legally binding commitments that demand professional guidance. By understanding the terms, protecting your rights with the right clauses, and avoiding assumptions, you’ll be better equipped to contract safely, not just invest hopefully.

Action Items

• Ensure a building and pest inspection is conducted, even for newer properties, to avoid potential issues down the line.
• Review the disclosure requirements for residential property sales in the speaker’s state.
• Consult with a lawyer to understand the implications of “as is, where is” clauses in property contracts.