Don’t purchase a rotten apple or lemon! When drafting a building inspection special condition, make sure you are fully informed of, and understand the legal difference.

3 legal tips in a rising property market

  1. What are the costs of your defects? Don’t purchase a rotten apple or lemon! When drafting a building inspection special condition, make sure you are fully informed of, and understand the legal difference between ‘defects’, ‘structural defects’ or ‘major structural defects’ AND most importantly, how not understanding this difference and getting the wrong special condition drafted into your contract could cost you thousands of dollars.
  2. How safe is your insurance? Did you know that you may only make a claim under your Builder’s Warranty Insurance policy if the builder is dead, insolvent or has disappeared? Always have a carefully drafted defect rectification clause within any contract you sign, which clearly states that you shall only settle on your contract after all defects over your property are rectified to your reasonable satisfaction.
  3. Are you getting the right stamp duty savings? Did you know the SRO in Victoria allows the vendor two methods for calculating stamp duty in Off the Plan Sales for development projects – the ‘fixed method’ or the ‘alternative method’. The government introduced the fixed method to simplify record keeping. More often than not the fixed method brings in more revenue to the SRO. If you are unclear which method is being used or are uncertain if it is saving or costing you money, you should seek legal advice.

Let us help you find a clear and practical solution to any nagging legal property issue causing you or your family concern – Simply call us on 9863 7621 or email us your query today for a clear direction and the next step to solve any current property-related issue.

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