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What are the risks of buying off plan?

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.

Should you buy off plan?

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.

What are conveyancing fees?

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.

Why should you get legal advice before buying a house?

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.

How much does commercial conveyancing cost?

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.

What size block can I subdivide?

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.

What is the cooling off period for a house contract?

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.

What should you do before signing a contract to buy a house?