Real Estate Contract, Be Sure Before You Sign 

Inclusions and exclusions: A contract of sale might not include what a buyer thinks is standard or a common item when purchasing a home or investment. In most cases common items that are not included unless specified are curtains, some light fittings, dishwashers, water takes, out door decorative items (anything that is not secured/fixed to the property). Buyer’s agents ensure a contract of sale is filled in correctly to avoid disappointment or financial loss on settlement day

 

Final Inspection – This is the buyer’s last chance to view the property prior to settlement. Making sure all appliances are in working order, sellers or vendors have left the property vacant in good clean condition. A good buyer’s advocate will advise what needs to be done if things are not as they should be.

 

Vacant possession or subject to existing tenancies?: It’s important to realise a buyer can inherit a tenant upon settlement if a contract of sale is not perused correctly. If there is currently a tenant in place the ‘Subject to existing tenancies’ box may well be checked in the contract of sale. Assuming vacant possession could legally be impossible if you’re planning to move in after settlement.

 

Stamp duty rate can vary: In Victoria different rates of stamp duties apply if the property is purchased for investment vs residential purposes. This is important to make sure this is clear so you don’t over pay. For more information on stamp duty tax and ramifications here visit the state revenue office www.sro.vic.gov.au/land-tax

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