August 12, 2013
Property expert Cam McLellan talks about why reading the fine print is so important.
Get things in writing. I repeat, get things in writing. I do this with everything.
In business, it’s now habit for me to ask people to email me things in writing, minutes of meetings, verbal agreements, etc. This also helps keep me organised. There are no grey areas when things are in writing.When it comes to property investing and business, where possible, I write my own contracts for everything.
If you use someone else’s contract to do a deal, it will all be in their favour, not yours.
Don’t sign anything until you understand every part of the deal and contract. Learn to love navigating around contracts.
Contracts are like the old Choose Your Own Adventure books. When you see a reference to another section in a contract, stop and go to that section, find out what it refers to. It could say, “you will skip through a daisy garden and all will be fine”. But it could say, “you’ve just been eaten by a dinosaur”. Take time to check contracts in their entirety and understand them before signing.