9 Percival Street, Preston VIC 3072
Summary: Bright White Home, a unique look that you will not see very often. The whiteness is truly stand out among the house, although some of the neighbours is also white as well it does not make this house lose it uniqueness. If cleanliness is your specialty you will be able to continue keeping it look great as the photo right now. Contract wise the penalty is rather high and have be costly if you are not prepared. The layout of the land is rather interesting upon looking further.
Contract Review: 9 Percival Street, Preston VIC 3072
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 Mark Verrocchi: 0413 135 935
Mr Bella Cortese: 0433 152 636
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: $1,200,000 to $1,200,000, please take that into consideration during research, negotiation, bidding or property valuation and finance with your banker or broker.
Personal Thoughts
Very white looking house, I assume it stand out in the neighbourhood…? But the house next house is also white, perhaps it is a normal colour style in this suburb. In the living room, I can see a supporting beam in the centre of the kitchen/living room, wow! How wide is this house? This is truly a “open space” design, the kitchen is truly too bright with the white color scheme, will have to clean consistently to keep it always looking good, nice oval backyard but there is no clothes hanger?
Preston suburb… my personal experience of this area is traffic is quite bad during peak hours, some of the road is small and driving can be a little rough on Bell St.
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:
SC4 – Nomination fee of $550, rather high here. Make sure whoever is purchaser to be correct. General it is $200-$350.
SC10.3 – Wow $1250 for Default Notice! Generally it is $500 to $850.
SC13.1 – Landtax is Proportional… hopefully the Vendor don’t own too many properties.
Based on the photo and the floor plan of the property, the Alfresco area at the back, this seem to be professionally done though, but we not sure if there is a permit. And the Statement don’t state any permit apply.
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. Recommend to take lots of photo, video and test all appliance to avoid dispute on what was or wasn’t damage or working in the future.
Vendor’s Statement / Section 32
- The owner recently refinance in June 2023, but now they already selling it. Look like the Interest rating is heavily affecting them or they did renovation and selling it for profit?
- There is No Easement on the property at the back.
- Land size is approximately: 494m2, good size.
- This property is a General Residential Zone.
- This property is NOT in Bushfire Prone Area.
- Council rate is estimate to be $2600 yearly, fairly standard consider the value of the property, actually, it is slightly lower than other council considering the value.
- Water rate is estimate to be $700 yearly. Quite standard.
- If you were to buy this property as Investment, it currently Landtax is $2725 if single holding, currently it is proportional to be $4,363.56
- 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.
This property layout is very interesting, in particular to the backyard and the shed. Eagle-eye inspection might notice the odd shape of the land and the position of the shed.
Officially the property size is 494m2, you may want to do a measurement to see where the land start and end.
Looking through the plan, it look like there was a small lane at the back of the property. Perhaps initially it was meant to be as easement but was abandoned and no longer being used by the Council/Power Utility or Water Authority. Based on the plan, this back lane/street cannot be use and meant to be left empty. However, we guess that over time, the neighbour and even the owner of this property just basically started extending their fencing and now it become ‘their land’.
Our first thought was that, “Neighbour take my land, so we going to take your land”, but that does not seem to be the case. There is also no indication of the plan being changed to allow for these home owner to use this part of the land.
Looking at satellite image, half of the block here all use it, it blurry so we can’t see but the other half seem to be still empty and you can still walk in there or play hide and seek. Honestly, we don’t see this very often, it is a rare case and we are uncertain of the future issue may arise because of it. The council does have the right to take back all of these portion of land if they choose to do so. We are rather curious… perhaps speaking to the local people, they might give some insight as to why did ~10 of these house owners started to built on this part of the land.
Lastly, we noticed that there is Solar Panel on the roof of the property, you may want to double check if that is Paid Off yet, or add it in part of special conditions to be Paid.
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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