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Posted on 4 Sep 2014Changes to the Sale of Land Act 1963 (Vic)
As many Real Estate Agents may be aware, from 1 October 2014 changes to section 32 of the Sale of Land Act 1962 (Vic) (Act) will come into effect. Under the new section 32 statement requirements,…
Posted on 4 Aug 2014Mortgages – Power of Sale
A mortgage creates a security interest in land in favour of the mortgagee (lending institution e.g. Commonwealth Bank of Australia, Westpac Banking Corporation and National Australia Bank). The mortgagee does not become the owner…
Posted on 4 Jul 2014What is a Terms Contract or Vendor’s Finance?
Definition of a Terms Contract A contract of sale can be a terms contract on either of two bases: If the purchaser is obliged by the contract to make two or more payments after…
Posted on 4 Jul 2014Pros and Cons of Buying Off the Plan
What does it mean to buy “off the plan”? Buying off the plan means that you are buying a lot on an unregistered plan of subdivision. For example, a landowner may own a large…
Posted on 4 Jul 2014Owner Builder Obligations under the Sale of Land Act 1932
Pursuant to the Sale of Land Act 1962 (Vic), a vendor is required to disclose in the vendor’s statement whether any building permits have been issued for the property in the last 7 years. Where a…
Posted on 4 Jul 2014Amendments to Section 32 of the Sale of Land Act
The Sale of Land Amendment Act 2014 (Vic) (Amendment Act) will amend the Sale of Land Act 1962 (Vic) (SLA). The purpose of the Amendment Act is to re-enact, reform and modernise the provisions relating to statements made…
Posted on 4 Jul 2009Owner-builder
Liability for defects after sale Owner-builders are subject to significant obligations under the Building Act 1993 (Vic) when selling their home. What is not sufficiently understood is the continuing liability that owner-builders face with…
Posted on 4 Aug 2008Owners Corporation
Some tips on living with the Owners Corporation Act 2006 Background On 31 December 2007, a new legislation, the Owners Corporation Act 2006, came into operation. What is an Owners Corporation? An Owners Corporation is a separate…