Selling property

Preparing the contract of sale and Section 32 vendor's statement is the first step in selling your property. These documents are essential for protecting your interests and ensuring a smooth sale. We can help you prepare these documents so that you can sell your property with confidence.

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We can prepare the contract of sale and Section 32 vendor's statement for you, so you can sell your property with confidence.

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Vacant land
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New or existing houses
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Units, flats and apartments
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Off the plan purchases (townhouses, houses or units)
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Discharging your mortgage

It is essential to notify your bank as soon as possible that you have sold your property. If you have a mortgage, your bank holds the certificate of title to your property. Your bank may require up to 14 days' notice to release the title. If you do not discharge your mortgage before settlement, it could delay the sale of your property. This is because the buyer will not be able to register their ownership of the property until your mortgage is discharged.

Here are some additional tips for discharging your mortgage:

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Section 27 statement

A Section 27 statement is a document that enables you to access your buyer's deposit before settlement. It is a legal document that is prepared by your conveyancer or solicitor. To prepare the Section 27 statement, your conveyancer or solicitor will need to contact your bank to obtain information, such as your loan amount and interest rate.

Information required to complete the Section 27 statement:

Settlement date

Settlement is the day that the buyer takes ownership of the property and the seller receives the purchase price. The settlement date is usually specified in the contract of sale.

A suitable time for settlement will be arranged with all parties involved. Our office will arrange an agent to attend settlement on your behalf.

Settlement is a complex process, so it is important to have a lawyer or conveyancer represent you. They will ensure that everything is done correctly and that you are protected in the event of any problems.

Frequently asked questions

We are here to help you with all of your legal and conveyancing needs. Below, you will find answers to some of the most critical questions that people have about the conveyancing process.

The seller’s property lawyer or conveyancer drafts these legal documents. They are experts in property law and can ensure that the documents are drafted correctly and in compliance with the law. This will protect the seller’s interests and prevent the buyer from terminating the contract on the basis of defective documents.

If you are selling a property, it is important to have a lawyer or conveyancer draft the contract of sale and section 32 vendor’s statement. This will help to ensure that the sale goes smoothly and that your interests are protected.

A section 32 vendor’s statement is a legal document that must be provided to potential buyers by sellers of property. It discloses information about the property, such as rates, mortgages, charges, outgoings, covenants, easements, and other restrictions.

The section 32 vendor’s statement is an important document because it helps to protect both the buyer and the seller. By disclosing all known information about the property, the seller is fulfilling their legal obligations and helping to ensure that the buyer is making an informed decision. The buyer, on the other hand, is able to get a better understanding of the property and any potential risks or liabilities.

If a seller fails to provide a section 32 vendor’s statement, or if the statement is incomplete or inaccurate, the buyer may be able to terminate the contract of sale. This could leave the seller with significant financial losses.

It is therefore important for sellers to ensure that they have a comprehensive and accurate section 32 vendor’s statement prepared by a qualified lawyer or conveyancer. This will help to protect their interests and ensure that the sale goes smoothly.

Here are some of the key things that must be disclosed in a section 32 vendor’s statement:

  • The property’s zoning and any restrictions on its use.
  • Any mortgages or other encumbrances on the property.
  • The amount of rates and other outgoings payable on the property.
  • Any known defects in the property.
  • Any covenants or easements affecting the property.

 

If you are selling a property, it is important to get a section 32 vendor’s statement prepared as soon as possible.

A statement of adjustments is a document that is prepared towards the end of a property conveyancing transaction. It is used to ascertain the balance of the purchase price payable to the seller and to adjust for outgoings such as council rates, water rates, and owners corporation fees.

Outgoings that are adjusted tend to be recurring in nature and relate to a certain period, such as monthly or quarterly. It is standard practice for the buyer’s lawyer to prepare the statement of adjustments and forward it to the seller’s lawyer for validation purposes prior to settlement. This ensures that both parties are aware of the final amount of money that will be exchanged at settlement.

Here are some of the key things that are included in a statement of adjustments:

  • The balance of the purchase price payable to the seller.
  • The amount of outgoings that have been incurred since the contract of sale was signed.
  • The amount of any rebates or refunds that are due to the buyer.
  • The amount of any security bond that is being held by the seller.

 

If you are buying or selling a property, it is important to understand the purpose of a statement of adjustments and to ensure that it is prepared correctly. This will help to ensure that the conveyancing transaction goes smoothly and that you are not overcharged for any outgoings.

Settlement is the final step in the property conveyancing process. It is when the buyer pays the purchase price to the seller and the seller transfers the property to the buyer.

At settlement, all outgoings such as council and water rates are adjusted and paid out to the relevant authority. If you have a loan, the sale proceeds are paid to your lender to discharge your mortgage. The remaining balance is paid into your nominated bank account.

Our office will notify you once your sale has settled.

Settlement is a complex process, so it is important to have a lawyer or conveyancer represent you. They will ensure that everything is done correctly and that you are protected in the event of any problems.