FAQ

Frequently Asked Questions

Cooling Off & Exchange

If a purchaser signed a contract two days ago and the agent has not had the Vendor accept the offer, can the purchaser cool off?

YES. The purchaser has 3 business days to simply change their mind and if any money was paid to the Selling Agent, it is returned in full.

If the vendor accepts your offer immediately and you decide to cool off within the 3 business days, you can lose .2% of the purchase price which is paid to the vendor

Defects

Can a Purchaser avoid the Contract if they, before settlement, discover that the property has a number of defects such as defective drainage and cracked walls?

No, the principle of Caveat Emptor still applies and a purchaser should complete enquiries prior to the signing of the Contract.

Deterioration

A purchaser has conducted an inspection of the property prior to settlement and has discovered that the Vendor has removed the curtains, which were included in the contract. Settlement is today; can the Purchaser deduct the estimated cost of replacement from settlement monies?

The Vendor carries the risk of loss or damage to the property until settlement and must deliver the property to the Purchaser at settlement in the same condition as it was in at the day of sale expect for fair wear and tear.

The Purchaser must not delay settlement because one or more of the goods is not in the same condition when inspected on the day of sale.

The Purchaser may however nominate an amount not exceeding $5,000.00 to be held by a stakeholder to be appointed by the parties. The nominated amount may be deducted from the amount due to the Vendor at settlement and paid to the stakeholder but only if the Purchaser also pays an amount equal to the nominated amount to the stakeholder.

Illegal Structures

The purchasers made enquiries of the local council after signing the Contract and it has been revealed that the Vendor has not obtained a permit for the pergola constructed to the rear of the property. Can the purchaser avoid the Contract?

No, in the absence of a Notice served prior to the Contract, the purchaser may not avoid. Any Notice served after the date of the Contract will be the purchasers responsibility.

Insurance

What should a Purchaser do about Insurance?

As from the signing of the Contract a purchaser has an insurable interest in the property and should arrange for immediate cover on all improvements once the Contract becomes unconditional. Whilst the Vendor has a legal obligation to have the property insured at the time of the Sale, the property remains at the risk of the Vendor until final settlement is effected (unless otherwise stated in the Contract)

Purchasers should note that if a lender is involved that the lender will require a Certificate of Currency of Insurance noting the lenders interests thereon before they will advance monies for settlement.

Inspection of the Property prior to final settlement

What rights do Purchasers have to inspect?

The contract provides that a purchaser has the right to inspect the condition of the property and the Goods at any reasonable time during the period of seven days prior to the settlement date.

The Purchasers should exercise this right and at the time of the inspection, make arrangements with the Vendors for collection of the keys on the settlement date.

It is normal practice for keys to the property to be left at the Real Estate Agents for collection by the purchaser after settlement has been effected, however if the Vendor has retrieved the key from the Real Estate Agent once the sale has been effected, you will need to ensure that a key is available to you when settlement has been confirmed.

Loan Approval

My loan is not approved and the finance approval date in the contract is due now, what can I do?

You must contact us immediately. Our team will ask the vendor for an extension of the finance approval date. This is not an uncommon request and is usually granted. You do not have to do anything – we will do it all for you.

If you need a further extension of finance approval, please contact us and we will put in another request on your behalf. This is where it is very important that you communicate with us. If we are not kept informed, your Contract is at risk of becoming UNCONDITIONAL.

If your Contract becomes unconditional, you are bound by all terms of the Contract and you must complete the Contract, notwithstanding you do not have finance! Beware and Be Aware!

Paying the Deposit

The agent is asking for the deposit and my finance has not been approved yet, what do I do?

You must pay your deposit on the due date or any extended date allowed by the vendor. If you do not pay the deposit you are in breach of the terms of the contract.

We could obtain an extension of the finance date together with an extension of the payment of deposit on your behalf. You would need to contact us immediately.

State Land Tax

What is State Land Tax?

Land Tax is a tax levied on the ownership of land in Victoria owned as at mid-night on the 31st December of each year. It includes vacant land, dwellings, flats, holiday homes, and commercial properties and is based on value.

When the total taxable value of the non-exempt land you own is equal to or above the $250,000 threshold ($25,000 for trusts) you must pay land tax.

Your principal place of residence or land used for primary production is normally exempt from land tax.

Testimonials From Our Clients

“I would like to thank you for all your hard work, help and professionalism during my house purchase. I have no doubt that without you, things would not have gone as smoothly or efficiently. Without a doubt I will be a return customer when the time comes.”

Christopher

“Just want to say thank you for the expert and hassle free way in which you handled the business of buying and selling of my properties. Being an older person, it presented a most daunting prospect to me, but your friendly and professional manner put me at ease and made it all worry free. It has been a pleasure to be associated with you. Skilled Conveyancing has certainly lived up to its name, thank you so much to you and your team!”

Sylvia

“I’d just like to thank you personally for all your help this year. I realise that you are paid professionals but it’s the little pieces of advice and expertise here and there and after sales service that makes you very valuable business associates to me. Thank you for all your work!”

Jeremy

Call (03) 9729 3512 Or Fill Out The Form For More Information