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Selling a Property

What is a section 32 (also known as a Vendors Statement?)

The Sale of Land Act states that when selling a property in Victoria, the Vendor must provide the purchaser with a Vendors Statement.
A Vendors Statement is a document that sets out certain information about a property. It details information such as the property's title description, the planning details (including zoning and overlays), council rates, utility company rates, building permits, notices received, owner's corporation information (if applicable) and more. 

If a Vendor Statement is defective or incomplete a purchaser may have the right to rescind (end) a contract of sale right up to the date of settlement. It is therefore vitally important that the Vendors Statement is prepared correctly. 

Conveyancing at Cohen Johanson Douglas is carried out by qualified solicitors. We are highly trained and relevantly experienced in preparing these statements. As solicitors we are required to undertake ongoing professional training every year to keep our practicing certificates. We are therefore always up to date with changes to the law and we apply that knowledge to the service we are providing to you. 

We are generally able to produce a vendors statement for you in a few hours if you have a buyer waiting. Call us to find out more. 

Contract Note and Contract of Sale

Once the agent has helped you negotiate a sale price with the purchases, the offer must be in writing, either by way of Contract Note or a Contract of Sale.

In Victoria a contract of sale of land is not enforceable unless it is in writing and signed by both the vendor and the purchaser. This is regardless of whether a deposit has been paid, or a verbal agreement reached. 

Finalising this important part of the transaction can take time and is generally dependent upon the speed with which purchaser's solicitor/conveyancer handles the matter. 

We are committed to preparing the contract of sale on the same day that we receive the selling agent's instructions to ensure the fastest turnaround time possible. 

Just like you we want you to have an enforceable contract of sale with the purchaser as soon a possible. We want you to have peace of mind of knowing the deal is done so you can get on with making arrangements for your next move, wherever that may be. 

What's next?

Once the contract is signed there is a lot of work to be done by both you and your office prior to settlement. 

You will usually have to:
  • Make alternative living arrangements and contact a removalist
  • Contact your financial institution to arrange for any mortgage over the property to be discharges prior to settlement. 
  • Get the electricity, telephone and gas disconnected (as applicable)
  • Make sure all keys to the property are with the selling agent or our office
  • After settlement cancel any insurance for the property. 
We will generally:
  • Follow up with your financial institution to ensure the discharge of your mortgage is being prepared
  • Prepare the State Revenue Office forms and arrange for you to sign the transfer of land
  • Contact your financial institution to book in settlement
  • Review the statement of adjustments
  • Advise you of a settlement time 
  • Notify council and water authorities of the change in ownership
We will prepare a detailed letter to you setting out details about the steps required prior to settlement. You should always remember that we are only a phone call away, so i you have questions please call us.

Before Settlement

A purchaser is entitled to conduct a final inspection once in the seven days prior to settlement. 

A purchaser is entitled to receive the property in the same condition it was when inspected they it, fair wear and tear expected.

A purchaser is also generally entitled to vacant possession at settlement (unless there is a tenant in the property or an agreement has been reached with the vendor). You must therefore remove all your furniture, any rubbish and other items from the property prior to the time of settlement. 

A vendor is not required to clean a property for a purchaser although it is obviously polite to leave the property in a clean state. However, if the property is overly dirty or untidy, question may arise as to whether vacant possession has been provided.  

We recommend you leave the property in a condition you would like to receive it if you were the purchaser. 

Settlement

Our office will attend settlement on you behalf, you are not required to attend. 

Settlement is where all stakeholders (or their representatives) attend to exchange documents and money. Once the transaction is complete we will call you to advise you of the good news. 

After Settlement

We will inform council, the water authority, and the owners corporation (if relevant) that you are no longer the property owners. 

In our experience it can take these rating authorities a considerable period to update their records of the change. If you receive any correspondence from these authorities after you have sold the property, simply send the correspondence to our office and we will follow the matter up with the relevant authority. 

Unfortunately the service providers: being electricity, gas and telephone, will only deal with you personally. It is therefore you responsibility to arrange for the disconnection of these utilities prior to settlement. 

Questions?

We hope this answers some of the questions you may have about what we do. If you do have a question which has bot been answered here, please contact one of our friendly staff who will be more than happy to assist you on (03) 5440 2900 or alternatively email on info@osjlaw.com.au
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