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Special Conditions in Victoria
Real estate contracts in Victoria, Australia are governed by the Sale of Land Act 1962 and the regulations made under it. These contracts are legally binding agreements between a buyer and a seller for the purchase and sale of real property.
One of the key features of a real estate contract in Victoria is the inclusion of special conditions. These are specific terms and conditions that are included in the contract to deal with unique or exceptional circumstances that may arise in relation to the property.
Some examples of special conditions that may be included in a real estate contract in Victoria include:
- finance special condition allowing buyer to obtain finance within a certain timeframe
- building/pest inspection special condition allowing buyer to obtain a satisfactory building and pest inspection report
- development special condition allowing a buyer obtaining planning permission for a proposed development on the property
- a special condition condition that the sale is subject to the buyer selling their existing property
It’s important to note that special conditions should be clearly defined in the contract and must be communicated to the other party prior to signing the contract.
A key area of dispute is Buyers may dispute the condition of the property, claiming that it was not accurately represented in the contract or that they were not made aware of any defects prior to purchase.