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Frequently Asked Questions

Vendor questions

 What is the difference between a Vendor’s Statement and a Section 32 Statement?

There is no difference. They are one in the same document. A Vendor’s Statement is a Statement prepared in accordance with Section 32 of the Sale of Land Act.

How long does a Vendor’s Statement last?

A Vendor’s Statement is valid for as long as it is correct. There is no fixed expiry date. The Vendor’s Statement must be correct at the time it is handed to the prospective purchaser. The Purchaser must be given the Vendor’s Statement before the Contract is signed.

Why do I need a Vendor’s Statement when I have just listed my property for sale?

Most real estate agents prefer to have the Vendor’s Statement prepared as soon as possible after your property has been listed for sale. The reason is that a Vendor’s Statement must be given to a Purchaser before a Contract of Sale can be signed (in order to comply with the Sale of Land Act). The time required to prepare a Vendor’s Statement depends on the property. Some Vendor’s Statements are very simple. Some are complex. So if the Vendor’s Statement is prepared early, the real estate agent can have the Vendor’s Statement in their office ready for when a purchaser is found. The real estate agent can then negotiate the sale and have the Contract of Sale signed immediately if that suits the parties. There is no time gap. So the prospective purchaser will not have time to change their mind or look at other properties while waiting for your Vendor’s Statement to be produced.

One of the burners on my stove is not working. It has not worked for about a year. Do I need to fix it before settlement?

The property is sold in its present condition as at the Day of Sale. The Day of Sale is the date by which both parties have signed the Contract of Sale. So if the burner was not working on the Day of Sale, it does not have to be working on the Settlement Date.

We want to take the cubby house when we move. Is that OK?

When instructing your real estate agent and your conveyancer, you should make it known if you want to remove and fixtures or fittings. In case  you are not sure which items are considered to be fixtures and fittings, point out anything that you want to remove so the Contract of Sale can be prepared accordingly.

What do I do with the keys?

Hand a set of keys to your real estate agent before the time scheduled for settlement. You can hand the keys to the Agent earlier if you wish. The Agent will hand the keys to the Purchaser when the Agent has been notified that settlement has taken place. If an Agent is not involved in the transaction, the keys can be delivered to our office to be handed over at settlement.

What time is settlement?

The settlement time is arranged between the conveyancers for each party and any other parties who need to attend settlement (such as the Vendor’s bank and the purchaser’s lender). Some banks only attend settlement at certain times of the day. Most settlements take place between 11:00am and 3:00pm. You will usually only know the settlement time around 5 days before settlement as banks will not usually book a time any earlier.

If you have a particular preference in relation to the settlement time, please let us know so we can aim to meet your preference.

Do I need to attend settlement?

No. We attend for you.

Do I need to pay my rates before settlement?

The rates are adjusted between the Vendor and the Purchaser as at the settlement date as a part of the conveyancing process. Therefore it does not matter whether the rates have been paid or not prior to settlement.

When can I receive the deposit?

The deposit is held in the Agent’s trust account until settlement. Sometimes, the deposit can be released earlier. This early release process can take around one month from when the contract is signed. Sometimes, early release of the deposit is not possible.

Contact us if you need the deposit released to you earlier than the settlement date so we can issue the appropriate forms to you.

When do I receive the money from settlement?

Usually, the settlement monies are available to be collected or banked into your account on the day of settlement. We will contact you a few days prior to settlement to inform you exactly when your funds will be available to you.

If you are buying and selling at the same time and moving straight from one property to the next, we will coordinate the funds from your sale to be applied directly to your purchase. This is a specialist skill/service which we provide regularly to our clients.

What government fees will I be required to pay?

The Purchaser pays the duty (formerly known as stamp duty) on the Transfer of Land. The Purchaser also pays the Titles Office registration fee. We can provide a quote for the government fees you will be required to pay in your transaction. You can also visit the State Revenue Office website for more information at www.sro.vic.gov.au

 

Purchaser questions

The Vendor has verbally accepted our offer. What do we do now?

Now is the time to appoint Barwon Conveyancing as your conveyancer. We will look over the Vendor’s Statement and the proposed Contract of Sale before you sign it to ensure that it accurately reflects the transaction. We can also explain what the implications are for matters disclosed in the Vendor’s Statement before you commit to buy.

The Agent said I must pay a holding deposit. Why does this mean?

Often, an Agent will ask a Purchaser to pay a holding deposit. The reason is to make the Purchaser feel committed to the transaction. The Purchaser often believes that by paying a holding deposit, the Vendor cannot sell the property to someone else.

The holding deposit has no meaning for either party. If the Vendor gets a better offer before you sign the Contract, then the Vendor can sell to that other party. The holding deposit would be refunded to you.

Likewise, if the Purchaser decides not to go ahead with the transaction, he/she can walk away without penalty and the holding deposit must be refunded.

You need to decide whether you wish to pay a holding deposit. It might stop the Agent from carrying out further “open for inspections”.

Where do I sign the Contract?

Usually, the contract is signed at the office of the real estate agent. Or the Agent might visit you at your home or office to facilitate the signing.

Why do I need to insure the buildings before settlement?

The property remains at the Vendor’s risk until settlement. The Vendor is required to deliver the property to you at settlement in the same condition as at the Day of Sale, fair wear and tear excepted.

However, there are circumstances where you will be required to settle a property that has been damaged and claim compensation after settlement.

Upon signing the contract you have an insurable interest in the property. It is prudent for a purchaser to protect that interest by insuring the property as soon as the Contract becomes unconditional.

If you are obtaining mortgage finance to assist you in completing the contract, your lender will require you to provide evidence of insurance noting the interest of the lender as mortgagee on the policy before the lender will arrange a settlement appointment.

Can I have another look at the property after I have signed the Contract?

You are entitled to a final inspection of the property in the week prior to settlement. This final inspection must be by mutually convenient appointment and arranged via the real estate agent. The Vendor cannot deny you this right.

Sometimes a purchaser wises to go back to the property to take measurements etc so they can plan furniture placement and new purchases. The Vendor is not obliged to grant such a request.

When do I get the keys to the property?

As soon as settlement has taken place, you are entitled to the keys to the property (unless the property was sold subject to a lease).

Usually, if your settlement is booked for say 2:00pm, then you could expect to be able to collect the keys from the Agent by 2:30pm.

Who arranges for the services to be connected/disconnected?

We notify the council and the water authority of the change of ownership.

You need to arrange for electricity, gas and telephone services to be connected (or disconnected as the case may be).

The Purchaser does not need to use the same service provider as the Vendor.

Who arranges my finances?

You do. You are responsible for paying for the property and the government fees. You need to apply for any loan you require in a timely manner and you need to keep our office informed of the progress of your application. Contact us if you have any queries about what you need to do and when.

 

Notifications of change of address

  •           Council and Water Authority – Whether you are buying or selling, Barwon Conveyancing notify these authorities for you.
  •           Australia Post
  •           Vic Roads
  •           Centrelink
  •           Medicare
  •           Australian Electoral Commission
  •           Electricity provider
  •           Gas provider
  •           Telephone provider
  •           Mobile phone company
  •           Internet service provider
  •           Pay TV provider
  •           Building and contents insurer
  •           Car insurer
  •           Health insurance
  •           Life and accident insurance
  •           Ambulance subscription
  •           GP Clinic
  •           Dentist
  •           Optometrist
  •           Accountant
  •           Bank
  •           Credit Card companies
  •           Department Store accounts
  •           Finance companies
  •           RACV
  •           Employer
  •           Superannuation Fund
  •           Union
  •           Business associates
  •           Schools
  •           Church
  •           Newspaper subscriptions
  •           Magazine subscriptions
  •           Sports Clubs
  •           Social Clubs
  •           Friends
  •           Relatives
  •           Other…
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 Ask us a question and we will add it to this list.

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