By Ron Cohen

13 June 2015

Regardless of what type of property you are acquiring, in Victoria every agreement for the purchase and sale of property must be in writing. It is usually in the form of a Contract of Sale of Real Estate approved by the Law Institute and Real Estate Institute of Victoria. The contract will contain general conditions and in many cases a Vendor’s lawyer will also add their own special conditions.

However, Purchasers can also request special conditions be included in the contract.

These may include:

  1. Subject to a satisfactory building and pest inspection report;
  2. Subject to planning or building or building approval if the investor wants to renovate or develop the property;
  3. Early access (e.g. for the Purchaser’s surveyor to measure the property or carry out soil tests);
  4. A due diligence period to conduct a detailed analysis of the property, and
  5. The Vendor to provide a depreciation schedule in the case of a new property.

Special conditions for the benefit of a Purchaser are designed to protect Purchasers and to lock in a price whilst still conducting due diligence and these conditions will give a Purchaser an “out” if any of the agreed conditions are not satisfied, while still binding the Vendor if ultimately the Purchaser wants to proceed. It also ensure the property comes off the market.

Whether you are selling or purchasing a property it is important to make sure the contract is drafted properly and deals with the relevant issues. It should always be checked by a property lawyer before it is signed.


For specialist contract and Estate Agent advice and assistance with authorities, please contact Ron Cohen or one of the team at Tisher Liner FC Law.

Related Articles

View All
Commercial Law / Commercial Contracts & Agreements / Property & Development

Commercial and Industrial Property Tax Reform – What does it actually mean?

The reform will implement change progressively from 1 July 2024 and will look like this: This reform presents an...
Read More
Property & Development / Developments / Real Estate Agents

Property Law Changes – Land tax adjustments, vacant residential tax & windfall gains tax

A prohibition on the ability of a Vendor to pass on land tax liability assessment against a property The current...
Read More
Commercial Contracts & Agreements / Leasing & Lease Disputes / Property & Development

Exercising Options

If a lease is a retail lease, the provisions of the Retail Leases Act (Vic) (2003) will govern the exercise of option...
Read More
Construction / Owners Corporations / Planning

Occupancy permits – the ticking clock in defective building work

Where multiple occupancy permits are issued in relation to a building permit, which permit is the operative permit for...
Read More
Commercial Law / Property & Development / Developments

2023-2024 State Budget Recap

Acquisitions of Commercial and Industrial Properties From 1 July 2024, Land transfer duty (stamp duty) on commercial...
Read More
Adverse Possession / Commercial Law / Family Law

2024 Best Lawyers list out now

Tisher Liner FC Law are proud to announce that this year three of our Principals have been selected by their peers for...
Read More
Property & Development / Planning

The 1, 2, 3 of Property Law Reminders for NY2023

In so reflecting, reflecting on one’s property matters (current or proposed for the future) is also a worthwhile...
Read More
Planning / Property & Development / Construction

Section 9AC of the Sale of Land Act – What does ‘materially affect’ mean?

Throughout the registration period, a Plan of Subdivision may undergo many amendments from the proposed Plan which was...
Read More
Property & Development / Leasing & Lease Disputes / Real Estate Agents

CTRS protections has ended. What do you do now when a tenant defaults?

What can landlords do if a tenant breaches the lease If a tenant is in breach of a lease, the landlord may charge...
Read More
Property & Development

Early deposits. Your FAQ’s answered

This blog explores what is required in order for a Vendor to obtain their deposit prior to settlement and what a...
Read More
Property & Development / Real Estate Agents

Stamp Duty is now payable on late settlement and default penalty interest

The dutiable value of a property is the value in which stamp duty is determined to be due and payable at settlement by...
Read More
Property & Development / Commercial Contracts & Agreements

Market rent reviews under the Retail Leases Act 2003: Applying to the VSBC for the appointment of a Specialist Retail Valuer under the Act

In Part 1 of our blog series, we explored market rent reviews generally This is Part 2 of our 2 part blog series, in...
Read More