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At Settlement, what property issues must I accept?

The standard contract provides that you accept the property:

You have a right to terminate the contract for any reason, including if you change your mind. This right exists only for a limited time and is called a Cooling-off Period.

What potential issues might the contract itself have?

The contract itself may have issues such as

What stays and what goes?

Understanding what items stay with a property and what can be taken by the Vendor is a crucial aspect of any real estate transaction. Inclusions are those items you expect to remain in the property when you take over ownership, for example curtains, stove and dishwasher inmost residential properties.

The deposit must be paid to the Deposit Holder as required by the Contract terms which can sometimes be immediately.

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.

Securing finance approval is a critical step for Buyers when entering into a property contract subject to finance. The finance clause is intended to provide the buyer with an opportunity to exit from the contract if they are not able to obtain sufficient funding from their lender to complete the contract. The common timeframe for these clauses is 14 –21 days after the contract date.

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.

Stamp duty, also known as Transfer Duty, is a crucial state tax to understand when purchasing property in Victoria. This state tax applies to various property transactions and can significantly impact the overall cost of buying a property. In this article, we'll explore what stamp duty is, how it's calculated, and the key considerations for Buyers, including potential exemptions, concessions, and additional duties for foreign Buyers. Understanding these factors can help you navigate the property market more effectively and avoid unexpected costs.

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.