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Purchasing a property?
Depending on the size, price and number of owners involved with the property purchase, there can be a number of different factors that affect your settlement process. It’s important to take the time to understand each of these factors to ensure you’re up to date on everything you need to know, but we’ll guide you through everything all the same.
Please review the below information to learn more about the purchase process and contact us if you have any questions.
Before Settlement
The Purchaser has the right to inspect the property purchased within seven days prior to the date of settlement. Contact should be made to the selling agent who will schedule a time and date for your final inspection. The purpose of this inspection is to confirm the property is in the same condition (fair wear and tear excepted) as at the time you signed the Contract of Sale.
Buyer Beware
Unfortunately, the principle of “Buyer Beware” applies to all Contracts signed by a purchaser and by signing the Contract the Purchaser is deemed to have fully read and understood the Contract together with making all necessary and complete enquiries to the relevant authorities prior to signing. It is not mandatory for a Vendor to provide all certificates relevant to a purchaser.
Cooling Off
You may end this contract within 3 clear business days of the day that you sign the contract if none of the exceptions listed below applies to you. You must either give the vendor or the vendors agent written notice that you are ending the contract or leave the notice at the address of the vendor or the vendor’s agent to end this contract within this time in accordance with this cooling-off provision.
Fees & Taxes
When negotiating a price for the purchase of a property, do not forget to take into account the Stamp Duty that will become payable by you at settlement. Stamp Duty is normally the biggest added expense to be taken into account by the purchaser. Stamp Duty in Victoria is based on the value of the property, usually the purchase price and MUST be paid at settlement. If there is a mortgage, there will also be additional Stamp Duty.
Finance
If a Contract of Sale specifically conditions that the Purchase is subject to you obtaining finance, then it is your responsibility to ensure that you make every attempt to obtain finance approval by the specified date. If the finance has not been obtained by this date, you may request an extension to allow further time for approval to be given. The Contract will also specify the period for when the purchaser must either withdraw from the purchase or request the extension.
Insurance
The Property will normally remain at the risk of the Vendor until settlement, however there have been circumstances we are personally aware of, where substantial damage was caused to a property by fire prior to settlement, and the Vendors insurance did not cover the damage. It is advised to obtain House Insurance upon signing a Contract of Sale as at this time you have an equitable interest in the Property.
Ownership
Joint Ownership: This is usually the choice of married couples and each owner has an equal share of the property. Ownership in Common: This is usually the choice of unrelated parties. In this system of ownership, tenants can hold unequal shares and same can be noted on the Certificate of Title to issue in their names.
Rate Adjustments
Prior to Settlement, Right Choice Conveyancing will undertake an adjustment of rates and outgoings to the property from the date of settlement. In the cases of some land settlements, the adjustment will be required to be undertaken as at the day of sale). The adjustment of rates will ensure that the Vendors pay all rates and taxes due on the property up until settlement date, and Purchaser pays from the settlement date.
Settlement
Settlement Date is the date the Purchaser takes possession of the Property and a specific date is usually referred to in the Contract of Sale. Electronic settlements leave less room for error and means that when you are selling, your funds will be in your account as cleared funds within minutes of settlement. When you are Purchasing, your names will be immediately registered as the Proprietor on the Certificate of Title and Land Victoria.
Our Clients
Other Service Types
Sellers
If you want to sell your property you need a Contract and Vendor’s Statement (Section 32). These documents go hand in hand and you cannot sell a property without either.
Developers
Whether you're a new or experienced property developer, our senior conveyancers are the experts in ensuring your settlement process is as efficient and seamless as possible.
Investors
Property is one of the most popular opportunities for those wanting a medium-long term asset investment. If you're looking to purchase or sell, Right Choice Conveyancing is here.
