Selling property

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.