In Victoria a purchaser has 3 clear business days, from the day on which they sign a Contract of Sale, to “cool off”. However, there are some exclusions to the right to cool off, for example a purchaser cannot cool off when purchased at or within three business days before or after an auction. The right must be exercised in accordance the procedure set down in Section 32 of the Sale of Land Act 1962. In addition, be aware when cooling off the vendor is entitled to the greater of $100 or 0.2 per cent of the purchase price.

Buying “off-the-plan” means buying land or an apartment that does not yet exist other than as a drawing on a proposed plan.

The Sale of Land Act requires a vendor (seller) of real estate to provide specific information about the property being sold to a prospective purchaser. This is what is known as a Section 32 Vendor’s Statement. In general terms, if the vendor fails to provide the information required by the Act before the contract is signed, the purchaser may be able to cancel the contract. The Section 32 is prepared by a Licensed Conveyancer.

Adjustments is the calculation of various rates (water, council etc) and any outstanding debts are paid by the vendor on the property from the settlement monies. As a purchaser, you will then allow the vendor back your share of rates for the financial year (from the date of settlement). Adjustments are an important step to the conveyancing process and is typically performed by the purchaser’s conveyancer.

No, we attend settlement on your behalf to ensure your bank (if applicable) receives the necessary documents and that your interests are protected. Settlements are conducted electronically via PEXA. Pexa Exchange Australia Limited.

Keys are typically collected from the real estate agents office. You may collect your keys as soon as the notice that settlement has occurred has been provided to the relevant parties.