In Australia, the purchase contract is generally made in duplicate, one signed by the buyer and one exchanged by the seller. The buyer keeps the contract signed by the seller, and the seller keeps the contract signed by the buyer, which is called "exchange contract". The exchange date of this contract is the effective date of this contract. Since then, the purchase contract has been called a binding legal document.

Many buyers may be abroad when buying Australian real estate and cannot fly to Australia to sign the contract. So how to sign the contract effectively and timely to ensure its binding force? There are generally two simple methods. Today I will briefly introduce the advantages and disadvantages of these two methods.

A copy of the signature

Before signing the house purchase contract, the buyer's lawyer will review the terms of the contract and explain the risks, responsibilities and obligations to the buyer. At the same time, he will negotiate with the seller's lawyer, put forward corresponding requirements according to the buyer's instructions, and modify some contract terms according to experience to protect the rights and interests of investors.

It usually takes several working days or even longer from the lawyer to review the contract and actually exchange the contract. At this time, the buyer can send the original signed contract to his attorney by express delivery, so that the buyer and the seller can exchange the contract as planned.

Under normal circumstances, if the original signed contract cannot be mailed to his attorney in time, the attorney will negotiate with the seller's lawyer in advance, exchange the contract with the copy of the contract signed by the buyer, and hand it over to the seller's lawyer after receiving the original signed contract.

This is a simple and economical method, but it also has certain risks, because not all sellers will agree to exchange contracts through copies. Once the seller refuses to exchange copies, even if the buyer immediately mails the original signed contract, the favorite house is likely to be put back on the market or sold to other buyers within the time difference of these working days. Because the buyer and the seller have not formally exchanged contracts at this time, there is no direct legal relationship between them, and the seller has not made any commitment to the buyer.

II. Power of Attorney (Power of Attorney)

Buyers can appoint their own agents to sign the purchase contract in Australia by setting up a power of attorney in advance. Simply put, the power of attorney allows the buyer to appoint another person to manage and decide his own finances on behalf of the buyer (such as managing the buyer's bank account in Australia, etc.). ), including real estate matters. In fact, many property sellers in Australia sell their properties through power of attorney.

For example:

A homeowner wants to move from Australia to the United States for work reasons, and intends to sell his house, but no one is sure when his house can be sold at a reasonable price. Maybe a week, maybe a month, maybe three months. In order not to affect the original plan, the owner will entrust an agent before leaving the country, and can sign the contract on behalf of the owner at any time after the real estate agent finds a suitable buyer.

The agent must be an adult he trusts (such as an accountant, a lawyer, etc.). ) and over 18 years old, because once the power of attorney comes into effect, the agent's behavior is legally binding on the buyer. There are several different types of power of attorney in Australia, and the authorization items can be quite extensive or quite limited. As the power of attorney is a complicated legal document, it is best for the buyer to consult independent legal opinions before signing it to ensure that he is aware of the rights he has granted to the agent.

In New South Wales, if the power of attorney involves real estate matters, it must be registered with the Land Bureau before the agent can sign the purchase contract on behalf of the buyer. The buyer must also personally sign the power of attorney in front of the legal witness, who will sign the power of attorney. States in Australia have slightly different requirements for legal witnesses, so buyers should prepare power of attorney when they are in Australia to facilitate matters such as buying a house, lending and selling a house in the future.

If people are abroad and want to buy a house, it may be more direct and convenient to exchange contracts by signing copies. However, the risk is that buyers may miss a good house for a long time. The power of attorney prepared in advance just makes up for this risk and allows the agent to sign the contract in time. Of course, signing the power of attorney involves a certain amount of legal fees and land bureau registration fees (about 500 Australian dollars), which is also a factor that buyers should consider.

Finally, I would like to remind domestic investors that the requirements of housing contracts in Australia are different from state to state, and the contracts of each house will be different, which is why our lawyers should look at the contracts.