Buying or selling can be stressful and getting professional help can ease the burden. Our professional staff are here to facilitate the transaction.
Now that I’ve bought, what next ?
Day of Settlement
Once settlement between your Solicitor has been finalised between the Vendor’s representative, you have taken full ownership of your new property. Keys are usually collectable from the Agent’s office within 1 hour of the actual settlement time. It is always best to call the Agent’s office first to ensure that settlement has indeed been completed and that the Agency has authorisation to hand over the keys to You, the new owner!
Selling your property;
Selling your property requires the completion of a Vendor’s Statement. It is a legal document required under Section 32 of the ‘Sale of Land Act’ in Victoria. The Act requires a vendor (seller) to provide specific information to a prospective buyer about the property in question. The Vendor’s Statement typically contains information obtained from title, rates, road and land tax searches, as well as encumbrances. The purpose of the statement is to fully disclose all pertinent information to the buyer before the final contract is signed.
To minimise potential issues the vendor should provide a signed Section 32 Statement before the buyer signs their contract. The vendor, or their legal representative, must also sign the Vendor’s Statement for it to be valid. While not required under the Act, it is usual to get the buyer to sign the statement as it can then be used as proof that the buyer received it before they signed the Contract of Sale. This may be useful should the issue arise during the conveyancing process.
Consolidation and Subdivision
A plan of subdivision allows an applicant to divide land into two or more new parcels of land that can be disposed of separately. The only new parcels that can be created by a plan of subdivision are lots, roads, reserves or common property. As part of the subdivision process, a plan may create restrictions, owners corporations and any easements necessary to make a development functional.
A plan of subdivision may also remove or vary restrictions and easements (created in an earlier plan of subdivision), with a planning permit under the Subdivision Act 1988.
A plan of consolidation allows an applicant to consolidate two or more parcels of land into one marketable parcel. Only one new parcel can be created by a plan of consolidation.
As part of the consolidation process, a plan may create, remove and vary restrictions and easements created in earlier plans or dissolve an owners corporation.
Contact us for more information on conveyancing