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PROPERTY

Buying or selling a residential or commercial property is an important decision for most people. Q&L Lawyers offers over many years of experience in property law and have represented many purchasers and vendors in the past.

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Q&L Lawyers assists in the following aspects:

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  • Advise on the issues involved in purchasing or selling property in Australia;

  • Advise on buying or selling at public auction/private treaty;

  • Provide information about the costs involved (including stamp duty);

  • Advise on Contract of Sale;

  • Advise on the ‘cooling off period’;

  • Negotiate terms and conditions for the sale or purchase of property;

  • Advise on sale or purchase of vacant land, units, strata and community title, rural land or ‘off the plan’;

  • Advise on meeting lender requirements;

  • Arrange title searches and land enquiries;

  • Arrange settlement and exchange;

  • Provide advice on the legal requirements for subdivisions and property developments;

  • Advise on foreigner purchase requirement and apply for FIRB approval;

  • Advise on caveat and covenant; 

  • Advise on covenant modification and processes;

  • Advise on building contracts

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How to Sell Property in Victoria

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Preparing to sell your property

Before you sell your property, it is a good idea to engage a conveyancer or legal practitioner who can prepare the contract of sale and vendors statement for you. You should also engage a real estate agent to start marketing the property. 

 

Vendor Statement

A vendor statement is also called a Section 32 statement. It must be provided to the purchaser before the contract of sale is signed. A vendor statement provides the buyer with information on the property, such as financial matters, insurance details, notices made in respect to the land, other relevant matters relating to land use. Any defects in the vendor statement could result in the purchaser being entitled to terminate the contract. 

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Cooling Off Period

Once the contract of sale is signed by all parties, the purchaser may still terminate the contract if they inform the vendor within three business days of signing the contract. This is known as the cooling off period.

 

Notice of the purchaser wishing to terminate the contract must be given to the vendor or an agent of the vendor or an estate agent appointed by the vendor in writing. If the contract is then terminated, the purchaser is entitled to the return of all moneys paid by them under the contract less $100 or 0.2% of the purchase price, whichever is higher.

 

Settlement

Settlement is the day when the purchaser pays the seller the balance of the purchase price, and becomes the registered owner of the property. The settlement date is set out in the contract of sale by the seller. Typically, the settlement period is 30 to 90 days after the contract is exchanged and signed by both parties.

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A week before the settlement, the purchaser has the right to inspect the property at any reasonable time. This is because the contract of sale requires the property to be in the same condition as it was when it was being sold.

How to Purchase Property in Victoria

 

Before making an offer on the property

Before you make an offer to buy a piece of property you should make sure you have looked over the vendors statement, which is a document that the seller must provide before the sale of the property. It is crucial to engage a legal practitioner to review the contract of sale before you sign. The legal practitiioner can examine whether there is any defects in the vendor statement, and advise on the terms and conditions of the contract of sale. Q&L Lawyers offers free review of 2 contracts before any purchase of the property. 

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Vendor Statement

The vendor statement includes information such as financial matters, insurance details, notices made in respect to the land, other relevant matters relating to land use, but it does not include any information pertaining to whether building regulations have been complied with, or the condition of the property. Hence, it is also recommended that before you make an offer you get the building inspected by a qualified building inspector.

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If the information on the vendors statement is incorrect, false or insufficient, then you may be able to withdraw from the sale or take legal action.

 

Contract of Sale

The contract outlines the properties details, the buyer and sellers’ names, the purchase price, the deposit and the amount owing at settlement. Once the contract of sale is signed by both the vendor and purchaser, the property is officially sold to the buyer. All parties will be subject to the rights and obligations under the contract and bound . Even though the contract of sale is signed, there are still a few more steps to be taken before the sale can be finalised.

 

Cooling off period

It is important for the buyer to know that after signing the contract of sale they have what is known as the cooling off period. This is where the buyer has three business days from the date they signed the contract to consider the offer and decide whether they want to end the contract and not buy the property. If they do wish to end the contract, they must do so within the three business days by providing written notice to the vendor or the vendors agent. The buyer will receive all the money that they paid back, with the exception of either $100 or 0.2% of the purchase price, depending on which is higher.

 

Settlement

The settlement date is set by the seller and stipulated in the contract of sale. On this date, the buyer will pay the amount still owing of the purchase price to the seller. After this the title of the property will be handed over to the buyer.

 

Stamp Duty

Stamp duty is charged by the State Revenue Office on every transfer unless the purchaser is entitled to certain exemptions. The duty is roughly 5.5% of the property contract price subject to certain exceptions. The purchaser cannot receive transfer of the title until the transfer duty is paid. The purchaser generally has to pay for the duty on the day of transfer. Q&L Lawyers can asisst you with calculating the stamp duty before you buy. 

 

Transfer of Land

Once the land transfer duty is paid, the title of the property can be transferred to the purchaser's name. This process involves lodging a completed transfer of land form along with the certificates of title. All parties involved in the conveyancing transaction must have their identity verified in accordance with the registrar’s requirements prior to the completion of the trannsfer.

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