contract note

Exchanged contracts? Get insurance!

by Chris Lang on November 8, 2012
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When your offer has been accepted and the contracts have been exchanged, it is so tempting to finally relax. You deserve it – you’ve worked hard, searched and found the right house, negotiated a great price and feel kind of proud of yourself and exhausted at the same time. Sorry, the celebration will have to […]

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Making an offer on a house – things you must know

by Chris Lang on August 11, 2012
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In any private sale making an offer on a property is one of the important steps. If you make an offer and it’s accepted – just keep your part of the deal and the house is yours.

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New law: home buyers who get legal advice don’t lose cooling off period

by Chris Lang on February 21, 2012
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From March 1, 2012 home buyers in Victoria have 3 days to change their mind and withdraw from the sale, even if they obtained independent legal advice before signing the contract. Before this change to the Sale of Land Act came into effect, there were 6 cases in which home buyers weren’t entitled to cooling […]

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First Home Owners Boost extended

by Chris Lang on May 21, 2009
First Home Owners Boost extended

Government First Home Owner GrantIn case you haven’t heard already, the Boost to the First Home Owners Grant was extended. After a period of uncertainty when many people (including me) were positive that the boosted FHOG will be cut off, it was finally announced that the boost to FHOG will be extended for 3 more months at full rate and then for another 3 months at half rate.

That was the short version, if you know all about the First Home Owner Grant, the First Home Bonus and the First Home Owner Boost – you can head to other blogs. If you’re not sure and may be even a tiny little bit confused between the three forms of “free money” our government is handing out, keep on reading.

The First Home Owner Grant

The First Home Owner Grant (FHOG) is 7000$, never mind what the property price is (if you buy in 2009). If you buy in 2010, the property must cost under 600K for you to qualify for FHOG. Find out whether you’re eligible or not here.

The First Home Owners Bonus

If you buy before the 30 June 2009, the Bonus is 3000 for established and 5000 for new homes, but the property must cost below 500K.

From 1 July 2009 on the Bonus is 2000 for the established and 11000 for new homes, and the property must cost below 600K. More about the Bonus here.

The First Home Owners Boost

This is the recent “injection” of free money which was made available October last year.
If you buy before 30 September 2009 an established home, your bonus is 7000, for new homes it’s 14000.
Then from 1 October the bonus will be reduced to 3500 for established and 7000 for new houses. Here is the fine print about the Boost.

And the last important bit: it’s the contract date that counts – not the settlement date.

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Section 32 – what the heck is it? (part 3)

by Chris Lang on November 2, 2008
Section 32 - what the heck is it? (part 3)

Building permit

All the building permits for the house issued 7 years back from the date of contract should be listed here. Also if the house was built by owner builder in the same period of time – a relevant permit should be attached. Why is that of interest to you? Because, for example, if you see a new pergola or a carport

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Section 32 – what the heck is it? (part 2)

by Chris Lang on October 31, 2008
Section 32 - what the heck is it? (part 2)

All the taxes, rates, body corporate fees and charges of that sort that normally are payable on that property should be listed here. Unfortunately the law allows the vendor to just say “not exceeding …” and give you the highest amount (say, $1800) – without giving you the exact number. Personally, I find that annoying. This section should also list all the sums the vendor still owes and the interest payable on them.

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Section 32 – what the heck is it? (part 1)

by Chris Lang on October 29, 2008
Section 32 - what the heck is it? (part 1)

Short version: One boring, awfully long, barely readable document that you get with the house contract. You can’t sign the contract if you haven’t received Section 32.for the house.

Long version: The real name of this document is Section 32 Vendor’s Statement – but we all call it just Section 32. You better read it and pay attention to the details, because it is the most accurate description of your future home you will ever get.

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Is changing my contract to get FHOG increase a crime?

by Chris Lang on October 27, 2008
Is changing my contract to get FHOG increase a crime?

In one word – YES.

If you have missed on the new increased FHOG (First Home Owners Grant) because your contract was dated a couple of days before they announced the boosted FHOG, it sure is annoying. It may also seem perfectly natural to just change the date on the contract and collect the extra money.

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How to buy a house – Part 4

by Chris Lang on October 7, 2008
How to buy a house - Part 4

So once you’ve searched the property listings and chosen houses that look suitable to you, it’s time for action – start calling the estate agents to find out the details about those houses, go and inspect them. Don’t worry about having too many on your list – some will get filtered away by inspection, some might be under contract, some vendors won’t like your offer. It’s important to not “lock on” just one house because once you get emotional – you will be in a weaker negotiating position.

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What “Under offer” and “Under contract” means

by Chris Lang on September 20, 2008
What "Under offer" and "Under contract" means

The process of buying a house, like any other process, has several stages. Terms “Under offer” or “Under contract” are essentially the same, they indicate the status of the house through the selling process – note that they only apply to a private sale and never to an auction.

When a house is “Under offer” or “Under contract”

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Making an offer on a house: Contract Note explained

by Chris Lang on September 16, 2008
Making an offer on a house: Contract Note explained

To make an offer on a house in most cases people use a document called the Contract note (in Victoria). It looks pretty simple and only has 2 pages but defines every aspect of your purchase – which is why you would want to understand it completely.

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