Common terminology that vendors and purchasers need to know to assist you in your sale or purchase.

From 1 July 2022, dutiable value will include any late settlement interest resulting from a late settlement or the rescheduling of failed settlement.

When you decide to a purchase a property with somebody else, you will need to consider how your ownership will be registered on the title of that property. That is to say, you will need to elect your manner of holding. The two most common forms of co-ownership are joint tenancy or tenancy in common.

Stamp duty is a tax imposed by the state government on the transfer of property that is payable by the purchaser (or transferee) of that property. The amount of stamp duty payable is calculated according to the dutiable value of the property being purchased.

Purchasing a property is an exciting event in anyone’s life. However, the conveyancing process can be quite daunting for those who are unfamiliar with it, and even ostensibly minor oversights can have drastic consequences.

Underquoting refers to the practice of advertising a property for sale at an unreasonably low price to boost the number of interested buyers and ultimately increase the final price.

When you purchase any type of real estate, you obtain (upon signing the contract of sale), what is known as an ‘interest’ in the property. Until this interest is registered with the Land Titles Office within your respective state, you are not the legal owner of the property.

A Section 27 Statement, commonly known as an “Early Release of Deposit Authority”, allows the vendor to request access to the deposit funds paid by the purchaser prior to settlement. It is a statement provided by the vendor that provides information required under s.27 of the Sale of Land Act 1962 (“the Act”).

The Section 32 is a mandatory document that discloses information that may affect the value of the land being sold in a property transaction. Also known as a Vendor’s Statement, the term ‘Section 32’ is derived from the correlating section under the Sale of Land Act 1962 (VIC).

We can assist you if you find problems with the building following settlement. You may be covered by legal warranties in respect of the workmanship of the building or even a builder’s insurance policy. Legal warranties/insurance may still apply even though a property has been bought and sold many times.

Settlement will generally occur between 30 and 90 days from the date you sign the Contract. This is the day you become the registered owner of the property and are free to move in.

Within seven days of the date of settlement, you should inspect the property to ensure that it is in the same condition as when you signed the Contract. The Contract normally requires that the property be handed over by the seller to a buyer in the same condition it was in when the property was sold.

explore the post contract/prior to settlement phase which includes dealing with deposits, cooling off periods, insurances, building inspections and of course our favourite Electronic PEXA.

Whether you’re a first time buyer or you already own property, buying property in Victoria can be both exciting and confusing at the same time. It’s essential that you’re on top of not only on the look and location of the property, but also on a number of other key matters, including the legal side of a purchase.

Purchasing a property is a huge financial decision. The complexities of property law can be daunting, and inadequate legal advice can have serious consequences.

The top 5 things you need to know when preparing to buy a property in Victoria.