Buying a Property in Melbourne

Before you sign if possible, and certainly before cooling off ends. A Victorian contract does not include an inspection by default, so the buyer arranges it. At auction there is no cooling off period, so any inspection has to be done before bidding rather than after.

That depends on whether the contract is subject to finance. A finance condition lets a buyer end the contract if a loan is declined, provided notice is given by the date in the contract and the conditions are met. Without that clause, or after the date passes, the buyer is bound.

Commonly ten per cent, paid on signing, though the amount is negotiable and written into the contract. It is held in the agent’s trust account until settlement rather than passing to the vendor, unless released earlier under section 27 with the buyer’s consent.

Title and plan first, then council, water, land tax and, where relevant, an owners corporation certificate. These confirm who owns the land, what is registered against it, whether rates are outstanding, and whether anything affects how the property can be used.

A final look through before settlement. Most contracts give the buyer a right to inspect shortly before settlement to confirm the property is in the same condition as at sale and that anything included is still there. Raise problems before settlement, since it is much harder afterwards.