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Frequently Asked Questions

What is Conveyancing?

Conveyancing is the legal process of transferring property ownership from one person to another. Here's a simplified version of the steps involved:

  1. Offer and acceptance: Buyer and seller agree on terms of the property sale.

  2. Title search and investigation: Buyer's solicitor checks the property's ownership history and any issues related to it.

  3. Property inspections and searches: Buyer arranges inspections to assess the property's condition and searches for any outstanding debts or taxes.

  4. Preparation of legal documents: Buyer's solicitor prepares necessary paperwork for the ownership transfer.

  5. Exchange of contracts: Buyer and seller sign the contract, legally binding them to the agreed terms.

  6. Settlement and completion: On the settlement date, the buyer pays the purchase price, and the seller clears any debts. Ownership is transferred.

  7. Registration: Buyer's solicitor registers the property under the new owner's name with the government authority.

Throughout the process, professionals ensure legal compliance and protect the interests of their clients. It's important to have a qualified solicitor or conveyancer to handle the legal aspects of conveyancing.

When should I have the Contract and Vendor Statement (Section 32) reviewed?

Before purchasing a property, it is important to have the Contract and Vendor Statement (Section 32) reviewed, especially if the property is being auctioned or if the cooling-off period does not apply. While conveyancing typically starts after signing a Contract, we suggest contacting our office for a pre-purchase review of the Contract of Sale, if time allows.

The purpose of a Contract Review is to provide you with a summary of the important Special Conditions and to highlight any relevant information in the document that you should know before making the purchase. These reviews are conducted over the phone and are not provided in writing. We require 2 business days to complete the review once we receive the PDF Contract. Our team consists of highly experienced Licensed Conveyancers who handle these pre-purchase reviews. Feel free to call our office for further discussion or submit an inquiry through our website.

What is a Vendor Statement (Section 32)?

The Vendor Statement is a crucial document that sellers must provide to potential buyers before signing a Contract.

Under the Sale of Land Act, Section 32 outlines the specific disclosures that sellers are required to make about their property. These disclosures must be included in the Vendor Statement, which is why it is commonly known as a Section 32 statement.

How long does it take to prepare a Vendor Statement when selling a property?

We take pride in our ability to provide a Contract and Vendor Statement within 24-48 hours, although this timeframe is subject to the specific circumstances of the property being sold and the availability of necessary searches.

It's important to note that certain factors can impact the timeline. For instance, if there is an owners corporation involved, it may take a week or longer to complete the Contract because Owners Corporation Managers have up to 14 days from payment receipt to issue their Certificate, as permitted by Consumer Affairs. Additionally, when selling a property where owner-builder works have been conducted or where there have been recent construction activities within the past 7 years, obtaining additional documents may be necessary, and these documents may take longer to acquire.

How do I calculate my Government costs when buying a property?

The Victorian State Government Department of Environment, Land, Water and Planning and the State Revenue Office both have helpful calculators on their websites to assist in calculating your Government Land Transfer (Stamp Duty) and Registration Fees.

State Revenue Office - Land Transfer Calculator

Victorian State Government Department of Environment, Land, Water and Planning - Transfer of Land Fees calculator

What is PEXA (Property Exchange Australia) and do I need to settle on this platform?

PEXA serves as the electronic platform that has replaced traditional paper-based settlement processes for conveyancing matters. Nearly all types of transactions are now required to be settled using this platform. The official website of PEXA, offers detailed information about the ownership of PEXA and their Policies. According to their website, PEXA is described as follows:

"PEXA (Property Exchange Australia) is Australia's online property exchange network. It facilitates the lodging of documents with Land Registries and enables electronic completion of financial settlements for members, including lawyers, conveyancers, and financial institutions.

Established in 2010 as part of the Council of Australian Governments' (COAG) initiative, PEXA aims to provide a unified national e-Conveyancing solution for the Australian property industry. Initially known as National e-Conveyancing Development Limited, PEXA is dedicated to supporting the property industry in its transition towards a fully digital conveyancing process that is efficient, secure, and expeditious."

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