Victoria Contract of Sale of Real Estate Special Conditions

[warek]

Buying a 0.4 hectare vacant block of land zoned farming and received the Contract of Sale of Real Estate today. It is in Victoria. The land is currently used by one of the Vendors relatives to graze a few cattle.

Seeking clarification about Part 1 of the contract Special Conditions 1 Security interest, which states:
General condition 7 is deleted and replaced by the following
7. Release of Security Interest
7.1-7.11 with 11 paragraphs about Personal Properties Security Act. Concluding with 7.11 The vendor is not required to ensure the purchaser receives a release in respect to land.
I did a quick search on Google about Personal Properties Security act and believe it does not apply to real estate.

There is also under Part 2 of the contract general conditions a section 7 broken down into 7.1-7.11 which deals with Release of Security Interest

I am confused as to why the Vendors solicitor would in a special condition about security interest into the contract. Any suggestion welcome?

Have a good day
Kevin

 

[Scott No Mates]

Read the appropriate sections of the Act - "Personal Properties Security act". Interest relates to having an interest in an item of property not a piece of real estate.

 

[warek]

Does not apply to real estate

Read the appropriate sections of the Act - "Personal Properties Security act". Interest relates to having an interest in an item of property not a piece of real estate.

That's what I thought as well, but then I could not understand why the vendors solicitor would put it in if it was not applicable. I assumed they would know more than me and therefore I was missing something

Have a good day

Kevin