Whether you’re buying or selling property, our Melbourne property lawyers can assist you. We are committed to delivering speedy results at competitive prices throughout Victoria. We are able to service all types of transactions, including small investment apartments and off the plan, family homes, land subdivisions, rural, commercial premises and industrial sites as well as retail and office properties. We are able to provide a section 32 statement in record turnaround times as well as peace of mind and assurance that it will be accurate and complete as it will be prepared by a qualified lawyer.
Some of the steps involved in a conveyancing process are:
Step 1 – the Preparation of the Contract of Sale and Section 32
The Contract of Sale of property and Section 32 are usually prepared by the vendor’s solicitor or conveyancer. The Section 32 is required to contain specified documents, certificates and disclosures pursuant to the Sale of Land Act 1962.
We are here to ensure that your process is stress and headache free from the time that you sign the contract of sale right up to the time of settlement including ensuring that all necessary steps are taken after settlement.
By contacting us before you sign the contract you may save yourself from making a costly mistake by being properly advised when purchasing property or when selling property.
Step 2 – making an offer to buy property or buying at auction
The purchaser may make an offer when buying property through a private sale or bid for the property when buying at an auction. If buying through a private sale, the vendor and purchaser may enter into the contract after some negotiations and the purchaser will upon signing the contract be required to pay an initial deposit. The deposit amount is usually 10% of the purchase amount and is held by the real estate agent or the solicitor/conveyancer.
If buying property at an auction, it is important that your contract is reviewed before the auction, that your finance has been arranged and that you have undertaken all the required property inspections. At the conclusion of the auction, the successful bidder is usually required to sign the contract of sale and upon signing the contract of sale to pay the 10% deposit.
Step 3 – Cooling off period
The cooling off period in Victoria starts from the time the purchaser signs the contract and does not apply if:
• the property was purchased at a public auction 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 used mainly for farming
• you previously signed a contract for the same property with the same terms
• the buyer is an estate agent or corporate body.
Step 4 – Insurance
The vendor is responsible for damage to the property up until settlement. However, to err on the side of caution it is advisable for the purchaser to insure the property from the time that the contracts are exchanged in case the vendor has not taken out appropriate insurance cover. The purchaser becomes responsible for any damage to the property from the time of settlement.
Step 5 – Transfer of property title
A transfer of property prepared by the purchaser’s solicitor or conveyancer and signed by the purchaser is sent to the vendor after the contract of sale has been entered into.
Step 6 – Adjustments
Adjustments are made in respect of various rates and contributions such as council rates, water rates, strata body corporate rates, land tax and rent if the property is leased at the time of settlement. Adjustments are made to reimburse the vendor for payments made in advance towards rates and contributions and for the period during which the purchaser will own the property.
Step 7 – Settlement
At settlement the property solicitors conveyancers and mortgagees meet and exchange title documents and payment. A final search of the title ought to be obtained on the day of settlement to ensure that the property is clear from any interest that may have been recorded from the time of the exchange of the contract of sale.
Step 8 – Post Settlement
The transfer documents are registered with the Land Titles Office and the relevant authorities, such as the local council and the water authority, are advised that there is a new owner of the property.
To speak to a Melbourne property lawyer contact us on +61 3 9832 0608 or alternatively by email email@example.com.