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The First Step Under Victorian law (Section 32 of the Sale of Land Act) certain information relating to the property, such as planning restrictions, zoning, mortgages and general financial information, must be provided to a prospective purchaser. Once you have decided to sell your property it will be necessary to prepare a document, known as a Vendor's Statement or a Section 32 Statement, which contains all of the required information. O'Farrell Robertson McMahon has a highly skilled and experienced conveyancing department which will prepare the Vendor's Statement and Contract of Sale on your behalf. Vendor's Statement & Contract of Sale
In order to prepare the Vendor's Statement, the following information will be required:
The Vendor's Statement must be signed by you before being provided to the purchaser. We will explain this document to you prior to signing to ensure all details are correct. The Contract of Sale sets out the technical details of the property and the parties involved in the sale. The document also sets out the general conditions of sale and incorporates conditions which are prescribed in legislation. If you wish to insert special or specific conditions into the contract you may do so. If you are unsure as to what, if any, conditions are appropriate, O'Farrell Robertson McMahon can advise you on this issue. If the purchaser agrees to the conditions proposed in the Contract of Sale and wishes to proceed with the transaction, they will sign the Contract. Once the Contract is signed it must be exchanged. There are a variety of ways this can occur but the end result will be that the purchaser and yourself, or your respective solicitors, will hold identical contracts with at least the other party's signature. The deposit will generally be paid at the same time as exchange occurs. The Contract of Sale will show how much the deposit is and to whom it is to be paid - generally your Estate Agent or Solicitor. Once the Contracts are signed and exchanged both parties are bound to complete the transaction. The only way to withdraw from the purchase will be in accordance with the terms of the Contract. Council and Water Authority rates are levied on each property on an annual basis. Because the rating period is unlikely to coincide with the settlement date for your property, any amount which is paid or which remains owing to the rating authority must be factored into the final amount payable at settlement. Generally you will not be required to attend settlement and your solicitor will attend on your behalf. At settlement the balance of purchase money will be received in exchange for the documents necessary to register the purchaser as the new owner of the property. FOR FURTHER INFORMATION ABOUT SELLING PROPERTY PLEASE CONTACT RUSSELL ROBERTSON, MARK O’FARRELL OR ROBERT COLE.
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