Property Conveyancing Essendon

1. (03) Our law firm Property Law Wills & Estates Commercial Law Litigation About us More 9939 3556 Pera Lawyers PROPERTY LAWYER SERVING ESSENDON NORTH AND VICTORIA Purchasing Property Selling Property Thinking of buying a property? If you are listing your property for Having a property lawyer review sale you will need a contract of your contract and section 32 sale and section 32 vendor before signing is an important ?rst statement. A property lawyer can step.  assist you from listing through to settlement.  PURCHASING PROPERTY Contact our property lawyers CONVEYANCING LAW FOR PURCHASING PROPERTY Legal advice for purchasers Buying a property, particularly for the ?rst time, can be daunting task for clients. We know this, so we try to make the process as easy and clear as possible so that the transaction can be ?nished with as little stress as possible. At the same time, we encourage our clients to be involved in the process because that makes sure they know what's going on. Our property lawyers are experienced in the conveyancing   Contract of Sale and Section 32 Review The most important part of the conveyancing process is the contract of sale. Ideally, before you sign the contract and section 32 you should have it reviewed by a lawyer. The contract shows what you and the seller agreed to when you agreed to buy the property. The contract is a legally binding document, and if it is broken, it could lead to serious legal problems. Since the contract is meant to be a record of everything you agreed to with the seller, anything you said orally is not part of the contract and you shouldn't rely on it. If you are worried that parts of your agreement with the seller are not in the contract of sale, you should let your lawyer know as soon as possible. Buying at auction Purchasers should be aware that there are some extra risks to buying property at auctions including:  ?. Contracts signed by a buyer within three clear working days before or after a publicly announced auction are not subject to the statutory cooling off provisions generally applicable to residential property buyers. ?. If you purchase at auction, you'll be expected to have your ?nance sorted out, and if you don't, you won't be allowed to terminate the contract. That is, the contract won't be conditional on ?nance. A buyer who is unable to settle runs the danger of losing their deposit, paying penalty interest, and being sued for damages. Conveyancing steps for purchasing property Generally speaking, your transaction will go through the following ?ve steps:  ?. Pre-contract and property due diligence - purchasers will generally have their lawyer review the contract and inspect the property carefully.  ?. Execution - once the terms of the deal have been negotiated both the vendors and purchasers will sign the contract. Typically, most purchasers will pay a deposit of 10% at this stage into the real estate agents trust account.  ?. Conditions precedent - sometimes there will be conditions which need to be met before settlement can proceed. The most common conditions include approval of ?nance, building and best inspections and in the case of "off the plan" purchases, the completion of the subdivision or construction. Once these have been met, the contract will proceed to settlement.  ?. Adjustments and ?nal inspection - the purchasers lawyer will need to prepare a statement of adjustments so that rates and charges on the property are apportioned fairly between the vendor and purchaser. You will also need to undertake a ?nal inspection of the property before settlement to make sure it is in the same condition as when you signed the contract.  ?. Settlement - On the day of settlement, the purchaser will pay the vendor the purchase price, and title (together with all risks and responsibilities that come with it) will be passed to the purchaser. Settlements in Victoria take place electronically and your lawyer will let you know once it is completed. At this point, the purchaser will collect the keys from the vendors agent.  We are regularly engaged to review contracts and section 32 vendor statements in their pre-contract stage for purchaser clients. Our skilled property lawyers can guide you through each step of the conveyancing process while advising you on your legal rights and obligations. Engaging a property lawyer at the initial stages can make the critical difference between a successful and unsuccessful transaction.  SELLING PROPERTY Contact our property lawyers CONVEYANCING LAW FOR PURCHASING PROPERTY Legal advice for vendors The process of selling property might seem intimidating at ?rst since it is not something most people undertake often. Our property lawyers can assist you through the whole process as a vendor. Once the decision to sell a property has been taken, the typical next step is for the vendor to appoint a real estate agent to manage the transaction. The vendor's agent will next request that the vendor have a section 32 (also known as a vendor statement) and contract of sale of real estate drawn out by property lawyers. Contract of Sale and Section 32 Vendor Statements It's important to remember that the contract of sale and section 32 vendor statement is the most important document during the conveyancing process. The contract will record the terms of the sale and is a legally binding document. Breaching its terms can have serious legal rami?cations. A section 32 vendor statement is a set of documents that must be given to a potential buyer of the property before they sign a contract pursuant to the Sale of Land Act 1962 (Vic). In inaccurate or incomplete section 32 vendor statement can give the purchaser the right to terminate the contract. Your property lawyer will make sure that the contract and section 32 vendor statement meets all the formal requirements of the Sale of Land Act 1962 (Vic).  Conveyancing steps for selling property Generally speaking, your sale transaction will go through the following ?ve steps:  ?. Appointing a real estate agent and preparation of the contract of sale and section 32 vendor statement - vendors will generally instruct their property lawyer to prepare a contract and section 32 vendor statement after appointing a real estate agent. Your lawyer will ask you a series of questions that you need to answer about the property, as well as undertake necessary searches that need to be included in the document. At this stage, the vendor will only sign the section 32 vendor statement once it is ready and not the contract of sale.  ?. Sale/Execution - once a purchaser has been found, the parties will negotiate the price and settlement date for the sale, along with any other conditions such as ?nance. This will be recorded in the contract of sale. After everyone has agreed on the terms, the contract will be signed by the purchasers ?rst followed by the vendors. Many contracts are executed electronically and a deposit is usually paid into the trust account of the real estate agent.  ?. Conditions precedent - sometimes there will be conditions which need to be met before settlement can proceed. The most common conditions include approval of ?nance, building and best inspections and in the case of "off the plan" purchases, the completion of the subdivision or construction. Once these are met, the contract can proceed to settlement.  ?. Adjustments and ?nal inspection - the purchasers lawyer will need to prepare a statement of adjustments so that rates and charges on the property are apportioned fairly between the vendor and purchaser. At this point, the purchaser is entitled to  undertake a ?nal inspection of the property before settlement. A vendor must make sure that the property is handed over in the condition it was in at the time of sale (save for fair wear and tear) and empty of all belongings (if the property was sold as vacant possession). ?. Settlement - On the day of settlement, the purchaser will pay the vendor the balance of the purchase price plus any adjustments. The title (together with all risks and responsibilities that come with it) will be passed to the purchaser. It is important that a vendor maintain their insurance of the property until settlement is completed.  Settlements in Victoria take place electronically and your lawyer will let you know once it is completed.  We are often engaged by vendor clients to prepare contracts and section 32 vendor statements. Our expert property lawyers can walk you through each stage of the conveyancing process and advise you on your legal rights and responsibilities. Engaging a property lawyer early on might be the difference between a successful and unsuccessful sale. FREQUENTLY ASKED QUESTIONS ABOUT CONVEYANCING LAW The following are some of the most frequently asked questions our of?ce receives from clients about conveyancing and property law:  How much does conveyancing by a lawyer cost? What is the difference between a lawyer and a conveyancer? Should I get legal advice before signing a contract of sale of real estate? What is a section 32 vendor statement and do I need one? When should I engage a lawyer or conveyancer? PROPERTY LEGAL INSIGHTS All Posts Property Law 6 July 2023 6 April 2023 14 March 2023 Expert Retail Leases in Difference B veyancing Tips Victoria between a deed w Selling Real and agreement ntinue Reading i i i Continue Reading Continue Reading CONTACT OUR PROPERTY LAWYERS Send a message to our property law Appointments and consultations with and conveyancing team our property lawyers Upon receiving your online query, you will be Name* contacted by one of our lawyers to arrange a consultation.  Mobile* Contact Details Email* Suite 8B, 80 Keilor Road, Essendon North Victoria 3041, Australia Melbourne Of?ce: Exchange Tower, Level 1, 530 Little Send us a short message outlining your legal enquiry Collins St, Melbourne Victoria 3000, Australia All mail: PO Box 306, Essendon North VICTORIA 3041, Australia P: (03) 9939 3556 Attachments (0) Attach Files M: 0434 506 596 (Sam Ozturk | Lawyer) Sign up for our email list for legal insights and Law Firm Hours updates from our law ?rm Mon 09:00 am – 05:00 pm Send Tue 09:00 am – 05:00 pm Wed 09:00 am – 05:00 pm Thu 09:00 am – 05:00 pm This site is protected by reCAPTCHA and the Google Privacy Policy and Fri 09:00 am – 05:00 pm Terms of Service apply. 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