Property Coach™ is our digest for all things conveyancing-related. Keep up to date with industry changes so your next purchase or sale is smooth.
As the world becomes more globalised it is increasingly common for Vendors to sell property across different states and territories. In Australia, certain attributes of a property must be disclosed by a vendor to the purchaser prior to the sale. Vendor disclosure obligations are unique to each state. As a result of this, it is … Read more
What is a caveat? Under Section 89 of the Transfer of Land Act 1958, a caveat can prevent the transfer of a land title without the consent of the caveat holder. When a caveat is registered it will appear on a property’s title unless withdrawn by permission of the caveator. When you purchase a property, you may … Read more
You may have heard this term ‘covenant’ or ‘restrictive covenant’ when looking into property. But what exactly is it? And why is it important for property buyers and sellers? What is a restrictive covenant? A restrictive covenant, or more commonly known as just a covenant, is a private agreement or contract between neighbouring landowners. … Read more
An Owners Corporation (OC), formerly known as Body Corporate, is a legal entity which is created when subdivided land containing a shared area (common property) or facility is registered with state Land Registries. This is typically seen in larger scale subdivisions with mixed residential and commercial uses. More than one Owners Corporation can be created. … Read more
Building and Pest Inspections identify any defects within a property and the risks that may evolve from those defects. They are useful for identifying the condition of the property, which provide insight on the desirability and value of the property being purchased. Why should I include a “subject to a Building and Pest Inspection” clause? … Read more
As property prices keep hitting new records, it becomes harder for people to buy their first home. Fortunately, the government has announced numerous grants and schemes assisting first home buyers to save for their first property. The First Home Loan Deposit Scheme is one of these. What is the First Home Loan Deposit Scheme? The … Read more
While this is a sensitive topic and you may be hesitant asking your friends and family, having a plan is important for peace of mind. Here we address some of the common reasons people put off preparing their Will. ‘I don’t have any assets’ It’s not unusual for many to believe that they don’t have … Read more
Purchasing a block of land is an exciting process to bring to life your dream home on a blank canvas. However, we have seen mistakes you can try to avoid. In addition to planning permit requirements and specific regulations, there are various other means by which property development can be restricted, including the following: Easements … Read more
Saving for a 10-20% deposit is challenging with increasing property prices. To address this issue and create more opportunities for home ownership for low to medium income earners, the Victorian Government launched the Homebuyer Fund in October 2021. What is the Homebuyer Fund? The Homebuyer Fund is a shared equity scheme that permits the Victorian … Read more
There was a time when Australian settlements had to be conducted in person at a set location. This usually involved long hours sorting through numerous papers to finalise documents. Now, legal representatives and financial institutions are able to attend virtually to complete all types of settlements. This is done through the digital property platform PEXA. … Read more
Since 01 December 2019, there are new laws requiring all property owners to erect safety barriers for their pool and spa. Here are some important things you need to know: Victorian Building Authority (VBA) requirements By 01 November 2020, all pools and spas must be registered with the local council. Complete the inspection of the … Read more
So you’ve found a property perfect for you after spending countless hours scouring the market. A contract was given to you but it’s long, confusing and filled with legal words that don’t make sense. We recommend looking out for these 5 terms that can help your decision-making. “I can end the contract if I want… … Read more
A Contract of Sale is typically prepared by the Seller’s representative, and it is no surprise that a substantial number of clauses will favour the Seller. It is important for Buyers to obtain advice before signing the Contract of Sale. The Contract of Sale together with the Section 32 Vendor Statement are the most important … Read more
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