Property Sales – Some Basic Elements of the Process
1. The Contract
The sale contract is usually in a standard form, entitled “Contract of Sale of Real Estate” and might incorporate a form in basic terms prescribed by the Law Institute of Victoria or the Real Estate Institute of Victoria. It is usually prepared by the vendor’s solicitor, along with a number of other documents and attachments, and scrutinised carefully by the purchaser’s solicitor (if they have one) before signing. It includes provisions covering each and every aspect of concern, from the state of the property to the purchase price. Special conditions will be added as necessary.
There are many important implications in signing a contract of sale; both the vendor and the purchaser incur certain liabilities at this stage. If in doubt, ask a professional before you sign.
2. Preliminary enquiries
The vendor must make certain information about the property available,.This information includes, but is not limited to, information about current leases, availability of essential services to the property, and any legal conditions which may affect the way that the purchaser is able to use the land, from encumbrances to council zoning. Whilst most of this should be covered by the vendor’s statement, some are not required, yet may still be very important to the purchaser’s decision to buy the property. A property lawyer with conveyancing experience can handle these searches for you.
3. Vendor’s statement
The vendor must make, and the purchaser should inspect closely, a special legal statement about the property that includes details of their title to the property, details of its condition, notices from authorities, debts connected with the land (such as land tax), services connected to the property, building permits issued in the past 7 years, etc.
This statement should always be prepared by a lawyer, or at the very least, the vendor should receive legal advice so that t the nature of the guarantees being given are fully understood.
4. Caveat
A caveat is a legal instrument that can help protect the purchaser’s interest in the property once they have signed the contract of sale. It prevents the property being sold to someone else, or otherwise interfered with. For a small investment, the purchaser could protect against a very damaging loss.
Ask a property lawyer for more information if you are unsure as to whether it affects you.
5. Dealing with incoming and outgoing mortgages
If the property is mortgaged, or is going to be subject to a mortgage, there are special procedures that need to be followed in terms of discharging the old mortgage and bringing the new mortgagee into the picture. If these are not handled in the right order, it can cause delays and confusion. It can often help to think of the transaction as being between three or four parties, not two- although your conveyancing lawyer will be able to keep track of all this for you.
Please note: the above article is not legal advice. Every circumstance is different. It is critical that you obtain legal advice in relation to your personal circumstances before taking any action.
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We live in Canberra and decided to purchase an apartment in Melbourne CBD. We contacted Conveyancing Depot are some initial research seeking a Melbourne based service. Brad from Conveyancing Depot contacted us extremely promptly, and was our conveyancer from start to settlement. Always fast to respond, attention to detail was superb, with no hitches or issues at all along the way. Highly recommend.
Was having great hassle with getting a mortgage and juggling all the issues and what needed to be done started looking for a conveyancer, after 3 calls with tired old people that didn’t particularly care or sound like they were interested in helping me out. I called Brad Mayberry up on their phone number and was instantly reassured and told of what should happen next, the rest is history after a settled mortgage.
Brad Mayberry was a fantastic conveyancer for our recent property purchase. He was very responsive and gave us some great advice throughout the process, and was nice to deal with. Thanks!
Brad was fantastic through my whole settlement. It was a 30 day settlement which landed over the Christmas period so l really appreciated his effort working on it through the holidays. All communication was clear and he was available at all times when l had questions. He helped me with questions that were not necessarily in his remit. He read my section 32 urgently as there was hardly any time before the auction and made helpful comments. The whole process went very smoothly, and l would highly recommend him.
Brad was awesome from the moment he took my call. I would highly recommend him and the team at Conveyancing Depot. Professional, understanding, supportive, kind, patient and brilliant of what they do. Thank you so much for everything.
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I love working with Amy, she was very helpful and responsive. Made the entire process a delight for me with her patience and flexibility! I would 100% recommend their services.
Brad and Amy made my experience buying a house pretty seamless. Whenever I had a question they would either call or email back promptly. There was some issues on settlement day with the Vendor but they went above and beyond to make sure my needs were met and communication was flawless. I'd highly recommend using Conveyancing Depot and if I had to buy again or sell I would definitely use them again.
I would highly recommend Conveyancing Depot. They helped us out at short notice and communicated promptly via phone and email throughout the process. We are first home buyers and they we helpful in letting us know what we needed to do to purchase our first home.
They know what to do at every step; things just get handled. Fast clear communications. I 100% recommend their services. Amy was amazing and reduced my stress levels a lot.
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