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Selling Your Property Checklist: All the Basic Forms You Need (VIC)

May, 19th
Settled Team
Conveyancing Tips

Selling your Victorian property and overwhelmed by all the forms, documents and checklists that need doing? Don’t worry, we’re here to help. In this article, we’ll guide you through the necessary forms and documents required during the sales process to make the journey as smooth as possible.

From signing the contract of sale and vendor’s statement to the beginning stages of gathering the necessary paperwork, including the certificate of title and due diligence checklist, to considering legal advice and engaging a conveyancer, we’ll cover all the important details you need to know. So, let’s dive and make sure you have everything you need to sell your property with confidence.

Essential Forms and Documents for Selling Your Property in Victoria

Contract of Sale

The contract of sale is a vital document in any property transaction. It’s essentially an agreement between the seller and the buyer that outlines the terms and conditions of the sale. Think of it as a roadmap that helps guide the process and ensures everything goes smoothly.

The importance of the sale contract cannot be overstated. It provides clarity and protection for both parties involved. For sellers, it helps establish the agreed-upon price, sets out any special conditions, and ensures that they provide accurate information about the property. This transparency builds trust and avoids any misunderstandings down the road.

Property buyers also benefit greatly from the contract of sale. It gives them a clear understanding of what they’re purchasing, including important details about the property. They can review the terms, conduct necessary inspections, and ensure they’re making an informed decision. The contract of sale safeguards their interests and provides peace of mind throughout the transaction.

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Vendor’s Statement

A vendor’s statement, also known as a Section 32 statement, is a document provided by the seller to the potential buyer. Its purpose is to disclose important information about the property that the buyer should be aware of before making a decision.

The significance of the vendor’s statement lies in its role in promoting transparency and protecting the buyer’s interests. It ensures that buyers have access to essential information about the property, allowing them to make informed decisions and avoid any surprises or hidden issues.

The vendor’s statement includes details about the property’s title, any encumbrances or restrictions on the property, planning and zoning information, and information about services connected to the property (such as water, gas, and electricity).

Also, the vendor’s statement must disclose any known defects or issues that may affect the property’s value or desirability. This can include structural problems, previous renovations, or legal disputes.

It’s important to work with professionals, such as conveyancers or legal advisors, to ensure that the vendor’s statement is complete, accurate, and meets all legal obligations.

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Transfer of Land

The Transfer of Land is a legal document that facilitates the transfer of ownership from the seller to the buyer during a property transaction. It is a written agreement that outlines the terms and conditions of the transfer, including the purchase price and any special conditions. The Transfer of Land is typically prepared by a conveyancer or solicitor and is lodged with the relevant land registry (in this case Land VIC) to update the ownership details on the Certificate of Title.

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Certificate of Title

The Certificate of Title is an official document that serves as legal proof of ownership for a particular property. It contains essential information such as the property owner’s name, a description of the property, any registered interests or encumbrances, and a unique title reference number. The Certificate of Title plays a crucial role in property transactions as it verifies the current owner and establishes the property’s legal status.

To obtain a Certificate of Title, you need to submit a request to the relevant land registry or government authority responsible for property records (Land VIC). This request can often be made online or through specific application forms. The land registry will conduct the necessary searches and verification processes to provide you with an updated Certificate of Title.

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Statement of Adjustments

The Statement of Adjustments is a document prepared during a property sale that outlines the financial adjustments between the buyer and the seller. It ensures that both parties are fairly compensated for expenses related to the property up until the settlement date.

The purpose of the Statement of Adjustments is to calculate and allocate costs such as property taxes, utility bills, and other relevant expenses between the buyer and the seller. It ensures that each party pays their share of these costs based on the agreed-upon terms in the contract of sale.

The Statement of Adjustments takes into account various factors such as the settlement date, rates and taxes applicable to the property, and any prepaid expenses.

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Due Diligence Checklist

Now that we’ve gone over the essential forms you need when selling a residential property in Victoria, let’s go over a typical due diligence checklist which should help streamline the sale of your property.

  1. Property Documentation:
    • Obtain a current copy of the Certificate of Title.
    • Gather all relevant property-related documents, including previous contracts of sale, survey plans, and any other legal documents.
  2. Vendor’s Statement:
    • Prepare a comprehensive Vendor’s Statement (Section 32) disclosing all necessary information about the property, including title details, zoning, planning restrictions, and any encumbrances or easements.
  3. Property Condition:
    • Conduct a thorough assessment of the property’s condition, including the building structure, plumbing, electrical systems, and any potential defects.
    • Consider obtaining a pre-sale building inspection report to identify and address any issues before listing the property.
  4. Financial Considerations:
    • Review outstanding loans, mortgages, or encumbrances on the property.
    • Ensure all rates, taxes, and other applicable charges are up to date.
    • Consider obtaining a current valuation of the property to determine an appropriate selling price.
  5. Legal Compliance:
    • Verify compliance with local council regulations, zoning restrictions, and planning permits.
    • Check if any building permits or certificates of occupancy are required for the property.
  6. Consumer Affairs Victoria:
  7. Engage Professionals:
    • Seek legal advice from a qualified property lawyer or conveyancer to review contracts, provide guidance, and protect your interests throughout the selling process.
    • Engage a reputable real estate agent with local market knowledge to assist with property valuation, marketing, and negotiation.
  8. Disclosure and Representation:
    • Ensure all representations and information provided about the property are accurate and not misleading.
    • Disclose any known defects, disputes, or other material information that may affect the property’s value or desirability.
  9. Settlement Process:
    • Familiarise yourself with the settlement process and timeline, including key dates for contract exchange, deposit payments, and settlement day.
    • Be prepared to coordinate with your legal representative, real estate agent, and the buyer’s representative to ensure a smooth settlement.

Remember, this checklist serves as a general guide, and it’s essential to consult with professionals and consider specific circumstances related to your property sale. Each property transaction may have unique requirements and considerations, so seeking expert advice is highly recommended to navigate the selling process successfully.

Understanding the Property Selling Process in Victoria

Selling a property in Victoria involves several key steps and considerations. Here’s a brief overview of the typical steps involved in selling a property in Victoria:

  1. Property Preparation: Begin by preparing your property for sale. This may include decluttering, cleaning, making necessary repairs or renovations, and enhancing curb appeal. Presenting your property in its best condition can attract potential buyers and maximise its value.
  2. Appointing a Real Estate Agent: Engage a reputable real estate agent with local market knowledge and a track record of successful sales. They will assist with property valuation, marketing strategies, organising open inspections, and negotiating with potential buyers.
  3. Vendor’s Statement (Section 32): Prepare a Vendor’s Statement, also known as a Section 32 Statement, which discloses relevant information about the property to potential buyers. This includes details such as title information, zoning, planning restrictions, encumbrances, and any known defects or issues.
  4. Marketing and Advertising: Work with your real estate agent to develop a marketing plan tailored to your property. This may involve online listings, professional photography, signage, print advertising, and hosting open inspections to attract potential buyers.
  5. Negotiating and Accepting Offers: When potential buyers express interest, your real estate agent will facilitate negotiations on your behalf. They will present offers, provide guidance on the market value, and help you make informed decisions. Once you accept an offer, both parties will proceed to the next stage.
  6. Contract of Sale: Engage a conveyancer or solicitor to prepare the Contract of Sale. This legally binding document outlines the terms and conditions of the sale, including the purchase price, settlement date, and any special conditions. The contract is typically signed by both parties.
  7. Cooling-Off Period: In Victoria, buyers have a cooling-off period of three business days (unless waived) after signing the contract. During this time, the buyer can withdraw from the sale, but they may be liable for a penalty fee. It’s important to understand the implications of the cooling-off period and seek legal advice if needed.
  8. Settlement: On the agreed settlement date, the property ownership is transferred from the seller to the buyer. This involves the payment of the remaining purchase funds by the buyer, and the seller providing the necessary legal documents and keys. Settlement is usually facilitated by legal representatives or conveyancers.
  9. Post-Sale Matters: After settlement, ensure any outstanding financial obligations, such as mortgages or loans, are settled. Disconnect utilities, notify relevant authorities and service providers of the change of ownership, and attend to any final tasks related to the property transfer.

Additional Forms You May Need

If you’re looking for additional forms or online lodgements for land registration processes in Victoria, everything you need is on the Land Registration division of the State Government of Victoria website.

It’s your one-stop destination for all things related to fees, guides, and forms when it comes to land registration in Victoria. Whether you’re a property owner, buyer, or working in the industry, there are a wealth of resources to help you navigate the necessary documentation and procedures.

Let the Experts at Settled Handle it All For You

If you’re overwhelmed by the multitude of forms and processes involved in selling a house in Melbourne Australia, don’t worry. Instead, let the experienced conveyancers at Settled.com.au lend you a helping hand.

With our expertise and knowledge, we can guide you through the complexities of the selling process, ensuring a smooth and hassle-free experience. So, if you’re looking for peace of mind and expert assistance, visit settled.com.au today and let our team take care of the details, allowing you to focus on what matters most to you.

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