Entries by Raffaela Perez

cooling off period

Cooling-off period The standard contract for buying a home comes with a cooling-off period of 5 business days. This means if you’re not totally happy, you can cancel the contract during this time. However, auctions have no cooling-off period.  The cooling-off period also does not apply to a private treaty contract: entered into within 2…Read More→

Home and contents insurance

Home and contents insurance Make sure you find out when you become responsible for insuring your new home. Talk to your agent or solicitor. In most cases, you will become responsible for the property from 5pm the next business day after the contract date—this is before settlement day. You must decide for yourself whether to…Read More→


Property inspections Try to arrange for property inspections before you start negotiations. This way, you’ll know exactly what condition the property is in. You will then be able to factor in any future costs when you make your offer. When getting an inspection, find out exactly what the report covers and what it doesn’t cover….Read More→


Contract of sale When you find a property you like, you can make an offer to buy it. Sign the contract of sale to formalise your offer. The contract sets out: the price you are offering for the property details of when you will pay your deposit the time and date of settlement. The contract…Read More→

What is Land tax?

Land tax is a tax levied on landowners by the State Government. There is a tax threshold which changes from year to year and is usually in excess of $400 000. The tax is levied on the value of your property, not taking into account any improvements on the property. The threshold for companies however,…Read More→

Can I have a Survey?

The buyer of a property under an REIQ contract is entitled to have the land surveyed. This will normally involve a surveyor going onto the property, ascertaining where the corner pegs are located and drawing a map showing the location of the boundaries and the buildings on the property in relation to those boundaries. If…Read More→

What is Stamp Duty?

Stamp Duty is effectively a tax levied by the State Government on the transfer of assets. Every time you buy a car, shares in a company, and property you must pay an amount of money to the State Government based on the market value of the property. The State Government ensures that you pay stamp…Read More→

What is a Body Corporate?

A Body Corporate is a management committee for a set of units whether they be two or a thousand. Every unit has a Community Management Statement. The Community Management Statement is an agreement between each of the unit owners in the complex. It sets out the rules of the complex (by-laws), your share of the…Read More→

Is there a cooling off period?

Under the Property Agents and Motor Dealers Act when a person signs a contact to buy residential property that person will have a cooling off period of five business days. The cooling off period commences from the day (or the next business day if it is a holiday) the buyer or his solicitor receives a…Read More→