Landing

A purchaser who signs a Contract for the purchase of real estate can terminate the contract within 3 clear business days from the day they signed it.

However, this right does not apply in certain situations:

• The property is bought at, or within 3 clear business days before or after, a publicly advertised auction.
• The purchaser and vendor have previously entered into a contract for the same property.
• The purchaser is an estate agent or a company.

Note: The “cooling off” period applies only to residential sales, not commercial or industrial properties.

The Victorian Government currently offers the following incentives:

• Established homes (up to $600,000): Full exemption from Stamp Duty — a saving of over $31,000.
• Partial exemption still applies on homes valued up to $750,000, on a sliding scale.
• Brand new homes (never lived in): Full Stamp Duty exemption up to $600,000 + $10,000 First Home Owner Grant.
• Land only: Exemptions and grants also apply. Lenders often apply for these on your behalf as part of your land and construction loan.

Yes — pre-approval is essential, especially if you’re planning to bid at auction.

With pre-approval:

• You know your exact budget in advance.
• You can confidently attend auctions (which are not subject to finance).
• You avoid the risk of failing to settle and losing your deposit.

Even for private sales, having pre-approval prevents disappointment and helps you act quickly when the right property comes up.

Buying “off-the-plan” means purchasing property — such as land or an apartment — that has not yet been built or subdivided. It only exists as a drawing on a proposed plan.

Here’s how it works:

• The seller enters into an “off-the-plan contract” before the development is complete.
• The contract includes a sunset clause (typically 18–36 months), during which the land must be subdivided and titled.
• If this does not happen, the purchaser may cancel the contract and receive a full refund of any deposit paid.

Why buy off-the-plan?

• Lock in the price early.
• Pay only the deposit upfront.
• Save and prepare finances during the construction period.

We strongly recommend obtaining legal advice before entering into an off-the-plan contract.

A nomination sale allows a purchaser to nominate another buyer to complete the property transaction, before settlement.

If the original purchaser cannot or does not want to complete the sale, they can:

• Nominate an alternate buyer.
• Complete the nomination through a Deed of Nomination or Nomination Form.

Legal advice is strongly recommended to ensure the nomination is done correctly and your interests are protected.

Yes — always seek legal advice before signing a lease.

While there are standard lease templates (e.g., provided by the Law Institute of Victoria), it’s important to:

• Have a legal practitioner review or draft the lease.
• Include custom or special conditions to suit your situation.
• Ensure you understand your rights and obligations.

It depends on the type of lease:

• Retail leases: Landlords cannot recover legal fees from the tenant — even if the tenant pulls out last-minute.
• Landlords also cannot recover land tax under a retail lease.
• However, landlords can recover reasonable costs in relation to:
  • Investigating a proposed assignee.
  • Obtaining consents for assignment.