Information for Sellers

 

Vendor’s Statement

(also known as Section 32 Statement)

Vendors selling property in Victoria must provide a document called a Section 32 Statement (Vendor’s Statement). This document sets out the Title, Planning restrictions and other information relevant to the land. A contract will not be binding unless Section 32 is properly complied with. To comply with Section 32 a Vendor must provide a signed Section 32 Statement to a Purchaser prior to entering into a Contract of Sale.
We are able to obtain information online and compile a Vendor’s Statement very quickly.
 

Contracts

Contracts for the sale of land must be in writing.
Western Conveyancing’s have prepared forms of contract to suit all sorts of property in Victoria, including off-the-plan sales, strata titles and Auction Contracts.
The Vendor has the right to determine the terms of a Contract and we are able to ensure that a form used will be to the Vendor’s best advantage.

 

Once the Contract has been signed

Once the Contract is signed you should contact your lender to advise them that the property has been sold. We will also write to your lender to request the payout figure for your mortgage and to make arrangements for settlement.

 

Settlement

The date for settlement is specified in the Contract of Sale. We will arrange a convenient time for settlement with the other parties involved. At settlement any mortgage is paid out and we will collect the balance of monies due to you. Funds will be transferred to your nominated account at settlement.

 

Final Inspection

The Purchaser is entitled to inspect the property during the week preceding settlement. The Purchaser is entitled to the property in the same condition and state of repair as on the day of sale. The Purchaser will contact the Agent who will arrange for them to go through the property at a time that is convenient for you.

 

Keys

You should ensure that you have vacated the property by the scheduled settlement time and leave the keys with the agent for collection by the Purchaser following settlement. We will telephone you and the agent when settlement has gone through and instruct the agent to hand the keys to the Purchaser.

 

Utilities

Western Conveyancing will advise the Council, Water Authority and Owners Corporation (if applicable) of the change of ownership. It is your responsibility to arrange final readings for electricity, gas and telephone.

PEXA (Electronic Settlement)

The Conveyancing process is now completed electronically via PEXA (Property Exchange Australia)

 

Electronic Conveyancing is a collaboration between many participants including financial institutions, land registries, lawyers and Conveyancers. It minimises the manual processes and paperwork enabling a greater certainty of successful, on-time settlements.

 

The benefits of a Pexa Settlement is as follows:-

 

• No Bank cheque fees

• Reduction in Titles Office lodging fees

• Title registration is immediate

• Vendor receives cleared funds at settlement

• All Rates and fees are paid immediately at settlement

 

Please note the additional settlement fee will be paid to PEXA at settlement.