Seamless Property Transactions Victoria

Conveyancing is the transfer of legal title of real property from one person to another.  It is a necessary process in both buying and selling property.

A Vendor’s Statement (also known as section 32) is a document that discloses to potential purchasers certain information about the property they should know before signing a purchase Contract.

The reason it is called a Section 32 statement is because the information it must contain is set out in Section 32 of the Sale of Land Act 1962.  The Section 32 statement contains information about the property’s title, including:

• Mortgages
• Covenants
• Easements
• Zoning
• Outgoings (for example, rates)
• Declaration if located in a bushfire-prone area.

As it is a legal document, it must be factually accurate and complete.  If it contains incorrect or insufficient information, a buyer may be able to withdraw from the sale or take legal action against you.

Usually, the selling agent makes the document available to prospective buyers before the sale or auction.

A cooling-off period of three clear business days applies to private sales of residential and small rural property sales.

The cooling-off period gives you time to consider the offer. It begins from the date you sign the contract, not from the date the seller signs it.

If you decide you no longer want to buy the property, you can cool off by giving written notice to the seller via their conveyancer.  You will be entitled to a full refund of any money paid, less $100 or 0.2 per cent of the purchase price, whichever is greater.

The cooling-off period does not apply if:

• The property was purchased at or within three clear business days before or after a public auction;
• The property is used mainly for industrial or commercial purposes;
• The property is more than 20 hectares and is used mainly for farming;
• You previously signed a contract for the same property with the same terms; and
• The buyer is an estate agent or corporate body.

Settlement Adjustments are used by us as, your Conveyancer, to work out the Vendor and Purchaser’s share of the council and water rate proportions and Land Tax and Owners Corporation levies if applicable.

Once you receive advice from us that settlement has been effected, you will be able to collect the keys from the Real Estate Agent or Vendor directly if there is no agent involved.

A Solicitor is a qualified legal professional who, among other things, can handle the area of title transfers.

A fully Licensed Conveyancer, on the other hand, is qualified and specialises in handling title transfers.

Conveyancers have detailed knowledge and are dedicated to this one area of property law.

A Conveyancer helps with the title transfer process and subsequent settlement by ensuring that their client is meeting all legal obligations and that their client’s rights are protected during this transaction.

An Owners Corporation manages the common property of a residential, commercial, retail, industrial or mixed-use property development.  You are likely to be a member of an owner corporation if you own a flat, apartment or unit

If you intend to sell your property, you must include an owner’s corporation certificate and accompanying documents in the Section 32 statement.

Section 32 statements are sometimes prepared up to 12 months before the sale of the property, so buyers should either:

• Ask for a new certificate before settlement or
• Make time to inspect the owner’s corporation register and records.

While it is free to view the owner’s corporation register, the owner’s corporation can charge a fee if you want copies of any documents. For a list of the fee limits, you can view the Fees – Owners Corporations page on the Consumer Affairs Website.

All sellers or estate agents acting on their behalf must have a due diligence checklist available to prospective buyers.  The checklist aims to help buyers identify any issues that may affect their decision to buy the property, such as buying into an owner’s corporation, flood or fire risk or whether there is insurance coverage for recent renovations.

Property searches are certificates that disclose additional information about the property you are purchasing.  As part of the buying process, as your conveyancer, we will carry out a variety of ‘searches’ with the local authority and other parties.

No, you do not need to attend settlement.  As your conveyancer, we will do this on your behalf and will advise once the settlement is complete.

The Goods and Services Tax (GST) applies to the purchase of new homes. It does not apply to established homes unless the seller is registered for GST. You can check a seller’s GST status on the Australian Business Register website.  The contract must clearly specify whether the price is inclusive or exclusive of GST and if included, the amount of the GST.  Do not sign the contract without checking whether GST applies. If uncertain, speak with us today.