Pre Purchase Reviews
When purchasing property you should always have a potential contract of sale checked out by an industry professional. At Victorian Property Settlements we pride ourselves on giving purchasers informed advice not only in regards to a particular property, but transnational specific advice tailored to the individual including financial and legal implications.
Should you be interested in purchasing a property please do not hesitate to contact our office.
Why do I need a Contract Review?
Not only is it best practice to get advice as a precaution, a legal principle called Buyer Beware operates in Victoria
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. Sometimes the Purchaser must rely on information contained within the Section 32 Vendors Statement.
In most cases we will make application for the following certificates as part of the Conveyancing procedure:
- Land Information Certificate provided by the appropriate municipal authority.
- Form 10 Building Certificate (only if the property includes a residence)
- Water Rate Certificate
- Water Encumbrance Certificate
- Land Tax Certificate
- Department of Planning Certificate
- Vic Roads Certificate
The Vendor Statement will not disclose the following:
- Whether the property is subject to any structural defects or problems such as leaky roof, termites, bushfire prone, broken appliances such as heating, alarm etc.
- Any development proposals for the surrounding area.
- Whether or not the land is subject to any contamination or pollutants.
Details of any final inspections or permits which have NOT been obtained.If in doubt, the purchaser should ask the agent to make the Contract of Sale subject to special conditions.
Does this only apply for auctions?
No, a buyer is always obligated to of taken out their own checks and enquieries prior to entering a contract.
Even in cases where a Vendor has not adequetly disclosed details of a property legal precedents have not favoured Purchasers who did not undertake these enquires. As such we can not stress enough the importance of having good advice prior to entering an agreement.