Signing the contract of sale and the Section 32 vendor’s statement is your first step to buying property. Before signing any document, send us a copy for review. We will review your first contract of sale and Section 32 vendor’s statement for a minimal fee.
Our qualified property lawyers will prepare your contract of sale and vendor statement (Section 32).
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It is essential that your finance is approved before you sign the contract of sale. If your finance is not approved, make sure you include a “subject to finance” clause in the contract. Without this clause you face the risk of losing your deposit.
As part of the “subject to finance” clause, include:
Contact the real estate agent in the weeks leading up to settlement to organise the final inspection. We advise that you organise this inspection a few days prior to the settlement date . If you do identify any issues with the property, contact us for further guidance.
Things you should look out for at the final inspection:
The settlement date is the day the buyer takes ownership of the property.
This date will generally be specified in the contract of sale.
A suitable time will be arranged with all parties involved to finalise settlement.
Our office will arrange an agent to attend settlement on your behalf.
We are here to answer all your legal and conveyancing questions. Below you will find answers to critical questions in the conveyancing process.
Every contract of sale and section 32 vendor’s statement is drafted differently. It is critical for you to get these legal documents reviewed before you sign anything. Committing to a purchase prior to getting the legal documents reviewed and conducting the necessary due diligence can be a costly exercise.
Additional costs purchasers generally incur due to not having the documents reviewed include nomination fees, re-sale fees, land tax payable on a proportional basis and late settlement fees.
Getting the correct legal advice gives you the confidence to purchase the property on terms acceptable to you. It also ensures that there are no hidden traps and surprises once you commit to the purchase.
The Section 27 deposit release statement is a request from the purchaser to consent to an early deposit release prior to settlement. This consent enables the seller to access the deposit before settlement.
Standard practice is for the seller to access this money only at or after settlement and not before. Your lawyer or conveyancer will generally advise you of your options. These include:
a. objecting to the deposit release with reasonable grounds for objection;
b. consenting to the deposit release by signing the necessary documents;
c. ignoring the documents in which case, after 28 days the deposit will be automatically release to the seller.
It is best you speak to your lawyers or conveyancer to determine the best option for you.
Organising for a professional to conduct a pest and building inspection prior to signing an unconditional Contract of Sale will reduce the risk of purchasing a property that may have major defects or issues that may result in substantial costs to rectify, that may be prone to pest infestations, poor physical condition and other related issues.
Being made aware of this prior to signing will assist in ensuring that you are aware of the condition of the property and can avoid making the purchase if required.
If any issues do arise from the inspection, purchasers can then determine whether making the purchase is worth it or not, being aware that an existing home is likely to have some fair wear and tear.
When you purchase a property at auction in Victoria, you are purchasing the property with no conditions. Therefore, the purchase is immediately considered to be a “unconditional contract” and cannot be subject to any conditions. You also have no right to cool off.
In a private sale, the property is advertised and potential buyers can make offers to the seller and the sale does not go to auction. Any private offer is subject a a right to “cool off”. The right to “cool off” is only applicable in certain circumstances.
You can also make a private offer subject to certain conditions, such as:
When you buy at auction, you cannot put conditions on the contract – for example, a longer settlement period – without the seller’s agreement.
If so, you have probably already discovered that property conveyancing is a complex process. It entails legal and administrative legwork that surprises many buyers and sellers.
© 2023 Haitchconvey a division of Halil Gokler Lawyers
