So you found a property to purchase?
Now what?
At Elevation Conveyancing, we guide our purchasers through every step of the property buying process. Here’s how we support you:
Step 1 - Inspect Property & Documents
Begin by inspecting the property and reviewing any available documents, such as the draft or proposed contract and vendor statement.
Step 2 - Negotiation
Negotiate with the vendor directly or through an agent or representative to agree on the purchase terms.
Step 3 - Make an offer
Submit an offer for the property, often accompanied by a deposit. Once the vendor accepts the offer in writing, a contract is established.
Step 4 - Contract Review Before Signing
We conduct a thorough review of the Contract and Section 32 to identify potential risks, errors, omissions, and items of concern before you sign.
Step 5 - Subject to Clauses
Include special conditions in the contract to protect you in unforeseen circumstances, such as:
• Building and Pest Inspection: Ensures no major issues with the property.
• Planning or Building Approval: For investors planning to renovate or develop.
• Finance Approval: Protects your deposit if financing falls through.
Step 6 - Accept PEXA Workspace
Enter purchaser details, create the Transfer of Land, and issue the Notice of Acquisition.
Step 7 - Accept Duties Online Form
Utilise the Digital Duties Form for land transfer duty, initiated by the vendor’s representatives and accepted by the purchaser’s representatives. This streamlines processing and allows for electronic signing.
Step 8 - Property Inspection
Conduct a final inspection of the property as close to the settlement date as possible.
Step 9 - Statement of Adjustments
Order necessary searches and certificates, prepare the Statement of Adjustments, and serve it to the vendor’s representatives. Upon approval, enter payment details on PEXA.
Step 10 - Claim Stamp Duty
Ensure all transfer documents have accounted for stamp duty at lodgement. PEXA’s automated verification process communicates with Duties Online to issue a Duty Estimate document.
Step 11 - Transact Funds
Provide the purchaser or their financier with the required settlement amount, which is transferred into the PEXA Source Account or the representative’s trust account.
Step 12 - Settlement
Verify title activity and ensure all parties have completed their tasks. Once balanced, sign off on the settlement. The process typically takes 30-45 minutes. You will receive a PEXA notification post-settlement, and we will contact you to congratulate you.
Step 13 - Change of Ownership
Notify statutory authorities of the ownership change. The title will be registered in the purchaser’s name, and if applicable, the financier will be noted as the mortgagee. The Victorian Registrar prefers electronic title formats, but we can request a paper title if needed.
What is a Section 32?
A Section 32, also known as a Vendor’s Statement, is a legal document required under Section 32 of the Sale of Land Act 1962 in Victoria, Australia. This document must be provided by the seller of a property to the prospective buyer before a contract of sale is signed. The purpose of the Section 32 is to disclose important information about the property that may affect the buyer’s decision to purchase.
Key Information Included in a Section 32
A Section 32 typically includes:
• Title Details: Information about the title of the property, including any easements, covenants, or restrictions.
• Zoning Information: Details about the zoning of the property and any planning overlays.
• Outgoings: Information on rates, taxes, and other outgoings associated with the property.
• Building Permits: Any building permits issued in the past seven years.
• Services: Information on the availability of services such as water, gas, electricity, and sewerage.
• Notices: Any notices or orders issued by authorities that affect the property.
• Insurance: If the property is in a bushfire-prone area, details of any insurance policies.
The Process at Elevation Conveyancing
Elevation Conveyancing, based on the Mornington Peninsula in Victoria, specializes in preparing and reviewing Section 32 statements. Here’s an overview of their process:
Step 1 - Initial Consultation:
Elevation Conveyancing will meet with the seller to gather all necessary information and documents required for the Section 32 statement.
Step 2 - Document Preparation
The team will prepare the Section 32 statement, ensuring all legal requirements are met and all relevant information is included.
Step 3 - Review and Verification
The prepared Section 32 statement is reviewed and verified for accuracy and completeness.
Step 4 - Provision to Buyer
The completed Section 32 statement is provided to the prospective buyer or their legal representative before the contract of sale is signed.
Step 5 - Support and Clarification
Elevation Conveyancing offers ongoing support to both the seller and buyer, clarifying any questions or concerns regarding the Section 32 statement.
Importance of a Section 32
The Section 32 statement is crucial as it ensures transparency and protects the interests of both the buyer and the seller. For the buyer, it provides essential information that may influence their decision to purchase the property. For the seller, it helps in avoiding future disputes by disclosing all relevant information upfront.
Elevation Conveyancing on the Mornington Peninsula provides expert services in preparing and managing Section 32 statements, ensuring a smooth and transparent property transaction process. Their thorough approach helps safeguard the interests of all parties involved, making the property sale process more efficient and reliable.