Conveyancing refers to everything that needs to be checked, searched, signed, and certified in order to sell your property. Our team of conveyancers are experienced, reliable, and backed by a team of lawyers. That means you’re in good hands!
Our team has all the knowledge and experience to help you with the conveyancing journey- preparing the contract and disclosure statement right through to completion (settlement).
Contract and Vendor Statement
When selling your property in Victoria you will need a contract that sets out exactly what’s for sale and on what terms.
For example: the contract of sale makes it clear:
- what is and isn’t included (things like the fridge, dishwasher, curtains, or chandelier);
- the settlement timeframe;
- purchase price and deposit terms; and
- whether the contract is being sold subject to a tenancy or providing the buyer with vacant possession. This short video provides some general information on selling a tenanted property in Victoria.
Legislation requires a seller to disclose specific information to a buyer about the property for sale – before a contract is signed. This information is contained in a Vendors Statement (which is often termed a Section 32’, stemming from the section of the legislation which mandates seller disclosure). The Section 32 statement lays out a range of information that isn’t capable of being ascertained by simply inspecting the property. These short videos provide some general information on building works disclosure.
There are consequences if a Section 32 is not provided or is found to be incomplete or defective. If proper disclosure is not made, the buyer may have the ability to pull out of the contract.
Where a Section 32 vendor statement is accurately provided prior to signing contracts, the seller has the right to enforce the fully signed contract against the purchaser. A seller may not be able to enforce the terms, such as retaining the deposit where a buyer fails to meet their obligations unless proper disclosure occurred.
Its important to get it right, and our team can help you! When a vendor statement is prepared, searches will be attached which brings us to our next point.
Searches
To sell your property you’ll first need to compile the information required to be disclosed. Just like when selling a car, a buyer will want to know the year the car was made, the odometer reading, and whether it’s registered. To sell a house you need the title search, information regarding the outgoings (rates, land tax, water fees), plan of subdivision, planning certificate and so on. To get this information ‘searches’ must be completed with the local council and authorities.
Our team can do this for you very efficiently, so you can be confident everything in order to make the sale.
Settlement
Settlement is where everything comes together. There is legal paperwork to file, a lot of money changing hands, and several people who need to be kept in the loop (such as your bank, any real estate agent, the buyer’s conveyancer and their bank). One of our team members will be your liaison with all these different people so you can sit back. They’ll make sure all the right documents are signed by you and everything is filed correctly to the right government department.
To summarise, conveyancing isn’t just something that happens in the background when you buy a property, it’s what makes buying a property possible! Conveyancing is all the essential behind-the-scenes work, which is why you need the right people by your side to complete the process correctly and legally. Conveyancing.com.au is here to guide you through that vital work and answer any questions you may have. We’re here to help and make the process as easy as possible.
This article is provided for general information purposes only. Its content is current at the date of publication. It is not legal advice and is not tailored to meet your individual needs. You should obtain specialist advice based on your specific circumstances before taking any action concerning the matters discussed in this article.
