Unless the information in the Schedule to the contract is completed and correct, the conveyancing finance clauses may not work.
Firstly, unless all items in the Schedule are completed the finance clause may not apply at all. That is, the contract may simply not be subject to finance.
Secondly, if the language used is vague, ambiguous or uncertain, this may mean that operation of the conveyancing finance clause may become uncertain and potentially unenforceable. For example, language like, “Sufficient to complete” for the finance amount or”Any bank or financial institution” for the financer may be dangerous.
Solution = whether you are selling or buying have our conveyancing lawyers look at the contract before you sign it. It’s always cheaper to get it right before you sign rather than try and fix it or argue about it later.