5 VERY important Special Conditions for Victorian Property Buyers to consider …

Entering into a Contract of Sale is a significant step in your property journey. While the standard contract provides a foundation, it may not fully protect your interests. 

This is where special conditions become vital. 

These carefully created special conditions are added to the contract to;

1. Safeguard your position
2. Manage risk, and 
3. Provide crucial exit strategies if things don’t go as planned.

For buyers in Victoria, understanding which special conditions to include can mean the difference between a secure investment and a costly mistake. 

Here are five of the most important special conditions you should consider:

1. Subject to Building and Pest Inspection

This is arguably the most critical condition for any established property purchase. It makes the contract conditional upon you receiving and approving comprehensive building and pest inspection reports within a specified timeframe, typically 14 days.

Why it’s important: It protects you from unforeseen and expensive structural defects, pest infestations, or safety issues that aren’t visible during a standard viewing. If the reports reveal significant problems, you have the right to withdraw from the contract without penalty and/or negotiate repairs or a price reduction with the vendor only with the correctly worded special condition that Skilled Conveyancing will provide to you. 

2. Subject to Finance Approval

An essential condition for any buyer requiring a loan, this clause makes the sale dependent upon you obtaining formal, unconditional approval from your lender. It specifies the amount needed and a realistic timeframe, usually 14-21 days.

Why it’s important: It acts as a crucial safety net. If your loan application is declined – perhaps due to a bank valuation shortfall or changed lending criteria – this condition allows you to withdraw legally and recover your full deposit. Without it, you could be in breach of contract for failing to settle.

3. Clear Fixtures, Fittings, and Exclusions

This condition eliminates ambiguity by providing an explicit, itemised list of what is included in the sale (e.g., dishwasher, light fittings, window furnishings) and what is excluded (e.g., a specific garden sculpture, TV brackets).

Why it’s important: It provides total clarity to the parties of the Contract at the time of signing the Contract and prevents disputes during the final inspection and/or on settlement day. By detailing everything in writing, you ensure that the fixtures, fittings and any exclusions you agreed to at the time of signing the Contract forms part of the settlement.

4. Subject to Sale of Another Property

This condition is designed for buyers who need the equity from the sale of their current home to fund the new purchase. It makes the contract conditional upon the successful, unconditional sale of your existing property by a certain date.

Why it’s important: It protects you from the financial strain and legal risk of owning two properties simultaneously if your sale falls through. Note: This condition can make your offer less attractive to vendors, so it is best used in slower markets or with properties that have been listed for some time. Skilled Conveyancing can provide the correct wording for you to insert into the Contract.

5. Extended Due Diligence / Cooling-Off Period

The standard three-business-day cooling-off period can feel rushed. This special condition extends that period (e.g., to 7, 10, or 14 days) or creates a broader “subject to due diligence” clause.

Why it’s important: It grants you valuable time to conduct thorough investigations, such as reviewing complex Owners Corporation records, seeking council planning advice, or confirming renovation plans. If your deeper due diligence uncovers an issue, you can still withdraw under the same financial terms as the standard cooling-off period.

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Disclaimer: The effectiveness of any special condition hinges on its precise legal wording. A poorly drafted clause may be unenforceable and leave you exposed. The conditions appropriate for you depend on your specific circumstances and the property involved.

Protect your investment with expert guidance. 

Don’t leave your contract to chance, contact Skilled Conveyancing today on 03 9729 3512 or email us for professional advice and have your special conditions drafted with precision and care.