FAQs

Conveyancing is the legal transfer of ownership on a property from one person or entity to another.

  • Searching and checking the title
  • Preparation of Section 32 Vendors Statement
  • Preparation of Contract of Sale
  • Helping you to find a Real Estate Agent
  • Ordering rate and planning certificates from relevant authorities
  • Checking for illegal building works
  • Preparation of transfer documents
  • Completing the State Revenue Office duties online documents
  • Liaising with your financier and ensuring all documents are submitted to your financier in a timely manner
  • Preparation of Statement of Adjustments
  • Arranging and completing settlement
  • Notifying relevant Council and Water authorities of the change of ownership

Its important that you are aware of the possible costs associated with property transactions so that you can budget for these. 

Some expenses that you might expect when buying and selling a property are as follows: 

  • Fees and charges payable for obtaining any mortgage; 
  • Conveyancing costs; 
  • Sales commission and advertising costs to selling agent; 
  • Stamp duty; 
  • Land Titles Office registration fees; 
  • Title Search costs; 
  • Moving costs; and 
  • Council, Water and Land tax adjustments at the time of settlement. 

Prior to any purchaser signing a Contract of Sale, the vendor is required by Section 32 of the Sale of Land Act 1962 to provide the purchaser with a statement signed by the vendor which discloses all of the matters as outlined in Section 32 of the Act.

It’s the vendor’s responsibility to arrange for a Section 32 Vendors Statement to be prepared and supplied to the purchaser. For all properties sold in Victoria, a Section 32 Vendors Statement must accompany the Contract of Sale. Information given in the Vendors Statement must be current as of the day of sale and not the date upon which the vendor actually signs the statement.

The vendor’s statement contains information about the property. In particular, it will tell you:

  • Restrictions on the title such as easements and covenants
  • Rates and other outgoings on the property
  • Services that are not connected
  • Planning information

 

A copy of the title will be attached to the vendors statement which will tell you who the registered owner is and whether there are any registered mortgages or caveats.

It is very important that you check the measurement of the land before signing the Contract. If you discover that the measurements of the land do not match those shown on the title diagram, we recommend you notify our office and the selling agent immediately. In some cases, a land surveyor should be engaged to confirm the measurements.

A Section 32 requires strict compliance and anything less than complete compliance poses potential risk.

If a vendor breaches the duty of disclosure as outlined in Section 32 of the Sale of Land Act 1962, the purchaser may terminate the Contract of Sale. In this unfortunate situation, the vendor will be left with significant selling costs.

When buying a property, you may need to pay a government fee known as ‘stamp duty’. The amount of stamp duty payable is determined by the purchase price of the property together with any concessions you may be entitled to. 

For further information on stamp duty, we recommend you visit the State Revenue Office website at: 

https://www.sro.vic.gov.au/calculators/land-transfer-calculator

The cooling-off period is a consumer protection provision that gives you an option to “cool-off” from the Contract of Sale if you change your mind. Please keep in mind that Cooling-off provision does not apply in some cases. For instance, cooling-off provision does not apply if you are purchasing a property scheduled for Auction within 3 clear business days of the Auction. 

All settlements in Victoria now take place electronically in the PEXA workspace. You will be advised prior to settlement day of the scheduled settlement time. Settlements usually take place within 30 minutes. All conveyancing fees and government charges are paid from the PEXA workspace at the time of settlement. 

Once settlement is completed, you are entitled to collect your keys to your new home. 

Vendors will receive clear funds into their nominated bank account usually within one hour of settlement being completed. 

Auctions require potential buyers to conduct their due diligence before bidding at Auction. An Auction Contract is unconditional, so you need to be prepared prior to the Auction day.

Important things to do:

  • Ask the Real Estate Agent to forward a copy of the Section 32 Vendors Statement and Contract of Sale to our office for review. We will peruse the documentation prior to the Auction day to ensure that the documents do not reveal any potential costly issues or risks.
  • Ensure that your finance is in order and you are in receipt of a full credit assessed pre-approval.
  • Building and pest inspection completed to be certain that the report does not reveal any defects or issues that would affect the property’s value.
  • Ask the agent about the potential purchaser competition i.e.  How many buyers are interested in buying? How many bidders are they expecting on the day? How many buyers have requested Contracts?
  • Know the property market and analysis recent sales in the area that you are looking to buy.

Have more questions? Speak to our conveyancer!