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When purchasing a property, it is crucial to determine whose name will be on the contract. This includes deciding if it will be in one person's name, both parties' names (e.g. husband and wife), two brothers, a company, a business name, a superannuation fund, or a family trust. Before buying, consult your broker, solicitor, or accountant to clarify this, as the contract is legally binding. A recent incident involved buyers wanting to change the name on the contract after purchasing at auction, highlighting the importance of addressing this beforehand to avoid complications.
