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When buying a property, it’s crucial to determine the name that will be on the contract, as this is a legally binding document. Buyers often face uncertainty regarding whether the property will be listed under one name, both parties' names, or potentially under a company, business name, or trust. Before making a purchase, it's essential to consult with a broker, solicitor, or accountant to clarify the correct naming. An example illustrates the importance of this: a recent incident involved buyers wanting to change the contract name from an individual to a company after winning an auction, but they faced challenges as there was no cooling-off period in a binding contract.
