CAVEAT EMPTOR - "BUYER BEWARE"
One of the most important terms to be aware of and understand the meaning of when purchasing a property!
Essentially this means that you must make your own enquiries to satisfy yourself that the property you intend on purchasing whether, residential or commercial is suitable to your wants and needs and can be used for the purpose of which you intend for example, can be renovated, altered, demolished and rebuilt as you wish prior to entering into any contract to purchase. This may include enquiries to the local council both planning and building departments to ascertain planning and building requirements and the restrictions imposed by the current zoning of the property and any relevant overlays which may impact your intentions. This may also include enquiries to the local water board as to any assets that may be laid in any registered easements over the property and requirements to construct over and/or near any registered easements. Enquiries should also be made as to any current and/or proposed surrounding developments that may affect your desire to purchase the property.
Section 32 also known as the Vendor's Statement pursuant to Section 32 Sale of Land Act 1962 and Contract of Sale.
Apart from the Due Diligence to be carried out by a purchaser prior to entering into any Contract, a vendor must provide a Vendor's Statement to a purchaser before a Contract is entered into. The Vendors Statement contains important information as required to be supplied pursuant to Section 32 Sale of Land Act 1962, not limited to but including:
Once due diligence has been completed and the purchaser is satisfied with the information provided in the Vendors Statement, negotiations commence to secure a successful purchase at which time an offer is made by the purchaser and accepted by the vendor. The date the vendor accepts the offer becomes the date of the Contract, the Contract is then a legally binding document and subject to Section 31 of the Sale of Land Act 1962. The purchaser is entitled to a 3 business days cooling off period from that date. Note: The 3 business days cooling off period is applicable to most transactions but not all...... and particularly is not applicable to any property purchased within 3 business days either side of an advertised public auction date.
We offer and recommend as a free service to our clients, to peruse the Vendors Statement and Contract prior to above so that any issues, concerns, particular terms, conditions and requirements can be negotiated and included as part of and essential terms of the Contract prior to execution. Once the Contract has been finalised, the cooling off period expires and it becomes unconditional as to any special conditions that may have been included, we attend to all matters, procedures and/or requirements including liaising with any mortgagee in order for the Title or Titles to the property to be conveyed to the purchaser in a timely professional manner, communicating with you all, at any time, including after hours when available to assist you with any query, request, assistance or simply just support you may require or need. We are here to help and guide you all the way!! No question, assistance and/or requested support is considered silly or unreasonable. We understand the position you are in.
Please do not hesitate to contact DCV should you require any further information or have any general queries in relation to your proposed purchase or the purchase of you property. We are more than happy to assist you.
Section 32 also known as the Vendor's Statement pursuant to Section 32 Sale of Land Act 1962 and Contract of Sale.
Apart from the Due Diligence to be carried out by a purchaser prior to entering into any Contract, a vendor must provide a Vendor's Statement to a purchaser before a Contract is entered into. The Vendors Statement contains important information as required to be supplied pursuant to Section 32 Sale of Land Act 1962, not limited to but including:
- Outgoings for the property;
- Insurance where the property does not remain at the vendor's risk before settlement - very rare;
- Owner Builder Report and Warranty Insurance where section 137B of the Building Act 1993 applies - When Owner Builder works have been carried out at the property
- Information in relation to any easement, covenant or similar restriction affecting the property;
- If the property is within a bushfire zone;
- Planning Scheme details together with zoning of the property and any relevant overlays;
- Any Notices made in respect of the land which should be disclosed to a purchaser;
- Details of any building permits issued for the property with in the preceding 7 years under the Building Act 1993;
- Owners Corporation information as required if the property is affected by one or more Owners Corporations;
- Growth areas infrastructure contribution information;
- Non-connected services at the property - such as gas, electricity, telephone, sewerage and gas; and
- Evidence of Title.
Once due diligence has been completed and the purchaser is satisfied with the information provided in the Vendors Statement, negotiations commence to secure a successful purchase at which time an offer is made by the purchaser and accepted by the vendor. The date the vendor accepts the offer becomes the date of the Contract, the Contract is then a legally binding document and subject to Section 31 of the Sale of Land Act 1962. The purchaser is entitled to a 3 business days cooling off period from that date. Note: The 3 business days cooling off period is applicable to most transactions but not all...... and particularly is not applicable to any property purchased within 3 business days either side of an advertised public auction date.
We offer and recommend as a free service to our clients, to peruse the Vendors Statement and Contract prior to above so that any issues, concerns, particular terms, conditions and requirements can be negotiated and included as part of and essential terms of the Contract prior to execution. Once the Contract has been finalised, the cooling off period expires and it becomes unconditional as to any special conditions that may have been included, we attend to all matters, procedures and/or requirements including liaising with any mortgagee in order for the Title or Titles to the property to be conveyed to the purchaser in a timely professional manner, communicating with you all, at any time, including after hours when available to assist you with any query, request, assistance or simply just support you may require or need. We are here to help and guide you all the way!! No question, assistance and/or requested support is considered silly or unreasonable. We understand the position you are in.
Please do not hesitate to contact DCV should you require any further information or have any general queries in relation to your proposed purchase or the purchase of you property. We are more than happy to assist you.