Here's another story about what can go wrong when a purchaser doesn't get legal advice prior to signing a contract...
Jacqui and Sarah were looking for more space, peace and quiet to start a family so they bought a property in the outer suburbs of Melbourne. They had a builder look over the house and she advised it was structurally sound. They felt like they had found their dream home.
Two years later after the birth of their first child, significant construction started at the end of their street. Jacqui inquired at her local council and was advised that the construction was the new ring-road. Shocked and angry, Jacqui and Sarah went to a local solicitor with their contract of sale to check if what was happening was legal.
Sarah and Jacqui’s original conveyancer hadn't advised them that the Vendor’s Statement within the contract stated that the land was affected by an approved proposal to build a ring road and the property was sold subject to this notice.
NB: The Vendor’s Statement contains information about approved proposals affecting the land, including any plans by VicRoads for the area. It is very important to have a solicitor read your purchase contract and make appropriate inquiries before settlement occurs so that there are no nasty surprises down the road for your property.
We do two free contract reviews for each client. Ask the agent for the contract and vendor's statement and email to firstname.lastname@example.org BEFORE you sign!