35 Gurnung Drive, Cairnlea VIC 3023
Summary: A true double-storey house, it is not a townhouse! Not all double storey is build equal, this is the above your average type, the photo does not seem to do the property justice, an in person inspection is highly recommended. The owner kept the property in quite a good conditions, however it might look less appealing until you replace the TV Bracket with your own TV. The Contract is not too bad in term of conditions and potential hazard, however the Caveat and Sheriff documents can be a worrying issue, fortunately the documents is now approved by the Courts.
Contract Review: 35 Gurnung Drive, Cairnlea VIC 3023
Disclaimer
Please find below is Ocean’s Contract Review from the Section 32 and Contract of Sale for this property based on documents we have received, please note that this is our opinion only and further question can be inquire with us or your Conveyancer. If you have any question outside of the Contract, you should contact the real estate agent:
Mr Chad Fowler: 0433 373 726
Ms Minh Bui: 0410 409 277
Please call us, message, visit or email us if you have any further inquiry regarding Contract or Property Laws.
Currently the agent valuing this property between: $970,000 to $1,067,000, please take that into consideration during research, negotiation, bidding or property valuation and finance with your banker or broker.
Personal Thoughts
Big looking house, to be expected for double storey, however not all double storey is build equal, it can get lonely if you living by yourself or have a small family. Nice pergola for outside entertainment, be good if there is also a ‘wind breaker’ or curtain of some kind but that can be install afterward. Across the road you won’t be seeing your neighbours, but a creek and walking trail, one bad point would be it is right next to the roundabout so traffic may be good or bad, considering the location you won’t expect any traffic except local. Another good or bad points is the property is quite higher, higher than above ground compare to the neighbour, it certainly give better view but it mean that your driveway can be steep for low car or weaker driver.
Now in relation to the contract.
General Information & Terms and Conditions
Noted: If purchase at Auction, you may lose your Cooling Off right, Deposit need to be ready on the day, Term and Conditions may not be negotiable.
Special Conditions:
SC9 – You will be charge $220 for reschedule of settlement, make sure to choose the right settlement date that you want, otherwise you will get charge additional fee. We recommend to remove this conditions if possible.
SC8 – 18% as default interest, this is rather high however is quite standard, in most case the Conveyancer will not agree to get this change. Standard is 12% to 14%.
Based on the photo and the floor plan of the property, it also does not seem to have any concerning issue, however we still recommend to have a thorough look at the property, take lots of photo to avoid dispute of what was or was not damage. If in doubt, a Building Report can be arrange prior to Auction.
If possible prior to bidding, to negotiate for “All appliance to be in working order” as you may not have time to check all appliance.
Vendor’s Statement / Section 32
- Services Availability: All except Telephone, usually there should still be Internet/NBN service in replace of Telephone.
- The property was plan was in 2006. The current owner, aside from owning the bank Home Loan, also own a personal loan with one party in 2019, furthermore this property is recently is being taken for sale under a Warrant/Sheriff. This mean that this property must be sold otherwise further legal action will take place. The Vendor will most likely do not have much of a choice of “Reserve Price”, and the property is “On the Market” with any bid the public can offer.
- There is an easement on the property at the back, however all your neighbour have it too, so it is unavoidable. This where water pipe is usually install.
- Land size is approximately: 593m2, slightly below average most of the neighbours in the street.
- This property is a Neighbourhood Residential Zone. Although Neighbourhood give less freedom compare to General Residential, it however is much more stylish.
- It also contain the Aboriginal Cultural Heritage and a few other Plan restriction, as the property is already build this won’t be too much of concern not unless you plan to extend or build.
- This property is NOT in Bushfire Prone Area. There is a water area nearby; a river/creek. What nice about Cairnlea is there is many park and reserve area, personally I have not walk very much of the trail but do see quite a few residents using the trail.
- Council rate is estimate to be $2600 yearly, which is quite standard considering the landsize and the value of this property. The Owner also own quite a lot of money to the Council too, but it not so much of your concern.
- Water rate is estimate to be $680 yearly. Quite standard. With an arrear of over $6000 at the moment. The Vendor is currently struggling with their finance, one factor could be the Bank Interest rate and living expense cost.
- If you were to buy this property as Investment, it currently Landtax is unknown, this documents is not included in the Statement. We advise to request for a Certificate. Based on estimation it could be: $2000
- The property is not subject to Lease, purchase will be vacant possession. If you are buying this for investment, we can refer you to a property manager to assist you.
In relation to signing the contract:
Particular Page 1: Your full name should be the same as your Passport name, also to include the phrase or wording, “AND/OR NOMINEE” at the end. For example: “Ocean Nguyen AND/OR NOMINEE”.
Particular Page 2: If you choose to take on our services, please include the following details under the “Purchaser’s Legal Practitioner or Conveyancer” section.
Oceantralian of Suite 10A, 100 Furlong Road, Cairnlea VIC 3021
Tel: 0479 126 326
Email: admin@oceantralian.com
Particular Page 3: Payment. 5% to 10% of the deposit on the day of signing, as this is an Auction via EFT or Bank Cheque. You may be given a few days (till Monday if on Weekend) to organize for the remaining balance.
Particular Page 3: Settlement time: standard time for settlement is within 90 days of signing contract of sale. You may also add in the phrase or wording, “90 days OR EARLIER”. However most Auction terms will be between 30 to 60 days.
Please note you usually have 3 business days cooling off, in which you can cancel the contract, however this does not applies if this is purchase at Auction.
Thank you. Yours faithfully,
Ocean
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