The short answer
Before making an offer on a Victorian property, check six things first: whether it's a private sale or auction, what the Contract of Sale and Section 32 actually say, what the special conditions do, the owners corporation position if it's an apartment or townhouse, whether the settlement period suits you, and exactly what's included in the sale. All six are knowable before you offer.
Check 1 of 6
Everything else follows from this.
At a private sale you may get three clear business days to cool off, and you can make conditional offers, like subject to finance or building and pest.
At auction you get none of that. The hammer falls and you're committed, no cooling-off, no finance clause, no building and pest condition unless the vendor offered one.
Ask the agent which it is, and whether that could change. Properties get sold before auction, and a private sale can be converted to auction.
More on timing: when should you get the contract reviewed?
Check 2 of 6
The open inspection shows you the property. The Contract of Sale and Section 32 explain what comes with it.
In Victoria the vendor must give you a Section 32 Vendor Statement before you sign. It's a disclosure document with a range of mandatory disclosures. Some of the items it must cover:
A Section 32 being provided doesn't mean someone has checked it. It's the vendor's disclosure, prepared by the vendor's side. Your lawyer might find the disclosure to be incomplete, out of date, or inconsistent with the title search. Make a contract review part of your due diligence.
Some certificates behind a vendor statement can take up to 10 business days to obtain. If the agent says the Section 32 isn't ready yet, that's probably why — and it's a reason to have your lawyer ready to act fast when it becomes available.
Read more: what is a Section 32 Vendor Statement?
Check 3 of 6
General conditions are largely standard. Special conditions are where the risk moves.
They can:
Conditions are changed regularly and there's no mandatory contract, which is exactly the problem. Two contracts on the same street can be completely different documents.
What to do: line up a professional contract review. Someone who understands what every condition is saying, and whether it's standard.
Check 4 of 6
This is where the costs live that don't appear in the asking price.
Look for:
Owners corporation fees are an ongoing cost for as long as you own the property. A $4,000 annual fee is roughly $80,000 over twenty years, before any increase.
Your lawyer will guide you on what the seller must disclose, and look for missing insurance, rules or disclosures.
Check 5 of 6
A 30, 60 or 90 day settlement isn't an administrative detail. It sets your deadlines.
Check it against:
Settlement is negotiable before you sign, and very difficult afterwards. If the vendor wants 30 days and your finance realistically needs 60, that's a conversation to have now.
Check 6 of 6
Fixtures, fittings and appliances aren't automatically part of the sale.
Usually the permanent fixtures and fittings stay and movable items go. But each contract is different.
Some things are clearly fixed and permanent, and others aren't always clear. Ask whether a dishwasher or a fridge is integrated or freestanding and you can get different opinions.
The dishwasher you saw at the inspection, the cubby, the pizza oven — if it matters to you, confirm it's listed in the contract. Not mentioned by the agent. Listed in the contract.
Included doesn't mean it works well. Inspect the appliances and fixtures before you buy.
Can you use the property the way you intend to?
Restrictions on title, easements, covenants and planning controls all affect what you can do with land. If you're planning to renovate, extend, subdivide, build a granny flat or run a business from home, that intention needs testing against the contract before you offer.
An easement across the back third of a block doesn't stop you buying. It might stop you building.
Have you budgeted for the full cost of ownership?
Beyond the purchase price and stamp duty:
| Cost | Notes |
|---|---|
| Council rates | Annually at settlement |
| Water charges | Service charges plus usage |
| Owners corporation fees | Instalments differ with each manager |
| Land tax | Main residence exemptions may apply |
| Building insurance | Usually required by your lender before settlement |
| Maintenance | The cost that doesn't appear on any statement |
Holding costs add up quickly, and they're the ones that turn an affordable purchase into a stretched one.
Before you offer:
All six are answerable before you commit. None of them are answerable afterwards.
Six things: whether it's a private sale or auction, what the Contract of Sale and Section 32 say, what the special conditions do, the owners corporation position, whether the settlement period suits your finance and circumstances, and exactly what's included in the sale.
Yes, absolutely. The vendor must provide it before you sign, and the selling agent can usually give it to you as soon as the property is listed. You don't need to be the successful buyer to request it.
Additional clauses beyond the standard general conditions. They can shift risk onto the buyer, remove protections buyers commonly assume, or introduce extra costs. There's no standard set, so they need reading individually on every contract.
Annual fees and their trends, current or foreshadowed special levies, any maintenance fund balance, known defects including cladding, insurance and outstanding claims, and the rules on pets, renovations, parking and short stays. Get your lawyer to check for proper disclosure and risks.
No. It's the vendor's disclosure document, prepared by the vendor's side. Your lawyer might find it to be incomplete, out of date or inconsistent with the title search. Understanding the disclosures is part of the buyer's due diligence.
Yes, before you sign. Settlement terms are negotiable as part of the offer and very difficult to change afterwards.
Prepared Prime
Most of it sits in documents written by the vendor's side, in language designed for lawyers rather than buyers. That is not a reason to skip it. It is a reason to have someone read it who does this every day.
Prepared Prime gives you unlimited contract reviews while you are house-hunting, each prepared by a qualified property lawyer and back within 4 business hours. Every review covers the checks above: risks flagged, clauses translated, next steps set out.
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