5 Nelson Ave, Newcomb VIC 3029
Summary: Big land size! Close to the beach/port if you are sea lover or like that fresh sea smell. Beautiful looking house that is recently renovated, if you can keep it in the same conditions it would make other jealous! Contract wise it is fairly standard, however care need to be consider in relation to GST payment and the unknown easement.
Contract Review: 5 Nelson Ave, Newcomb VIC 3029
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:
Ms Michelle Winckle: 0416 117 978
Ms Sophie Spowart: 0478 957 905
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: $669,000 to $699,000, please take that into consideration during research, negotiation, bidding or property valuation and finance with your banker or broker.
Personal Thoughts
Wow, I thought Geelong would still be in the lower range in term of price but I guess not. However, it is understandable consider the land size and the location, I see that it is close to the beach/port area nearby, even closer is a school. Very white looking house, look like hard work went into renovation, recently we review another property that is also very white design, if you can keep this property clean it look great! I like the BBQ kitchen out the back, it look like it haven’t even been use! You must get the secret to the owner on how to keep this looking good. No photo of the garage, but there is an aerial photo of the whole land, it seem that the house is newer and the garage was original.
Now in relation to the contract.
General Information & Terms and Conditions
Special Conditions:
Interesting, there is GST applied to this property… what does this mean for you? Let say you buying it at $700,000, you actually have to pay the Vendor additional approximately $64k on top for GST. Care need to be taken in your offer!
Aside from that the Vendor Conveyancer kept the Special Conditions fairly standard without too much concern.
Based on the photo 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 buying unconditional.
If possible prior to offer, to negotiate for “All appliance to be in working order” as you may not have time to check all appliance. And to ask for 14 to 21 days finance.
Vendor’s Statement / Section 32
- There is 2 Bank involved, and 2 Caveator involved. But this was all done at the same time, and same bank name so it just look like a multiple lender ‘bank’. Interesting, it more difficult to get loan under this structure, but it is not your concern.
- Land size is approximately: 840m2, big, you won’t see many of these size in Melbourne’s metro suburb.
- Council rate is estimate $1700, fairly low.
- Water rate is estimate to be $800 yearly. Quite standard.
- f you were to buy this property as Investment, it will be $825 if this is your only investment property.
- This property is a General Residential Zone, with a Commercial Zone neighbour behind the property, they got an interesting building shape,
- There is an easement on the property at the back. This where water pipe is usually install.
- This property is NOT in Bushfire Prone Area.
- 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.
Furthernote, there is a big unknown Easement as well. The plan is older design, I can see one easement at the back, but that is 2 dashed line, I’m not quite sure what the big one mean. There is colour code… but since it got convert to digital they only scan black and white! Assuming the big easement is “E-3 Green”, then it OK, it for your use, “Purchaser Reverse use”. Unfortunately we can’t be sure unless further inquiry with Council and Land Title Office.
Your property is slightly affect by Special Building Overlay, what does this mean? It mean flooding potentially, the shape of the overlay is very odd though, it almost artistic. Could be due to high and lower ground? You most likely won’t see flooding, however I have not been to Geelong often enough to comments, but there is a potential of flooding during heavy rain or storm. Not to mention there is water nearby (about 2 block away).
There is a Owner Builder report, look like it was just complete last month in July, seem like majority of the house was renovated. Which explain why it look so sparkling clean and white. Lucky for the first tenant to live in in here.
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. This is usually payable on Finance due date.
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”. This depend on your circumstance but if the property is empty the Vendor will usually want to settle as soon as possible.
Please note you usually have 3 business days cooling off, in which you can cancel the contract, however penalty may still apply.
Thank you. Yours faithfully,
Ocean
