ChundaMars:doublehell: Forgot to mention - have your lawyer do a due diligence check on the property (first thing they will do is get a LIM report). Make sure that there are no upcoming consents for the area that have already been approved (like a pre-school etc.)
Make sure you check in with your lawyer before signing anything. Otherwise, make sure that whatever you sign has an exit clause that stipulates that everything is subject to the review and approval of your lawyer.
This advice is often given, but is actually a waste of time and wouldn't stand up in court - get your lawyer to check the document BEFORE you sign it, if you are worried.
Clauses that allow for checking of specific things by the lawyer (LIM reports, title checks etc.) are ok, but a blanket "subject to lawyers approval" doesn't cut the mustard.
This was the advice given to our company by our solicitor when I was in real estate a couple of years ago - not sure if there's actually been cases that have gone before the courts but would you really want to be the first?
Actually I know someone who earlier this year had exactly that happen to them - they were selling their house and everything was signed up and then 2 days before possession date the whole thing fell over because the buyers lawyer stop the deal. No reason given except that their lawyer wouldn't let the deal go ahead!
In discussion with others at the time it had been heard of happening a couple of other times. So it does happen.
Personally I think it just a cop-out clause that should never be allow.