Legal conveyancing terms may seem a little overwhelming so here is a quick overview of the most commonly used terms:
• Section 32
A contract of sale in Victoria cannot be signed until the Section 32 has been prepared and signed by the Vendor.
A section 32 contains:
- The Vendor’s details
- Title details
- Information on any building works done in the past 7 years
- Particulars of mortgages
- information regarding covenants, easements and other restrictions on title
- planning information
- rates information
- disclosure of notices/orders regarding fencing, road widening & sewerage
- access to the property by road
- information on services not connected to the property
* Cooling Off
The Cooling Off period is a consumer protection provision that gives you the chance to "cool off” from your decision to purchase.
Cooling Off periods do not apply to auctions and where it does apply, it is generally 3 clear business days of a buyer signing the contract.
• Conditions of a Contract
General Conditions are standard terms which cover many of the most important aspects of a standard transaction.
Special Conditions are included to cover each party’s specific needs and can sometimes override the Standard Terms in the contract.
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Monday, 23 September 2019