If you’re buying into an apartment or unit complex, you’ll usually pay regular fees to the Owners Corporation.
The administrative fund levy covers everyday costs like:
It’s basically the running costs of the building.
This is an inspection arranged by the buyer to check the condition of the property.
It looks for:
In Victoria, many buyers include this as a condition in the contract.
A legal notice placed on a property title to protect someone’s interest in that property.
It prevents the property from being sold or transferred without notifying the person who lodged the caveat.
This is the official document that shows who legally owns the property.
It also shows:
Your conveyancer checks the title before settlement to make sure everything is correct.
Chattels are items that are not fixed to the property.
For example:
If they’re not written in the contract, they usually don’t stay.
Fixtures are items that are permanently attached to the property.
For example:
If it’s fixed in place, it normally stays with the property when it’s sold.
This refers to areas shared by everyone in a building or complex.
Examples include:
These areas are managed by the Owners Corporation.
This is the legal agreement between the buyer and the seller.
It includes:
Once both parties sign, it becomes legally binding.
In most private sales, buyers have three business days after signing the contract to change their mind.
If they withdraw during this time, a small penalty applies. There is no cooling-off period for properties bought at auction.
A restriction registered on the title that limits how the land can be used.
For example, it may restrict building height, subdivision, or certain types of development.
The deposit is usually 10% of the purchase price (unless negotiated differently).
It’s paid when the contract is signed and held in trust until settlement.
If the seller still has a home loan, the bank must remove the mortgage from the title at settlement.
This is called a discharge of mortgage.
Without it, the property can’t transfer to the buyer properly.
An easement means someone else has the right to use part of your land for a specific reason.
Common examples:
You usually can’t build over an easement without approval.
An encumbrance is anything registered on the title that affects the property.
This can include:
It may limit how the property can be used.
This is when two or more people own a property equally.
If one owner passes away, their share automatically goes to the other owner.
This is common for married couples.
This is another way two or more people can own property.
The difference is:
This means the property must be empty at settlement (unless otherwise agreed).
The seller must remove:
Important for buyers.
A mortgage is a loan secured against your property.
The mortgage stays on the title until the loan is paid off.
In Victoria, apartment and unit complexes are managed by an Owners Corporation.
They handle:
If you buy into a complex, you become part of it.
A legal document that allows someone to sign property documents on your behalf.
This is useful if:
In Victoria, the seller must give the buyer a Section 32 before the contract is signed.
It contains important information about the property, including:
It’s designed to protect buyers by making sure everything is disclosed upfront.
Settlement is the final step of the process.
On settlement day:
In Victoria, this is usually done electronically.