Buying a home or investment property is one of the biggest financial decisions most people make. A good conveyancer or property lawyer makes sure the legal side runs smoothly – and protects you from costly surprises. Here is what we do for you, step by step.
Before you sign: review the contract and Section 32
Ideally, have the contract of sale and the vendor’s statement (the “Section 32”) reviewed before you sign. We check the title, easements and covenants, planning and zoning information, owners corporation details, outgoings and any building permits, and explain anything unusual. We can also suggest special conditions, such as making the purchase subject to finance or a building and pest inspection.
The cooling-off period
For most private sales in Victoria, buyers have a cooling-off period of three business days after signing. It does not apply to properties bought at auction, or in the three business days before or after a publicly advertised auction. If you withdraw during cooling-off, the vendor can keep $100 or 0.2% of the price, whichever is more.
Between signing and settlement
Once the contract is signed, we:
- make sure your deposit is paid on time and held correctly
- carry out property searches and certificates
- calculate land transfer duty (stamp duty) and check whether you are eligible for any concessions, such as first home buyer relief
- work with your lender to get your finance ready for settlement
- calculate adjustments for council rates, water and owners corporation fees
- prepare and sign the transfer documents on your behalf
Settlement day
Settlements in Victoria now take place electronically through an online platform such as PEXA. Your funds are transferred to the vendor, the title is transferred into your name, and you can collect the keys. We recommend a final inspection of the property in the days before settlement to make sure it is in the condition you agreed to buy it in.
How we can help
Our conveyancing team handles residential and commercial purchases and sales across Melbourne’s southern and eastern suburbs. If you are thinking of buying or selling, contact us or call (03) 9562 0811 – ideally before you sign anything.
This article is general information only and is not legal advice. Every situation is different – please contact us for advice about your circumstances.