Purchasing Property Series: Stage 2 – Pre Purchase – Buyer Beware
Arguably the most important thing to know about purchasing property in Victoria is that real estate transactions are guided by the legal principle ‘caveat emptor’ or ‘buyer beware’.
This means that Vendors are not obligated to disclose certain defects (except for the disclosures required in the s32 Vendors Statement) and are only obligated to pass on the property in the same condition as it was when you signed the contract. Abestos? Leaky roof? Termites? As a purchaser, you should do your due diligence and carry out all inspections to make sure you are satisfied with the quality of the property prior to signing any contract.
If you are planning to buy a property, visit our conveyancing page or call McClure Law at our Sunbury office on 9744 1881 to get more advice from our team, and before you sign on the dotted line! Good luck!