frequently asked questions

A Conveyancer will act on your behalf in your property transaction and can undertake duties such as:

• Preparing the Contract of Sale and Section 32 (also known as a Vendor Statement) if you are selling a property
• Reviewing and providing advice on the Contract of Sale and Section 32 if you are purchasing a property
• Liaising with your financier
• Liaising with the other side of the sale
• Negotiating with the vendor or vendor’s representative for changes to the Contract of Sale general and special conditions
• Conducting Certificate of Title searches
• Conducting searches of local authorities and government departments
• Preparing settlement statements
• Preparing Transfer of Land documentation
• Preparing Stamp Duty documentation
• Arranging and attending settlement
• Lodging Notices of Acquisition with the relevant authorities

 As soon as you’ve decided to buy, sell, or transfer property, you should contact a conveyancer immediately to set up a ‘pre-purchase contract review’. Like anything, the quicker you start, the easier the process will be for you. It’ll also make the conveyancers’ life easier, as they have much more time to work on and prepare any necessary legal documentation. 

Property settlement is the legal process necessary for the transfer of ownership from one party to another. Buyers, sellers, solicitors, and banks are all involved at settlement. The length of the settlement process varies from state to state and property to property; however, as a rough guide, it typically takes anywhere from 30 to 90 days.

On settlement day, the purchasers’ bank will provide the funds needed to purchase the property to the buyers’ agent or solicitor, and in return, receive the Certificate of Title from the seller’s bank. Keys can then be handed over to the purchaser, provided all other agreements listed in the contracts have been met. From here, the buyer’s bank registers the relevant documentation and mortgage, notifying services such as electricity and water of the change.

A Vendors Statement is required by Victorian Law to be provided to a purchaser prior to them signing the Contract of Sale. It is similar to a roadworthy certificate on a car and discloses the critical title, planning and rating information that the property is subject to.

The information contained in the Section 32 should allow the Purchaser to be fully aware of what they are purchasing and encumbrances, restrictions or the like that are over the property.

If information has not been disclosed then the Section 32 maybe deemed defective and the purchaser maybe able to avoid the Contract.

If you are unaware of what information is contained in the Section 32 you should seek legal advice. There could be critical information contained in the Section 32 that could disadvantage you as a purchaser.

This is unique to Victorian properties and enables the Vendor to obtain the deposit monies earlier than the settlement date.

There are a few conditions that the Vendor must comply with in order to be eligible, and if so they can seek to have the monies released early via issuing the purchaser with a Section 27 Statement.

If the Vendor is eligible to have their deposit released they can do so within 28 days of providing all the correct information and Section 27 Statement to the Purchaser or earlier if the purchaser consents. 

Most purchasers do consent prior to the 28 days time-frame, however some do have to wait the full time. We do follow up for our Vendors to seek the early release of deposit monies asap.

Conveyancing disbursements are essential costs and fees incurred by the conveyancer on your behalf during the conveyancing process. These include the cost of attending settlement, costs for property searches and certificates relevant to your property.

For vendors, disbursements are primarily incurred when drafting the Section 32, also known as a Vendor Statement. The Section 32 tells potential buyers about the property. The Section 32 must include current searches and certificates pertaining to the purchase property. These searches and certificates will provide information relating to any mortgages on the property, easements, covenants, zoning, any building works over the last 10 years and notices from authorities such as a relevant road authority to indicate if it has acquired or is acquiring the property. A deficient or incorrect Section 32 may mean a purchaser can cancel the contract prior to settlement or take legal action.

For purchasers, the most common disbursements are property searches. For example, title searches, council rates, water rates and land tax. These searches are conducted to discover any “encumbrances” or rates and taxes on the property so that you have a clear title at settlement and ensure you are not inheriting debts of the vendor.