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When buying a property, it's crucial to clarify whose name will be on the contract. This can include one person, both parties (like a husband and wife), siblings, a company, business name, superannuation fund, family trust, etc. It is essential to check with your broker, solicitor, or accountant before purchasing the property to ensure the correct name is on the legally binding document. One recent incident highlighted the importance of this, as buyers wanted to change from an individual name to a company name after entering a binding auction contract with no cooling-off period.
