Did you know…

The rules governing a Subject To Finance Condition on a contract of sale? It is important to note that if a Subject To Finance Condition forms part of a contract of sale, it should stipulate –

• Lender
• Latest Time For Approval
• Amount Of Loan

If a Lender is not stipulated, it can be any bank, building society, credit union or institution which offers loans and carries on business in Australia.

The latest time for approval is, as of 4pm on a stipulated day whereby, a notice of Finance Approval, or if not Approved, a notice of Non-Finance Approval, be provided to the Seller or Seller’s Agent.

Amount of the loan means either the amount referred to in the schedule or any lesser amount of Finance referred to in the Finance Application. If the amount referred to in the schedule is blank, then the amount will be equivalent to the purchase price.

If you would like to discuss the above, or require an up to date Appraisal of your property, please contact Scaffidi Real Estate at your convenience.

Did you know…

When a property is being sold, the buyer(s) must be made aware of any Encumbrances that can have an effect on the future use of the property.

An Encumbrance means a Mortgage, Easement, Restrictive Covenant, Title Restrictions, Caveat, Memorial and Rate Encumbrance and includes any right and interest which a person has in relation to the property.

Encumbrances will be noted/listed on the Certificate of Title relating to the Property and should be searched through Landgate in order to obtain the full description and limitation, if any, that may effect the Property.

An example of an Encumbrance having an effect on the future use of the property could be a Restrictive Covenant governing the specific height allowed of buildings on the land being sold.

If you would like to discuss the above, or require an up to date Appraisal of your property, please contact Scaffidi Real Estate at your convenience.

Did you know…

In a Real Estate transaction to purchase land / property, a Deposit forms part of the contract. The main purpose of a buyer paying a Deposit indicates intent to purchase the property and gives the seller the security of proceeding to settlement. Should the buyer decide not to proceed with the settlement, the seller may retain the deposit as form of compensation.

How much Deposit is Payable?

A deposit figure can be negotiated and agreed to at the time of executing the contract and held in Trust, usually by a Real Estate Agent or Settlement Agent.

If you would like to discuss the above, or require an up to date Appraisal of your property, please contact Scaffidi Real Estate at your convenience.

Did You Know…

That a Contract of Sale for a Real Estate Transaction, can have a number of conditions that can affect both the Seller and the Buyer.

Conditions are any written requirements on a contract that are agreed in writing by both the Seller and the Buyer.

For example, some common conditions may include;

• Settlement Date
• Deposit
• Chattels
• Finance Approval
• Structural Report
• Termite Report

There are many others that can also be included, but the most important points to remember with all conditions are;

• Who is paying and responsible for the conditions to be satisfied
• What is to be completed
• When is it to be completed

Another important point to remember is what happens if the “Who, What and When” are not satisfied.

Clear and concise written conditions, signed/initialled/dated by all parties of the contract are very important, so to avoid any problems or delays nearing settlement.

If you would like to discuss the above, or require an up to date Appraisal of your property, please contact Scaffidi Real Estate at your convenience.