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Why is it safe to buy a house in Australia? Because there ar(3)
The most frequently asked questions by overseas investors are:
Is it safe to buy a house in Australia?
Are there any developers running away?
Will there be rotten buildings?
How good is the construction quality of Australian developers?
What if there is a "tofu dregs" project such as leakage and seepage?
Who should I appeal to? After the house is built, will it be "out of stock"?
Lawyer participation
In Australia, whether new or second-hand housing, real estate or existing housing, the transaction process requires the participation of lawyers from both buyers and sellers. Developers and buyers communicate through lawyers on behalf of both sides and do not meet.
Why is it safe to buy a house in Australia? Because there are nine legal guarantees!
Buyers and sellers freely choose to employ lawyers they recognize and trust. Once employed, lawyers are obliged to explain the terms of the contract to both parties and safeguard their respective interests. Solicitors are usually the only lawyers involved in real estate sales. The cost in Australia is about $1000 - $2000.
Sunrise Clause
Developers must start building at the latest. If the developer has not started the project before the "sunrise period" and is considered as a breach of contract, the buyer may request a full refund of the down payment.
Sunset Clause
Whether it's an apartment, an independent house or a land villa project, there will be provisions in the contract. "Sunset" is the latest completion date of the project stipulated in the contract.
If the project cannot be completed within the sunset period, the contract will be cancelled and the seller will need to refund 10% of the down payment to the buyer in full.
The "sunset period" varies according to the size of the project, usually between 18 months and 48 months. But this does not mean the actual time when the project is completed or delivered. Most projects are usually completed before the sunset deadline.
Sunset clauses are guaranteed for buyers or sellers, because sunset periods are usually relatively abundant, developers will not be caught off guard when confronted with irresistible factors such as bad weather, industry changes or even delays in the capital chain.
Only when the developer fails to complete the project when the sunset deadline arrives, a 10% down payment will be refunded to the buyer in full.