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THE MESSAGE. BRINGING INTO FOCUS FILIPINO PRESENCE IN AUSTRALIA
www.kalatas.com.au | Volume 4 Number 7 | April 2014
PROPERTY MARKET
Affordable Cottage
Homes at Renwick
tle and rear lane access available to
some lots.
Ranging from two to four bedrooms, the cottages are designed
to complement the Southern
Highlands environment and appeal to market entry buyers and
also home owners wanting to sell
their ageing houses and move to
a smaller property requiring less
time-consuming maintenance.
“These beautiful, modern cottages at Renwick are on easy-to-
Is Gazumping Legal?
W
hen the market is actively busy, occurrence
of gazumping is not uncommon. Gazumping occurs when you have a verbal agreement with an agent or seller to buy a property at an agreed price but the property
is not sold to you in the end. Instead the vendor (the person selling the property) has decided to sell the property to someone else, usually for a higher amount.
In NSW, a property sale is generally only binding on the vendor and buyer when contracts are exchanged between the two
parties. Exchange of contracts only occurs when the vendor signs
their copy of the sale contract; the purchaser signs their copy, and
the two parties ‘exchange’ their signed contracts through the agent
or legal representative. It is usual at this time for the purchaser to
pay a deposit, from 0.25% to 10% of the purchase price.
If you are gazumped, neither the agent nor the vendor is
obliged to compensate you for any money you may have spent
on legal advice, inspection reports, finance application costs or inquiries. However, your ‘expression of interest’ payment or deposit
(if you have paid one) must be refunded to you in full.
Thus, gazumping, though an unpleasant experience for the
purchaser, is not really illegal. Be aware that the vendor is not
generally compelled to sell to any specific person and can change
their mind at any time prior to the exchange of contracts. Ven-
manage lots, surrounded by walkways, open spaces and mountain
views and close to the heart of
Mittagong, so they offer affordable country living and should attract strong appeal from buyers,”
said general manager for corporate
marketing Robert Sullivan.
“These cottage homes represent another exciting phase in the
development of Renwick as a thriving community that meets the demands of a wide cross-section of
the market,” Mr Sullivan said.
Customers can visit the Hotondo Homes, Allworth Homes and
GJ Gardner display homes on site.
For more information, visit the
Renwick Sales Centre, located on
Renwick Drive, Mittagong, open
Friday to Monday from 10am to
5pm or visit www.landcom.com.
au/renwick.
Renwick is a 600-lot residential
development in the NSW Southern
Highlands 130km from Sydney.
The fully serviced development offers wide, tree-lined streets
and underground gas and electric
wires.
Seven display homes are open
for viewing.
When completed, it will feature a village centre and walking
and cycling paths, with a third of
the 115-hectare site retained as
open space and parks.
REAL ESTATE MADE EASY
DOM
MELLA
[email protected]
dor may not necessarily sell to the purchaser with the highest offe "