Comprehensive analysis: Australia's real estate investment is a secret! Are you sure your contract is signed?

In the purchase of a property, a standard contract is a strong guarantee for investors to protect their rights, but if you sign a contract that is not good for yourself, it will likely cause many economic losses.

Have you fallen into the contract trap?

Chinese investors can only buy futures in Australia, and the most common risk they bear is the inability to understand the content and rights of each party outlined in the sales contract. In the futures contract, there is a strong possibility of strong bias and ambiguity, and most of the terms are also beneficial to developers .

For example, there is such a clause in the contract:

The developer can decide on the revision of the planning documents at his own discretion.

The planning document is defined as: the accessory includes a dishwasher.

Although this clause did not seem to be a problem at first, the developer denied the buyer's right to choose the dishwasher in a vague language. Since there is no prescription for the brand and model of the dishwasher, the developer has an absolute choice of the dishwasher, which means that the developer may save money by installing a poor quality dishwasher.

The accessories are not just dishwashers, they may include an air conditioning unit, the type of light, the layout of the apartment, the size of the apartment, and so on. A house built at low cost is likely to bring the risk of falling investment value. Therefore, before signing the contract, you must consult a professional lawyer to avoid being used by the developer .

How to calm down during the cooling off period?

Some contracts in Australia will have a cooling-off period before signing. During this period, you can even cancel the contract . You only need to pay a small amount of deposit as compensation. The regulations vary from state to state. For example, Victoria is 02% of the house price. However, if the contract is cancelled after the cooling-off period, the entire deposit will be lost and there will be other compensation.

However, in real estate investment, many sellers will ask the buyer to agree to cancel the cooling-off period and use this as a prerequisite for signing the contract. Therefore, before signing a contract, be sure to do all the investigation and analysis, and appoint a lawyer to review the terms of the contract, understand their rights and responsibilities, and avoid unnecessary losses.

What are the contract materials?

The contract information provided by the seller and real estate agent required by the Australian Real Estate Act for the buyer is:

1. Original information: The location and area of ​​the land occupied by the property you want to purchase, the name of the seller who has historically traded on this land, and the institution that loaned it. This is a copy called "title".

2. Plan information issued by the government: It informs the approved use of the land, that is, whether it can be used as a dwelling, or can be used for business or redevelopment.

3, property tax and expenditure: whether the property has a previous loan, various expenses, such as municipal taxes, water fees.

4. Building Restricted Building Permit issued by the government: Permits for any new or rebuilt projects in the past seven years.

5. Other affiliate agreements: agreements with others relating to the property, such as the orientation, area, height of the surrounding walls of the property, and whether you are allowed to build the annexes you need or may need in your own property. .

What do you think of the contract text?

1. Must clearly calibrate the price

2. The date of the transaction (ie, you have recognized that the property delivered to you is in full compliance with the contract, you are willing to own the property and pay the full amount of the purchase).

3. Movable property (all the property contained in the movable purchased property indicated in the contract when you purchased the house, such as curtains, electrical equipment configuration, etc.)

4. Special offer or stipulation: such as your loan conditions and methods (related to Australian real estate loans). Special standards for housing quality requirements. And everything is before the final deal. What should be done within the scope of the seller’s responsibility.

5. There must be no content in the contract that is unfavourable to the purchaser or use.

6. The sales contract must specify the attached facilities and related equipment that you think should be included in the purchase price , such as the movable tin house in the attached facilities. The contract can be signed when you are satisfied with everything and the entry of funds has been approved in writing.

What are the contract signing methods?

1. Signature photocopy

The buyer mails the original signed contract to the attorney for the buyer and the seller to exchange the contract. If the contract cannot be sent to the attorney in time, the attorney will negotiate with the seller in advance and exchange the contract with the photocopy of the contract signed by the buyer, and then hand over the original contract to the seller's lawyer.

But not all sellers will agree to the way the photocopy is signed.

2. Power of Attorney

The buyer can appoint a representative of the agent in Australia to sign the purchase contract in advance by setting up a power of attorney.

Simple, letting signing a contract is simple

Do you think it is complicated to sign a contract?

Even if you understand the information and regulations required for contract signing, it is quite difficult to understand each of the rights and obligations in the contract.

Investors who don't know enough about real estate and local laws usually sign a contract that is not favorable to their own. When paying the house, investors are usually disappointed because it deviates too much from their prior results (and often has a low investment value). .

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