A first home buyer contract review from First Home Conveyancer covers every element that could affect your purchase. We don't skim. We read the full document and the vendor disclosure statement, then provide a written report explaining what we found.
Contract of Sale Review
We examine the core terms of your Contract of Sale. This includes the purchase price, deposit amount and payment schedule, settlement date, and what's included in the sale. Fixtures and fittings disputes are common. If the contract doesn't list that dishwasher or air conditioning unit as included, the vendor can remove it before settlement.
We check for unusual special conditions. Some vendors insert clauses allowing them to remain in the property after settlement, or requiring you to accept the property with existing tenants. Others include penalty clauses if settlement is delayed, even when the delay isn't your fault.
Vendor Statement Review (Section 32)
In Victoria, the Section 32 Vendor's Statement is a mandatory legal document. Failure to provide an accurate statement allows you to rescind the contract at any time before settlement. We review this document for completeness and accuracy.
The vendor statement must disclose easements, covenants, zoning information, outgoings, and any notices affecting the property. We check whether the vendor has disclosed everything they're legally required to disclose. If something's missing or incorrect, you may have grounds to exit the contract.
Title and Planning Searches
Your contract review includes verification of the title. We confirm the vendor actually owns the property and has the right to sell it. We check for caveats, mortgages, and other encumbrances that must be removed before settlement.
Planning searches reveal whether the property is affected by heritage overlays, flood zones, or proposed road widenings. These can restrict what you can do with the property or affect its value.
Finance and Settlement Conditions
We review all conditions precedent in your contract. These are things that must happen before the contract becomes unconditional. The most common is finance approval, but others include building inspections, pest inspections, and due diligence periods.
Each condition needs a clear deadline and a clear process for what happens if it's not satisfied. We ensure your conditions protect you properly and give you genuine exit rights if things go wrong.
Stamp Duty and Grant Eligibility
First home buyers in Victoria can access $0 stamp duty on properties up to $600,000, with concessions tapering up to $750,000. We check your contract purchase price against current thresholds and confirm your eligibility. We also review whether the property qualifies for the First Home Owner Grant and flag any contract terms that might affect your application.
