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Hi Bradley

We have confirmed with several lawyers that standard property sales contracts used in Victoria have a Damage clause. This clause typically states that you as the Vendor need to hand over the property in the exact same condition it was on the date the contract was signed other than normal wear and tear. You as the property seller take on all risk for damage that occurs to the property prior to settlement.

If a heritage protection is placed on your property between the sales date and the settlement date, the purchaser will state that there has been damage to the property as it has negatively affected the property value, restricts the use of the property and hampers their future plans for the property.

The purchaser will in turn either renegotiate a damages amount for you to compensate them or they will walk away from the property sale.

If the purchaser decides to walk away from the property all money paid needs to be returned, interest needs to be paid to them and they will also seek damages from you such as legal fees, inspection fees etc.