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Property Contract Basics

All standard property transactions in Victoria require the Vendor and Purchaser to sign a Contract of Sale. This is prepared by the Vendors solicitor or conveyancer and is provided to the Purchaser’s legal representative to look over and highlight any possible curveballs that the property may have.

Every property has these curveballs and issues - whether it be a mortgage on the title, some zoning overlays, or something as simple as the Vendor including or excluding a particular item from the sale. Your legal practitioner will look over these and advise you on each issue. But don't be alarmed, most issues are very minor and typically don't impact the value or utility of the property.

Some things to look out for when you do see a Contract of Sale are:

  • Your full names spelled correctly

  • The title details on the particulars page match the title & plan in the Vendors statement

  • The purchase price

  • The deposit amount and when it needs to be paid

  • The names on the title match the names of the people selling the property

  • Any conditions (Subject to finance approval, building inspection, pest inspection etc)

  • If tenanted, the lease details and expiry

  • Any overlays affecting the property (flood, fire, heritage, public acquisition etc)

Getting familiar with what’s contained in a Contract of Sale will make you more comfortable around the buying and selling process. If you want to have a look at what a contract looks like before you buy or sell, head on down to a property that's being auctioned and the agent will have a copy of the contract and Vendors statement available for the public to view.


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