I believe many of my friends who settle in Australia have experience in buying real estate in Australia or buy a house plan. And in a foreign country, the laws and regulations on the transfer of real estate is strange to us, how to buy a house in Victoria peace of mind? There are some legal tips you must understand! Today, Xiaobian consulted a professional lawyer, but also to everyone to buy a house in Victoria have to pay attention to some of the things!

First of all, we first look at the popular Australian buying process.

     

Novice essential, buy a house process:

1. Set plans, room inspection, election room lock number, payment of deposit (usually 1000-2000 Australian dollars) apply to the developer to retain.

2. Developers receive the deposit, the purchaser’s lawyer to provide the purchase contract.

3. The client signs the contract according to the lawyer’s explanation and pays 10% of the payment within 5 working days to several weeks. Here to remind everyone that this 10% deposit must not be directly to the intermediary or developer, the law can be made to the Australian bank to make a capital freeze. The benefit is that this money is still in your own name, but also some interest.

4. If you buy a home, if the loan, the customer needs to prepare the loan materials, signed the contract must be immediately after the loan agencies to find. Generally in the contract, you can ask a lawyer to write, if you can not loan within 1 month, you can suspend the contract.

5. If you buy a 期房, the loan is only made after the house is covered.期房 purchase contract can not write “If you can not lend money within one month, you can suspend the contract” clause.

6. Bank lending, the customer to pay the balance, the lawyer will hold the contract and the real estate and developers to handle the final delivery of the property.

On the issue of housing property rights

 

When buying a house must consider the issue of ownership of the house. In Victoria, there are a total of three modes of real estate ownership, namely SoleOwnership, Joint Proprietor and Tenantsin Common.

1. The sole owner SoleOwnership, that you are the only owner of the property, everything about the property is up to you.

2. Co-owner Joint Proprietor, generally suitable for marital relations or immediate family members, the common ownership of the property does not have the concept of property rights. For the transfer, all the co-owners need to be signed in effect. If one of the co-owners dies, its share will automatically vest in the other co-owners.

3. Joint owner Tenantsin Common, more suitable for non-husband and wife industry model, each owner is an independent entity, property rights and interests can be divided. Decentralized owners are free to sell their own rights and interests without the consent of other decentralized owners. Of course, the share of taxes and tax preferences enjoyed by each decentralized co-owner will also be different. If one of the co-owners of the separation of rights dies, his rights and interests may be decided by his will, rather than automatically assigned to another co-owner.

What should be noticed and understood when signing the contract?

     

1. Property Seller Declaration SECTION32STATEMENT

The statement explicitly states the title of deed, mortgage, urban planning, building permits, the status of the road leading to the property and so on, is the seller must buy the real estate before the buyer’s affidavit to each other. If the seller hides any important content in the affidavit, the buyer can claim compensation through legal channels and even apply for the contract to be invalidated.

2. Designated buyer Nominated purchaser

Buyers for a variety of reasons, after signing the real estate contract to transfer a second buyer, the second buyer is what we call the designated person. They and the original buyer must complete and sign a transfer of property rights form (SaleOfRealEstateNomination Form), the contract will take effect.

In Victoria, the original buyer still had to bear the personal liability of the contract he signed even though the second buyer had been designated. If the second buyer is a relative of the original buyer or a registered builder, then the process of assigning buyers and assignments will not be complicated and the stamp duty required will only have to be paid. If not, the original buyer is the best proposed agreement signed buyers, and in the agreement clear their obligations and deserved interests.

3. Victoria how to save the province stamp duty?

I believe many people know that the stamp duty on buying a house in Victoria is relatively high, so saving on stamp duty? At this time we will think of buying unbuilt houses. Since Victoria stamp duty is determined on the basis of the value of the property on the day of signing the contract of sale, if the purchase of a house that has not been completed or has not yet started to be built, the stamp duty collected will only have to be delivered at land value. Will be at least 1-2 million Australian dollars low.

What is “cool period”?

 

The so-called cool-off period, the buyer signed the contract for the sale of real estate after three working days. During this time, buyers can regret the contract has been signed!

Please pay attention! ! Three working days after the buyer’s signature! That is to say, if the buyer has signed and the seller did not sign, the three-day cooling-off period is still from the date of signing a house to buy! Regardless of whether the seller signed the contract, buy a house after signing more than three working days that no regret!

 

Of course, you have to pay a flat fee of about $ 100 or 0.2% of the purchase price.

Of course, “cool period” is not applicable to all buyers, the following does not apply:

1. The land is used for commercial or industrial purposes or the land is more than 20 ha and used for agricultural purposes.

2. The house is in auction.

3. One side had the same (breach of contract) issue on the same housing contract.

4. The buyer is a housing agency or a group (or company).

So, when you want to quit the cold contract who should contact?

In the judgment of VV Supreme Court, Eng Tan and Chen Lobo Rueesll [2016] VSC93, the buyer terminated the contract within the 3-day cooling-off period and notified the agency of the house. As a result, the judgment was invalidated and the seller was compensated for more than 400,000 losses. The original contract price of 4.48 million Australian dollars, the seller sold 4.07 million, so the seller confiscated the buyer’s deposit, the buyer sued to return the deposit, but was finally sentenced to sellers win. So keep in mind that it is not to notify the intermediary about the withdrawal of a contract during a cooling-off period, but to inform the other counsel.

Xiaobian also remind you here, if you need to do related information for the cool-down period of purchase, the best direct contact with professional lawyers. It is best to find some lawyers who can provide legal professional advice. Of course, the cooling-off period is only the emergency measures after consumption, and not absolutely safe! Before buying or to learn more!

In the magical state of Australia, sometimes the understanding of real estate is a little unexpected.

Something is yours but not yours.

Recently a local media reported a news report that a 70-year-old Chinese elderly man did not return to Australia after returning home and his old home in Elizabeth Street, Redfern, Sydney was occupied by a stranger .

This is the legendary alienating brother Andrew James, an Australian banker who wants to embezzle the house, which valued over 1.1 million. The most incredible is that this is in line with Australian laws and regulations!

Under the law of New South Wales, a non-owner of a property continues to occupy the land of the other party for more than a certain legal period (12 years) without the consent of the original owner, according to a law of New South Wales Proving that he has been actively looking for a homeowner during this period but can not find it, then the original owner’s litigation deadline expires, meaning that the owner can “refuse to dominate” and become the legal new owner of the land without paying any price. Victoria also has this law, the deadline is 15 years.

Therefore, we must learn to legally protect their own rights to purchase real estate and ownership of the house ah!