Selling your property
The Section 32 Statement
Under the Sale of Land Act 1962, a disclosure document known as a “vendor’s statement” or “section 32 statement” must be given to a purchaser before a contract is signed.
The statement must contain certain information about the property being sold. For example, information regarding the location of easements, particulars of building approvals given in the last seven years, and details of rates and charges that affect the property are just a few of the things that must be disclosed in a section 32 statement.
The Contract of Sale will be prepared by us and forwarded to the Agent with the section 32 statement so that they are in a position to have a purchaser sign the contact as soon as the property is sold.
To arrange for Civic Conveyancing to prepare a section 32 statement, you need only give us a call. You can also instruct us on-line to commence the preparation of your section 32 statement.
Auctioning Your Property
If you are selling your property by auction, Civic Conveyancing will arrange for a contract of sale to be prepared for use at the auction.
Auction sales do not suit every property or vendor, so the best person to discuss the method of selling your property with is your estate agent.
Your estate agent will usually discuss any prospective offers to purchase your property with you, and when there is agreement for a sale, your agent will then arrange for the parties to sign the Contract.
The vendor usually signs after the purchaser.
After all parties sign the contract, it will be forwarded to Civic Conveyancing, at which time we take over the process of transferring the property.
Verification of Identity
As of 9/11/2015, the Victorian Government requires all Conveyancers, Solicitors and Mortgagees to follow a strict process to check the identity of all clients dealing with real property (any matter where the Titles Office is involved). This process if called Verification of Identity (VOI).
You must attend a face-to-face, in-person interview. A photograph will be taken as confirmation that you were physically present at the interview. A Client Authorisation Form must be signed and witnessed at the interview.
Civic Conveyancing will provide you with clear instructions at the appropriate time as to how to obtain a VOI report.
Release of Deposit
It is sometimes possible to obtain a release of your deposit prior to settlement, provided that certain requirements are met.
When your property has been sold, you need to tell Civic Conveyancing if you would like the deposit to be released before settlement. We will then send you the appropriate forms.
Arranging the Discharge of Your Mortgage
If you have a mortgage on the property you have sold, Civic Conveyancing will make contact with your lender to let them know of the sale.
We then make arrangements with your lender to prepare a discharge of its mortgage, and ascertain from the lender the amount they will require to be paid to them at settlement.
The transfer documents are prepared by Civic Conveyancing in electronic format as most settlements must be carried out on an electronic settlement platform.
Shortly before settlement, Civic Conveyancing will receive a statement of adjustments and settlement statement from the purchaser’s conveyancer.
The land and water rates and other relevant charges are usually adjusted at settlement to ensure that you are liable for rates only for the appropriate period that you have owned the property during the current rating period.
Settlement is the process where all parties to a conveyancing transaction (vendor’s conveyancer, purchaser’s conveyancer, vendor’s bank and purchaser’s bank) come together to complete the transaction. This is usually done in an electronic workspace.
If you require settlement to take place at a specific time of day, you should let Civic Conveyancing know, and we will be happy to try to meet your needs.
Funds are transferred to your bank account directly from the electronic settlement workspace.
Civic Conveyancing will contact you and confirm that your sale has been completed, and then contact the agent so that the keys can be released to the purchaser.
Civic Conveyancing will send a notice to the local council and the water authority and Owners Corporation Manager (if applicable) notifying them of the change in ownership.
It is usual practice for the selling agent to deduct their commission from the deposit held by the agent once settlement takes place. The balance of the deposit will usually be transferred to you from your agent immediately after settlement.