Posts about:
The Section 32 Vendor Statement (“section32 statement”) is provided as a disclosure to Buyers before they sign the contract. There are serious consequences to the Seller for knowingly or recklessly providing false information or failing to supply all required information, including providing you with a potential avenue to validly rescind the contract prior to settlement.
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:
When purchasing a property, it is important for Buyers to understand their responsibilities and risks concerning insurance coverage. This overview highlights the key considerations for ensuring proper insurance is in place from the moment a contract is signed until settlement. Additionally, it outlines the insurance obligations for different types of properties, including strata and low-rise developments, to help Buyers navigate their responsibilities effectively.
Some issues or search results affecting the Property may exist which you are unaware of, but be forced to accept, such as:
Time is of the essence of the Contract. This is a legal term that means you must perform your obligations strictly by the due date. For example, subject to any right of extension you may be entitled to exercise, you must be able to settle by 5pm on the settlement date; otherwise the Seller may issue the Buyer a Notice of Default requiring the Buyer to complete settlement within 14 days. If the Buyer fails to complete settlement within this period, the Seller may either terminate or seek to enforce the Contract. In both cases, the Seller may claim compensation from the Buyer, including charging you default interest on the unpaid balance due at settlement and passing on additional legal costs incurred by them to the Buyer due to their delay in completing settlement.
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.
Understanding what items stay with a property and what can be taken by the Seller is a crucial aspect of any real estate transaction. The distinction between chattels and fixtures often leads to confusion, but it's a key factor that can significantly impact both the Buyer and Seller. Whether you're preparing to buy or sell a home, knowing the difference and ensuring clarity in the contract can prevent potential disputes and ensure a smoother transaction.
The Particulars of Sale of the Contract contains important details specific to your agreement. It's important to review it carefully to ensure all information is correct and if you notice any inaccuracies, inform relevant parties as soon as possible.
Steps that must be taken in relation to conditions to which the Contract is subject (such as a finance condition or a building and pest inspection report condition) and the exercise of rights of termination that may arise.
If the contract of sale is subject to lease, it means any tenant occupying the premises will remain after settlement is complete, continuing to pay rent to the new owner. The new owner will be unable to move into the property until the tenancy agreement period ends or the tenancy is lawfully terminated. All terms contained in the tenancy agreement will apply to you from settlement date onwards.