In addition to including the purchase price, deposit amount and settlement date, the contract of sale should contain the entire understanding and the whole agreement between the vendor and purchaser relative to the sale of the property.
A self-managed super fund (SMSF) is a private superannuation fund which you manage yourself, giving you greater flexibility, control and options on how and where your retirement savings are invested. If you decide to set up your own self-managed super fund, you will not only be responsible for the investment decisions, but also compliance with the relevant superannuation and taxation laws, which can be time consuming.
Subdividing land is the process of splitting a parcel of land into multiple, smaller parcels, each which then get their own individual titles. Property owners commonly subdivide their land if they build multiple units or wish to sell of their back yard for development by a purchaser, however, subdivisions can also relate to the airspace above land, for example in multi-storey developments or in commercial situations where it may be beneficial to sell or lease the rooftop or airspace for telecommunication towers.
The following information is written to be read in conjunction with our pre-contract advice email. It provides general information that applies to most property purchases including your cooling-off rights, the vendor’s obligations regarding keys and cleaning, and information on any stamp duty concession or exemption that you be entitled to.
If you choose not to use a conveyancer, you can represent yourself. In Victoria, settlements conducted by conveyancers and solicitors must be completed electronically. However, for unrepresented parties, they will be required to book a paper settlement with the representative on the other side of the transaction and any mortgagee involved. A guide to completing paper settlements can be found on the website of the Department of Environment, Land, Water and Planning.
You can purchase a property off-the-plan using a self-managed super fund if the property meets the requirements of the Superannuation Industry (Supervision) Act, and in particular, where the SMSF is borrowing funds, that they meet the single acquirable asset rule of the limited recourse borrowing arrangement.
From 1 December 2019, new laws come into effect in Victoria that require all owners of land where a swimming pool or spa is located to register the pool or spa with their local council.
Unfortunately, many contracts for the sale of off-the-plan properties contain dozens of special conditions in favour of the vendor which remove most of a purchaser’s rights provided for in the common form of contract or by Australian Consumer Laws. These special conditions will usually require the purchaser to reimburse the connection costs for electricity, NBN and water which can costs thousands of dollars, in addition to requiring the purchaser to use an embedded electricity network which will prevent you from connecting electricity through your own preferred supplier.
