Purchase Questionaire

Generally, the purchaser is deemed to have purchased the property in the condition that it is in on the day the purchaser signed the contract, as a result of the purchaser’s own independent inspections and enquiries and not relying on any representations made by the vendor or its agent. This means that the vendor is not required to repair or compensate the purchaser for any defects in the building or chattels, or for any misdescription of the land on the title documents.

If you did not purchase the property at auction, you may be entitled to a cooling off period of 3 business days.

We therefore strongly recommend that you:

• check that garage doors, appliances, heating & cooling, etc. are all in good working order on the day of sale (or require a special condition that they be in good working order at settlement);
• arrange for a building inspection report to confirm the structural integrity of the building;
• arrange for a pest inspection report;
• arrange for a survey report to confirm the location and boundaries of the land correspond with those noted on the certificate of title and plan.

Manner of holding – joint proprietors and tenants in common?

The main difference between the two manners of holding is that, upon the death of one joint owner, their interest in the property either passes to the surviving joint owner (in the case of joint proprietors) or to their estate and to dealt with in accordance with their will (in the case of tenants in common).

If tenants in common, please advise whether in equal or unequal shares.

What is a purchaser’s caveat?

A purchaser’s caveat is a notice lodged with the land titles office which protects the purchaser’s interests by:

• advising anyone who obtains a title search about the caveator’s unregistered interest claimed in the land as purchaser; and
• directing the registrar of land titles not to register any dealing with the land without notice to the caveator and consent from the caveator.

In other words, a purchaser’s caveat protects purchasers against the following risks:

• that, before registration of the transfer of the property into the purchaser’s name, a creditor of the vendor might lodge a mortgage, charge or writ against the title (something that could go undetected by normal searches);
• that the vendor might fraudulently try to sell the land to a second purchaser, while concealing the earlier sale;
• identity theft, or stolen or counterfeited title deeds, or forgeries;
• that the vendor might further mortgage the property, leaving not enough equity to pay out the lender when the time comes to settle the purchase.

Our additional fees for preparing and lodging a caveat is $330 plus GST and disbursements (land titles office lodging fee and PEXA fee).