Preparing the contract of sale and the Section 32 vendor’s statement is your first step to selling property. It is extremely important that these documents are drafted correctly. We will prepare these for you.
Our qualified property lawyers will prepare your contract of sale and vendor statement (Section 32).
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It is essential that you notify your bank that you have sold your property. If you have a mortgage, your bank holds the certificate of title. Your bank may require up to 14 days notice to release the title. Without the discharge of mortgage you face the possibility of delaying settlement.
As part of the discharge of mortgage application, include:
We will contact your bank to obtain information, such as your loan amount and interest rate, to prepare the Section 27 statement. This document enables you to access your buyer’s deposit before settlement. We will prepare the Section 27 statement and serve it on the buyer.
Information required to complete the Section 27 statement:
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.
The seller’s property or conveyancing lawyer drafts all legal documents prior to the property going to market for sale.
We ensure that these legal documents are drafted correctly and in compliance with the sellers legal obligations.
You can rest assured that our legal documents are compliant and can be relied on to prevent the buyer from making attempts to terminate the contract on the basis of defective documents.
The Section 32 Vendor’s Statement is a disclosure document which provides prospective purchasers information on rates, mortgages, charges, outgoings, covenants, easements and other restrictions on the property.
By law all sellers are required to satisfy their disclosure obligations by providing the correct form of the Section 32 Vendor’s Statement to all potential purchasers.
The Section 32 Vendor’s Statement must be provided to a potential purchaser before they sign the Contract of Sale.
A deficient Section 32 Vendor’s Statement exposes the seller; as the buyer can use this deficiency or non disclosure to to withdraw from the transaction. It is highly advisable that you engage an experienced property lawyer or conveyancer to prepare your Section 32 Vendor’s Statement.
Towards the end of the conveyancing transaction statement of adjustments are prepared to ascertain the balance of the purchase price payable to the vendor and to adjust for outgoings such as council rates, water rates and owners corporation fees. In individual circumstances it may also be required that adjustments occur for items such as rental payments, land tax, rebates and security bond.
Outgoings that are adjusted tend to be recurring in nature and relate to a certain period, such as monthly or quarterly.
It is standard practice for the purchaser’s lawyer to prepare the statement of adjustments and forward to the vendor’s lawyer for validation purposes prior to settlement.
All outgoings such as council and water rates are adjusted and paid out to the relevant authority at settlement.
The sale proceeds are paid to your lender if you have a loan or payout figure. This is required to discharge your mortgage. The remaining balance is paid into your nominated bank account.
Our office will notify you once your sale has settled.
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.
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