Buying a home is exciting — but it is also legally complex. Many first home buyers sign contracts before fully understanding what they are agreeing to. Here are five things every buyer should know.

First, the contract of sale is binding. In Victoria, once you sign a contract of sale, you are legally bound by its terms. While there is a three-business-day cooling-off period for most residential purchases, this does not apply at auction. Always have a lawyer review the contract before you sign — not after.

Second, the section 32 vendor statement is critical. The vendor is required to provide a section 32 statement containing important information about the property — title details, planning overlays, outgoings, and any notices affecting the property. Read it carefully and ask your lawyer to explain anything you do not understand.

Third, special conditions matter. Most contracts include special conditions that modify the standard terms. These can be heavily weighted in the vendor's favour. A lawyer can identify unfair conditions and negotiate amendments before you sign.

Fourth, stamp duty and grants can significantly affect your budget. First home buyers in Victoria may be eligible for the First Home Owner Grant and stamp duty concessions. Understanding your eligibility before you buy is essential for accurate budgeting.

Fifth, settlement is not the finish line. Between signing and settlement, there are important steps — final inspections, bank approvals, and transfer documentation — that require careful management. A good conveyancer keeps this process on track so nothing falls through the cracks.