In a standard Victorian contract of sale for residential property, how is the settlement date determined?
Correct Answer
B) The parties write the agreed settlement date or period into the contract particulars.
The standard Victorian contract of sale does not impose a default settlement period. The vendor and purchaser negotiate the settlement date or period and insert it in the particulars of sale. Periods of 30, 60 or 90 days are common, depending on the buyer's finance and both parties' moving plans.
Why This Is the Correct Answer
Settlement timing is a matter of agreement. The standard Victorian contract has a space in the particulars of sale for the settlement date, and the parties fill it in; nothing in the Sale of Land Act 1962 fixes a default period.
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