VIC Conveyancing

Conveyancing involves a series of steps to transfer the legal ownership of property between a vendor and a purchaser. It includes preparing and reviewing legal documents, conducting property searches, preparing settlement figures, and ensuring the official registration of ownership with Land Use Victoria. Conveyancing transactions are usually handled by licensed conveyancers or property lawyers.

As a law firm, we can offer comprehensive conveyancing services and advice on complex property transactions and associated legal matters. We can also represent your interests if unforeseen challenges or disputes arise.

Residential Conveyancing in Victoria

In Victoria, the conveyancing process typically begins with the preparation or review of the contract of sale and the vendor’s statement (also known as a section 32 statement). 

The contract outlines the terms and conditions of the transaction, the purchase price, deposit, settlement date, and any special conditions. 

The vendor’s statement contains important information about the property and title including mortgages, covenants, easements, and zoning. Failing to include the required or correct information in the section 32 statement can have implications for vendors. Getting guidance from a property professional will help ensure you understand your obligations and that the disclosure material is accurate and compliant. 

For purchasers, the vendor’s statement discloses essential information that is usually not apparent from a physical inspection of the property and helps them make informed decisions about their proposed purchase.

Signing Contracts

Before signing, the parties to a conveyancing transaction should carefully review the contract and disclosure material and seek independent legal advice so they understand their rights and obligations.

Purchasers should conduct all necessary due diligence to ensure the property meets their expectations and to avoid costly pitfalls in the future.

Subject to any cooling-off rights or negotiated conditions (such as subject to finance or pest and building reports), the contract becomes binding once the vendor and purchaser have both signed it. The purchaser will need to pay a deposit (usually 10% of the purchase price), which may be negotiated by mutual agreement.

Cooling Off Rights

In Victoria, there is a cooling-off period of three business days for residential property sales. This allows a purchaser to pull out of the contract for any reason at any time within three business days after signing it. However, if the purchaser exercises this right, they must pay or forfeit 0.2% of the purchase price to the vendor.

There are exceptions where cooling-off rights do not apply, for example, when properties are bought or sold at auction or the purchaser being a corporate entity. Purchasers should check these exceptions with their lawyer or conveyancer before entering a contract.

Searches

Property searches form an important part of the conveyancing process in Victoria. They help identify potential issues or encumbrances that may affect the property. Common searches include title searches, planning certificates from local councils, outstanding rates certificates, and enquiries of government bodies to determine if they have any interests in the property.

Settlement

Settlement (or completion) is the final step of the conveyancing process and involves the legal transfer of property ownership from the vendor to the purchaser. 

Settlement involves the exchange of legal documents, payment of the purchase price, and registration of the transfer of ownership with Land Use Victoria. 

Purchasers will need to ensure they have clear funds available to complete their purchase and vendors will need to have arrangements in place to discharge any mortgages registered on the title to the property. Subject to any pre-existing agreement, the property will need to be vacant with all personal items removed.

How can Zenith Legal help with your Victoria Property Transaction?

Buying or selling property is one of life’s most significant financial decisions. At Zenith Legal, we understand that the conveyancing process can seem complex. That’s why our experienced team of Victorian property lawyers and conveyancing specialists are dedicated to making your transaction as seamless and stress-free as possible.

We are licensed in Victoria, New South Wales, Queensland, and Western Australia, making us a great choice whether you are buying or selling locally, or investing interstate.

For assistance with your Victoria conveyancing, contact one of our lawyers at re*******@*************om.au or call 02 8778 9000.