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Real Estate Guide

Real Estate Guide

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Published by Vikram Kumar

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Published by: Vikram Kumar on Feb 07, 2011
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Real estate
 A guide or buyers and sellers
 
Disclaimer
Because this publication avoids the use o legal language, inormation about the lawmay have been expressed in general statements. This guide should not be relied uponas a substitute or the
Estate Agents Act 1980
, the
Sale of Land Act 1962
or proessionallegal advice.© Copyright State o Victoria 2010No part may be reproduced by any process except in accordance with the provisionso the
Copyright Act 1968
. For advice on how to reproduce any material rom thispublication contact Consumer Aairs Victoria.
Published by Consumer Aairs VictoriaDepartment o Justice
121 Exhibition Street Melbourne Victoria 3000
Authorised by the Victorian Government
121 Exhibition Street Melbourne Victoria 3000
Printed by Print Dynamics
25 Lionel Road Mt Waverley 3149
ISBN: 0-9750813-7-3
 Additional copies
This guide is available rom Consumer Aairs Victoria, www.consumer.vic.gov.au or 1300 73 70 30. To order more than ve copies ax a request to (03) 8684 6333 or write to: Consumer Aairs Victoria GPO Box 123 Melbourne Victoria 3001.
 
iIntroduction
Making the right choices
Buying or selling a home can be acomplex and time-consuming process.Even beore you make the ‘big decisions’about which property to buy, whichhome loan to select, or which estateagent you engage to sell your home,there are many other importantdecisions you will need to make. Doingsome homework can help you avoidexpensive mistakes. You are more likely to make the rightchoices i you:
•knowwhatyouwant•areinformedaboutyouroptions•shoparoundforthebestpriceand
 
service or product that meets your needs
•refusetohurryintoadecision•takeyourtime•readeverythingbeforeyousign•askquestions.
Know what you want
Start by making a list o all the essential eatures you require in your property.This will help you stay ocused on your requirements so you don’t get carriedaway and buy something that looksgreat but doesn’t meet your needs. It’salso a good idea to make a wish list o all the desired but non-essential eatures you would like so this can be actoredinto your decision making when you ndthem in a property you can aord.
Introduction
This guide provides an overview o the basic steps involved in a residentialreal estate transaction, including laws that regulate the conduct o estateagents and the buying and selling o real estate in Victoria. These steps havebeen presented in the order in which you would normally experience themin the buying or selling process. Wherever possible, inormation is presented or both buyers and sellers.Inormation specic to one or the other is clearly identied in the orm o abuyer’s or seller’s tip. A comprehensive glossary and list o useul contacts areprovided or your reerence.This edition also contains case studies and buyers’ and sellers’ checklists, atthe back o this guide. These questions can be helpul prompts to ensure youdon’t miss any important parts o the process.

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