Consumers are often unaware that small issues can have huge implications. What happens if you buy a home, but you can’t insure it? We offer a comprehensive pre-purchase contract and disclosure statement checking service to our clients, and insurance issues are among the most common problems we discover. The following situation unfolded a few weeks ago, and serves as an example of the way a seemingly minor issue can have enormous consequences. The client asked...
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A number of recent enquiries through our pre-purchase advice service indicate that consumers tend to confuse the Section 32 Vendors Statement with the Contract of Sale. The Section 32 Vendors Statement is a document provided by the vendor (seller) of real estate to an intending purchaser. Its name comes from Section 32 of the Sale of Land Act, which requires a vendor to provide certain information to a purchaser BEFORE a contract of sale is...
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by Peter Mericka B.A., LL.B Real Estate Lawyer and Qualified Practising Conveyancer Victoria Lawyers Real Estate Enzo Raimondo, CEO of the Real Estate Institute of Victoria (R.E.I.V.) regularly provides consumers with his understanding of the law affecting the sale of real estate. Unfortunately, Enzo’s explanation of these laws is often quite limited, and his offering in the Domain section of The Age Saturday 28 April 2007, is a case in point. In his article Enzo...
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