Purchasing off the plan maybe the right decision for some people more than others. Certainly, the stamp duty incentives for investors were a big selling point, until they stopped in 2017, but the opportunity to claim depreciation of assets may still be incentive enough.
Conveyancing fees are usually made up three (3) components:
In Victoria, there is no standard form of contract or any restrictions on the amount of special conditions that a vendor’s conveyancer or solicitor can put into a contract for the sale of real estate. While previously there have been legislated general conditions which could be used as a guide, many conveyancers and solicitors choose to fill their contracts with conditions that most Courts in Australia would consider unfair to buyers and that breach of Australian Consumer Laws.
Conveyancing fees are usually made up three (3) components:
• The professional fees your conveyancer charges you to provide advice, prepare legal documents and undertake the conveyancing process.
The size of the land you will need to subdivide will depend on the planning zone, overlays and schedules that affect the land. Properties in a General Residential Zone or Neighbourhood Residential Zone may also need to comply with the minimum garden requirement which is generally 25% where created lot is less than 400m2.
Subject to some exceptions, a purchaser can end a contract of sale within 3 clear business days of signing. Cooling off previsions do not apply to purchasers who are also estate agents, corporations, or for the purchase of commercial property, farming land, or land >20 hectares. Furthermore, a purchaser cannot cool off from a contract for a property purchased at, or within 3 clear business days of a publicly advertised auction, or if the purchaser has previously entered into a substantially similar contract for the same property.
In Victoria, properties are sold as is/where is. Accordingly, in addition to obtaining pre-contract advice, you should measure the land to the nearest street intersection to ensure the fences are on the correct boundary lines, and inspect and document the condition of the house and goods sold with the land. If you are purchasing at auction, it is advisable to ensure your finance approval is in order and you have completed a building/pest inspection on the property if required. Alternatively, if you are not purchasing at auction, you can make your offer subject to finance and a building inspection.
