Conveyancing In Victoria - An Overview

When Selling

When selling a property in Victoria a conveyancer will prepare a Vendors Statement (Section 32 Statement) which is to made available to the selling agent (if not selling privately) for the purpose of providing information to any prospective purchaser.

Attached to the Section 32 Statement are documents such as: When the property is sold the selling agent provides details of the particulars of the sale to the conveyancer in order for a formal contract to be prepared and forwarded to the purchaser's conveyancer.

Alternatively, some real estate agents prepare what's known as a Contract Note, which can be signed by the vendor and purchaser prior to them meeting with their conveyancer, which means that the purchaser's three day cooling-off period starts as soon as the contract note is signed by both parties.

When Buying

It is your right as a purchaser to inspect the Vendors Statement (Section 32 Statement) prior to entering into a contract to purchase property.

If your offer to purchase is accepted by the vendor, some real estate agents prepare what's known as a Contract Note, which can be signed by the vendor and purchaser prior to them meeting with their conveyancer, which means that the purchaser's three day cooling-off period starts as soon as the contract note is signed by both parties..beware!

It is advisable to instruct the real estate agent to have the contract forwarded to your conveyancer if you are unsure about the contents of the contract and what it all means. Please note that if this is your preferred option it waivers your cooling-off rights as a purchaser because legal advice has been provided by your conveyancer.

In regards to conveyancing, Victoria has a few differences compared to NSW. Please feel free to get in touch with us if you require more information.