Buyers FAQs

Your agreed deposit (cash) must be held in trust by the vendor’s legal representative with accrued interest then being paid to the vendor at settlement.
Any Contract of Sale for residential property (including an off the plan purchase) provides the purchaser (only) with a three day cooling off period. This is three clear business days, expiring at midnight on the third working day. You should be aware however, there is a penalty of 0.2% of the purchase price given to the vendor should you subsequently withdraw (in writing) after the Contracts have exchanged. It’s always prudent to do your homework before entering into a Contract of Sale.
The SRO offers a range of options for first home owners, saving you tens of thousands of dollars. To ensure you are aware of the advantages available to you, please visit www.sro.vic.gov.au/first-home-owner