Must-Read Conveyancing Facts

Before entering into a contract of sale. Getting professional advice early ensures your interests are protected from the very start — we can review the contract and Section 32, explain any risks, and advise you before you commit.

A Section 32 vendor statement is a legal disclosure document required under the Sale of Land Act 1962 (Vic). It sets out key information about the property — title details, easements, planning overlays, building permits in the last seven years, owners corporation information, and outgoings. It must be given to the buyer before the contract is signed. If it is incomplete or inaccurate, a buyer may have grounds to rescind the contract.

Measure the property and confirm boundaries match the plan. Check that services (water, gas, electricity, sewerage) are connected. Look for any illegal or unpermitted structures. Ensure the contract includes any finance, building, and pest inspection conditions you want. Most importantly, have the contract and Section 32 reviewed by a licensed conveyancer before you sign.

Yes — and we strongly recommend it. There is no cooling-off period for auction purchases, so the contract becomes binding the moment the hammer falls. We offer same-day and next-day pre-auction contract reviews so you can bid with full knowledge of what you are signing up to.

We review the entire contract of sale and the Section 32 vendor statement. This includes checking the title for encumbrances, examining planning overlays, reviewing special conditions, verifying disclosure requirements, and identifying any red flags that may affect your decision to proceed. You receive a clear plain-language summary of what matters and what to watch out for.

You have 3 clear business days starting from the day after you sign the contract — but only if you bought outside of auction conditions. There is no cooling-off period for auction purchases or for property acquired within three clear business days before or after a public auction.

Yes, as long as the offer was subject to finance and you have responded within the time you were given. A declined loan does not automatically end your contract — there are important legal steps you must follow to properly end the contract and recover your deposit. We guide you through this if it happens.

Once exchanged, the contract is legally binding. You should arrange building insurance immediately — from the moment you sign, you have an "insurable interest" in the property. Pay the deposit as required by the contract, even if your finance is not yet formally approved. Then your conveyancer takes over: searches, lender liaison, adjustments, and settlement coordination.

We conduct a comprehensive suite of searches including title searches, plan of subdivision, council property certificates, water authority certificates, and planning overlay checks. These searches reveal critical information such as outstanding rates, planned roadworks, easements, or building restrictions that could affect your purchase.

A standard property purchase in Victoria takes 30 to 90 days from signing the contract to settlement, depending on the terms agreed. We keep you informed at every stage and work to ensure there are no delays on our end.

Immediately after you sign, if your contract is subject to finance. Apply straight away and comply with everything your lender asks for. By the finance approval date, you must notify the vendor whether your finance has been approved or not — if you miss this deadline, the contract typically becomes unconditional regardless of your loan status.

Yes. Once you sign a contract note you have an "insurable interest" and should arrange building insurance immediately. Lenders typically require coverage noting them as an "interested party" or "mortgagee" — failure to provide a certificate of currency before settlement can delay the transaction.

It means that from the moment you sign the contract, you have a legal interest in the property and can insure it — even though you do not yet own it. Because risk often passes to the buyer at exchange (not settlement), you could be liable if the property is damaged between signing and settlement without insurance in place.

Before settlement, we prepare a statement of adjustments which reconciles rates, taxes, and other outgoings between you and the vendor. Council rates, water rates, and owners corporation fees are apportioned so you only pay for your period of ownership. Bank cheques for any additional funds must be delivered before the settlement date.

7 to 10 days prior to settlement. This gives you time to identify and raise any issues before the transaction is finalised. The property should be in substantially the same condition as when you signed the contract, with all inclusions remaining.

Not at all. Settlement is where all parties come together to complete the transaction — your conveyancer, your bank, the vendor's conveyancer, and the vendor's bank all attend on your behalf (almost always electronically through PEXA). We handle it for you.

From the estate agent. Once settlement is complete, we notify you and the agent for key release. We also handle notifying council and water authorities of the ownership change.

The FHOG is available to first home buyers purchasing or building a new home valued up to $750,000 in Victoria. You must be an Australian citizen or permanent resident, over 18, and not have previously owned property in Australia. The grant is currently $10,000 for eligible purchases.

First home buyers in Victoria may be exempt from stamp duty on properties valued up to $600,000, with a sliding concession for properties valued between $600,001 and $750,000. This applies to both new and established homes. The savings can be substantial, potentially up to $31,070.

No, the Victorian FHOG applies only to new homes — newly built homes, off-the-plan purchases, and owner-builder constructions. However, first home buyers purchasing established properties can still access stamp duty concessions, which can save you tens of thousands of dollars.

If you're buying outright (no loan), the contract should be in the name of the SMSF trustee — for example, "ABC Pty Ltd ATF The Smith Super Fund". If you're borrowing under an LRBA, the contract must be in the name of the holding trustee company only, with no reference to the SMSF. Getting the purchaser name wrong can trigger additional stamp duty.

A bare trust deed is only required when you are borrowing under an LRBA. It documents that the holding trustee holds the property for the benefit of the SMSF. In Victoria, it should be signed after exchange and before settlement to avoid it being treated as a dutiable transaction.

No. If an SMSF holds residential property, it cannot be occupied or rented by you, your relatives, or other related parties — regardless of whether you pay market rent. This is an ATO compliance requirement. Commercial property is treated differently and can be leased to related parties at market rates.

A sunset clause sets a deadline by which the plan of subdivision must be registered and settlement must occur. If the deadline passes, either party can rescind the contract. Victorian law now requires developers to obtain a Supreme Court order or the buyer's written consent before rescinding under a sunset clause, but it is still important to understand the terms before you sign.

In Victoria, your deposit must be held in a trust account by the vendor's legal representative, the real estate agent, or a licensed conveyancer until settlement. It cannot be released to the developer before settlement unless the contract specifically allows it. We review how your deposit is held and advise you on any risks.

This depends on whether the contract includes a nomination or assignment clause. Some developers allow you to nominate a new buyer before settlement, while others restrict or prohibit it. We check these clauses during our review so you understand your options if your circumstances change.

It depends on the type of transfer. Transfers between spouses or domestic partners may qualify for a stamp duty exemption. Transfers due to a relationship breakdown under a court order are generally exempt. Gift transfers to non-exempt parties may attract stamp duty based on the market value of the property.

It depends on whether the property was held as joint tenants or tenants in common. Joint tenant property passes automatically to the surviving owner via a transmission application. Tenants in common property is dealt with through the deceased estate and requires probate or letters of administration.