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‍What potential issues might the contract itself have?

The contract itself may have issues such as

What is a Section 32 Statement?

A Section 32 Statement is a legal disclosure document that sellers in Victoria must provide to potential buyers before signing a contract. It outlines key property details, including title information, zoning, and any restrictions.

What are the requirements if my property has a swimming pool?

If there is a swimming pool on the property, you must provide a current Pool Safety Certificate (PSC)before settlement. Failure to do so could allow the buyer to terminate the contract.

What warranties am I giving as a seller?

You warrant that you are the registered owner, capable of completing the sale, and that there are no undisclosed legal issues affecting the property, such as enforcement notices or pending claims.

Before any Buyer purchases a home or vacant residential land, they should be aware of a range of issues that may affect that property and impose restrictions or obligations on them, if they buy it. This checklist aims to help the Buyers identify whether any of these issues will affect them. The questions are a starting point for guidance purposes only.

When entering into a property contract, it's essential for both parties to fully understand the consequences of a default. A default occurs when the Buyer fails to fulfill their obligations under the terms of the contract. This can happen for a variety of reasons, such as failure to secure financing, not paying the required deposit, or simply not completing the purchase by the agreed-upon settlement date. The implications of default are serious and can lead to significant financial and legal repercussions for the Buyer. For the Seller, there are specific remedies available to mitigate the impact of a Buyer's default and to ensure that they are compensated for any losses incurred.

In Victoria, the Sale of Land Act 1962 (Act) allows for the early release of a buyer's deposit to the seller before settlement under Section 27. Here’s how it works:

What is a pre-settlement inspection?

The buyer has the right to inspect the property before settlement to ensure its condition hasn't changed since the contract date. Cooperate with the buyer to facilitate this inspection.

What documents do I need to sell my property?

Before listing your property, you must have a contract of sale prepared by a solicitor or conveyancer. It must include a title search, zoning certificate, and any council approvals for past renovations or modifications.

The Seller must allow the Buyer access to the Property once for the purpose of conducting a pre-settlement inspection to check on the condition of the Property.