After their bond was withdrawn, the buyers were given time to arrange new finance. Instead, one of them emailed the conveyancer saying they would only apply for another bond after the seller repaired an alleged defect or agreed to reduce the price.

The seller understood this to mean that the buyers would not proceed on the terms they had already accepted. She cancelled the sale, and the High Court agreed that she was entitled to do so. The buyers lost the sale and the money already paid and faced further financial consequences.

It’s a really exciting time, buying a house, particularly if it’s your first! Don’t forget, however, that you will have to pay a variety of costs over and above the purchase price. What are those costs and when must you pay them? Do they impact your ability to afford the house you have your eye on?

We’ll address those questions with a checklist of costs you should budget for. It’s a good idea to work these into a cash flow forecast so you aren’t ambushed by any unpleasant financial surprises during the transfer process. 

Unpaid levies can leave body corporates out of pocket and out of patience. When conventional debt recovery feels too slow, sequestration may seem like the obvious next step. 

But a recent High Court judgment is a reminder that sequestration is not a debt-collection shortcut. The court refused an application by a body corporate that had failed to meet the strict statutory requirements. Before reaching for the nuclear option, body corporates should understand what the law actually requires.