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.
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