Real estate buying question and section 32

funnysht on 25/02/2022 - 19:50
Last edited 25/02/2022 - 20:24

Hi All
my niece is buying a property but noticed in section 32 under "Particulars of any Rates, Taxes, Charges or Other Similar Outgoings (and any interest on them)"
there is a cost of $5500.

She is going to see her solicitor on Monday but wondering if anyone could give any advice on this
(Place is Victoria)

Does it mean she has to pay this- or is it council fees- that will be partly paid till the owners leave ?

Also if she puts an offer subjec to finance- if the finance doesnt get sorted (say still takes longer than the settlement period to sort out) can she opt out of it and get the deposit back?
How much would a deposit tend to be 10%

Thanks!
Have a good weekend everyone!

Home & Garden

Comments

  • altomic on 25/02/2022 - 20:39

    is that hard to google?

    https://www.realestateview.com.au/advice/buying/section-32-s…

    • SF3 on 25/02/2022 - 20:42

      "niece" asks OP, OP post in OzB, ^googles for OP.

      OP seem rather inefficient.

    • funnysht on 25/02/2022 - 20:48

      thansk but i saw that- but then why does it say $5500- bit unsual i thought- like if rates or fees from council shouldnt it be by the vendor it is a house so why would any prospective buyer have to pay those fees? i.e not strata etc

      • pjetson on 25/02/2022 - 21:16
        +2

        Those fees are ongoing, year after year. If you buy the house, the seller pays pro rata, you pay them from that point on.

        • funnysht on 25/02/2022 - 21:42

          $5500 in fees though? that sounds like a lot even for council rates—i thought council rates are roughly $1000 a year..what else could it be? Like unpaid council rates for 5 years lol?

          • pjetson on 25/02/2022 - 21:45

            @funnysht: You said it yourself - "particulars of any Rates, Taxes, Charges or Other Similar Outgoings". It's not just rates.

  • WreckTangle on 26/02/2022 - 01:03

    Whats the section 32 called in nsw btw?

  • Overclocked91 on 26/02/2022 - 07:33

    You would lose the deposit if you failed on finance after the agreed finance approval period. On the paperwork put down a 5k deposit. Put settlement within 21 days after finance approval. Technically if they want to hold you to it, they can charge damages/Delay for pushing it back.

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