Exploring Vendor Statements Contract Terms and Property Transactions Assignment

Assignment Task

Questions

1. What is a title search, its cost and how does one go about obtaining a title search?

2. Explain section 32 Vendor Statements and set out in a list the required documents to be given as part of a s 32 statement?

3. Explain these terms: Vendor, Purchaser, Estate Agent, Lender/Mortgagee, PEXA

4. Can the sale of land be by oral/verbal contract? Set out the law.

5. Jimmy brings his old grandma into your office and you can see that he is forcing her to give you instructions to draft up a sale of her only home where she lives as a widow, to be sold to Jimmy’s girlfriend for a very low price. What should you do? Discuss?

6. Draft a “subject to building inspection” clause which would be placed in the special conditions section of a sale and purchase agreement?

7. Explain the risks of bidding at an auction for land?

8. If a property is being sold for $650,000.00, what is the 10?posit amount and balance?

9. You are a conveyancing specialist at LA LAW. You have been asked to make out a Trust Account Receipt showing the receipt of the 10?posit from question 9. Please make out the receipt below. Make up the required details.

10. Explain the “cooling off” period in Victoria. How long is it for? What is its purpose?

11. Does a swimming pool at a home require fencing? Why? What law requires this?

12. Explain the nature of a “caveat” and give two examples of when it is required?

13. What is an “easement” and give an example?

14. What is an ‘illegal structure” and what would be the advice you would give to a possible purchaser thinking of buying a home which has an illegal structure such as a not-approved deck or patio or garage?

15. Set out the rates of Stamp Duty and the exemptions to Stamp Duty in Victoria?

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