Buying a property is likely to be the most expensive purchase you make. So it is a wise investment to get professional legal advice prior to signing a Contract of Sale says John Wellington, property and business advisory lawyer at Robertson Hyetts Lawyers and Conveyancers.
Some purchasers of residential and commercial property may not be aware that they can save a considerable amount of money if they are eligible for a discount or rebate on the stamp duty otherwise payable on their purchase. John notes, “the most common stamp duty concessions are the first home owner exemption and concession, the pensioner stamp duty concession and the principal place of residence concession.”
The Victorian Government has provided an additional incentive to promote growth in regional Victoria by offering eligible purchasers of commercial and industrial properties a 50% reduction on stamp duty.
There are also government grants currently available in relation to residential properties. They are the First Home Owners grant for those building or moving into a new property and the HomeBuilder scheme which offers eligible Australian citizens grants of up to $25,000 towards building or renovating their homes.
Every property transaction is unique. The experienced lawyers and conveyancers at Robertson Hyetts guide and assist purchasers during the entire purchase process, including, advising on the proposed Contract of Sale, preparing any required special conditions, undertaking property searches, assessing occupancy rights over the property and checking that any new regulations, for example, the registration of pools and spas with the local shire council, are complied with.
John also says, “purchasers should be aware that once a Contract of Sale is signed, changes cannot be made without further negotiations with the vendor which may not always benefit a purchaser.” A purchaser may, in certain circumstances, be able to “cool off” under a Contract of Sale. The purchaser may, however, retain from any deposit paid, the greater of $100 and 0.2% of the purchase price.
It is, therefore, best for a purchaser to obtain advice on a Contract of Sale and any stamp duty or government grants that may be available before they sign the Contract.
Need advice on a contract of sale – we can conduct meetings by appointment, telephone and video conferencing. Please contact our Castlemaine office on 03 5472 1588 or Bendigo office on 03 5434 6666.
