STAMPS

The Victorian Government’s Influence And Weasel Clauses In Real Estate

In speaking of real estate in Australia, there is also a need to refer to the Victorian government. Aside from knowing the Victorian government’s influence on real estate, this article will also give you an overview of what a weasel clause is.
As of June 28, 2007, the Victorian government has already altered the legislation relating to lease options and sandwich lease options. From that day forward, stamp duty on lease options already costs double. Any lease options done prior to June 28 is still fine. But after, if you do a lease option assignment, you’ll be paying a double stamp duty. Thus, this means you may need to refer to this style of contract with a different kind of name. Of course, you have to use a new name for your lease options so you can avoid a double stamp duty. It’s a simple money saving secret!
After talking about the Victorian government’s double stamp duty legislation, let’s head on over to defining what a weasel clause is. 
When it’s your first time to buy houses and you are still starting to build up your confidence utilizing lease options, a weasel clause always prove useful, most especially when both the seller and the agent doesn’t know how a lease option works. Instead of using a lease option to buy a house, it’s better to use a standard contract with a weasel clause in it. 
At times, a weasel clause is also important when the sellers are getting divorced. In this situation, it’s impossible to set-up a creative offer across both parties and so a weasel clause proves really useful. Usually, in divorce cases, the ex-couple hate each other and they just want the house sold immediately, get their share, and dash off. So, a deal that pays some now and pays some later will not work for this couple because they see it as a long-term deal and they don’t want it! So, what’s a weasel clause? A weasel clause is a statement in a contract that gives allows either of the contracting party to get out of the contract easily. Some weasel clauses are observable, such as “subject to satisfactory review by the buyer’s or seller’s attorney”. It’s obvious because any reputable attorney can easily find something unsatisfactory about the agreement if his client wants to back out. On the other hand, there are other weasel clauses too that are harder to understand such as “subject to seller(s) finding suitable housing”. For the inexperienced buyers and agents, they might think it means that sellers have to look for another place to live before they establish the final closing date on the seller’s home. If this is the case, what will happen to the buyer who may have already spent for inspections, attorneys, appraisals and others? Will the seller just say “I’m sorry but I have to cancel the deal because I haven’t found replacement home”?

About the Author

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Postal Markings, including: Postmark, First Day Of Issue, Cancellation (mail), Postage Stamp Reuse, Mixed Franking, Fancy Cancel, Postal Marking, … Franking, Machine Postmark $11.10 Hephaestus Books represents a new publishing paradigm, allowing disparate content sources to be curated into cohesive, relevant, and informative books. To date, this content has been curated from Wikipedia articles and images under Creative Commons licensing, although as Hephaestus Books continues to increase in scope and dimension, more licensed and public domain content is being added. We belie…