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It is crucial to determine the correct name that will be on the property contract before purchasing. This includes deciding if it will be in one person's name or multiple parties, such as a couple, siblings, company, or trust. Consult with professionals like brokers, solicitors, or accountants to ensure the name on the contract is legally binding. A recent incident showed the complexities of changing names on a contract after purchase, emphasizing the importance of clarity before entering into a binding agreement at auction.