Pre-Purchase Advice FAQ
Frequently Asked Questions
- Is the Lawyers Conveyancing Pre-Purchase Advice/Cooling-Off Advice report a legal contract review? Yes, our Pre-Purchase Advice report is a legal contract review authored by qualified lawyers with vast experience in property transactions in Victoria.
- What does it cost? For ordinary ‘existing’ properties the price is $275 (inclusive of GST). For ‘Off The Plan’ contracts, the cost is $550 (inclusive of GST).
- What does it include? It is a comprehensive written report on the submitted contract for sale, commenting on matters relating to the title as well as any unusual special conditions the vendor has included. It also includes a layperson’s description of the General Conditions commonly found in a Contract of Sale of Land in Victoria.
- Will I be told if I should avoid purchasing the property? It’s a matter for you as the potential purchaser to determine whether or not a problem is serious enough to avoid purchasing. For example, discovering that a property is situated within a ‘bushfire prone area’ may be of serious concern to one purchaser, but may be an acceptable risk to another. However, if we are of the view that the average purchaser would completely avoid purchasing a property (e.g. a property that is subject to compulsory acquisition) we will certainly advise you that the property raises “red flags”!
- Do you charge extra to communicate with the vendor’s solicitor? It depends on what is required, but simple enquiries will not generate additional costs.
- If my offer is accepted / I win at auction is there an additional fee to ‘settle’ the transaction? Yes. The fee charged for Pre-Purchase Advice or Cooling-Off Advice is for the document review component only.
- What are your conveyancing fees for settling the transaction? They vary depending on the type of property, the applicable law and location and other factors but our conveyancing fees are generally in the range of $1,200 – $1,500 inclusive of GST.
- If I purchase a Pre-Purchase Advice or Cooling-Off Advice report do I have to appoint you for the conveyancing? No, you are free to use another firm, but most clients prefer to stay with us because of our expertise, our acquired knowledge of the property and our ongoing support.
- Can I off my Pre-Purchase or Cooling-Offe report to another person who ended up purchasing the property? No, our report is only for the benefit of the person who has instructed us to prepare it, and we cannot assume responsibility for any other person who may make decisions based on our report.
