Will sellers pay for building and pest inspections in Victoria?
If you have bought, or tried to buy, a home in Victoria, you have almost certainly paid for at least one building and pest inspection — and if your search dragged on, possibly several. Under the current system, that cost falls entirely on the buyer, whether or not your offer is ever accepted. That could […]
What is a default notice in a property contract in Victoria?
When a property settlement goes wrong, the first formal legal step is almost always the same: serving a default notice in a property contract in Victoria. This document sets the enforcement process in motion, puts the defaulting party formally on notice, and opens the door to remedies that can include termination of the contract, forfeiture […]
Buying property with tenants in Victoria : what buyers must know
Buying property with tenants in Victoria is not a standard conveyancing transaction. It is a legally layered process governed primarily by the Residential Tenancies Act 1997 (Vic) and the standard Contract of Sale issued by the Law Institute of Victoria (LIV). Whether you are an investor purchasing a rental asset or an owner-occupier intending to […]
What is penalty interest in property settlements in Victoria?
In Victoria, the party responsible for a delay may be required to pay penalty interest in property settlements in Victoria. For buyers and sellers alike, this is one of the most financially significant consequences of a settlement going wrong. Understanding how penalty interest in property settlements in Victoria arises, how it is calculated, and who […]
What happens if settlement is delayed in Victoria?
Buying or selling a property is a major financial undertaking, and while exciting, it can become stressful if the process does not proceed as scheduled. Delays in the conveyancing process are quite common, and understanding the risks and legal consequences is essential when dealing with a delayed settlement in Victoria. Ensure you understand the various […]