What is a Section 32 Statement? A ‘section 32’ is a statement required by law to be given by a seller to a buyer. It is also called the ‘vendors statement’ but the terms are interchangeable. The statement is required by Section 32 of the Sale of Land Act 1962 being the Victorian legislation relevant to property sales and hence the name ‘section 32’. The statement must be current and accurate. Importantly Section 32 Statements must contain certain information relating ..read more

Can you claim the arrears of a tenant at settlement when selling your property? No, the amount owing cannot be inherited as the purchaser’s liability. It is preferable to reach a resolution before settlement. Conveyancing cannot adjust for a third party’s debt at settlement because there is no assurance that the funds are recoverable. Settlement is the legal process of enabling an uninhibited transfer from the seller to the purchaser. Any debts of a third party (ie: the tenant) are ..read more

What is going to happen to property prices in the next two years or what is going to happen when we hit 80 per cent single dose or 80 per cent double dose vaccinations in Melbourne? We have put together some information on lockdown restrictions and housing market predictions for the rest of 2021 and into 2022/2023.   What are the current lockdown rules for real estate? The lockdown rules for Melbourne’s housing market are currently eased only slightly until ..read more

The most exciting part of any property purchase is the settlement day. This is the day that buyer finally gets the keys to their new property and sellers are paid the amount that is owing. But there’s a lot more involved in the land settlement process than meets the eye. What is a settlement? Real estate settlement happens when the land is transferred over to the buyer. Settlement day usually marks the end of the transaction. Aside from handing over ..read more

A contract of sale is understandably important and is at the centre of the property purchase or sale process. It lists the relevant details of the buyer and seller, terms and conditions and inclusions. The types of terms and conditions present in a contract differ between existing dwellings and dwellings yet to be constructed (off-the-plan) are different. What is a “sunset clause”? Until recently, most contracts of sale for off-the-plan dwellings contained a time cap on how long the developer ..read more

Sometimes things don’t go exactly to plan, particularly when you’re buying or selling property. If you’ve signed a contract to sell your property but it hasn’t settled yet, you may find yourself wanting access to your deposit a little earlier. Your reasons for this may be because you want to purchase a new home or make an investment, for example. When you sell a property, the buyer usually pays a deposit when they agree to buy the property. This deposit ..read more

The Right to Cool Off (Cooling Off Laws in Victoria) Most of us are aware of the purchaser’s right to change their mind after signing a contract to purchase real estate (even if the vendor hasn’t signed anything to accept your offer ..read more

The Building Amendment (Swimming Pool and Spa) Regulations 2019 commenced on 1 December 2019. The new laws have been introduced to ensure compliance with existing safety barrier laws and to reduce incidents of drowning in private swimming pools and spas. The new regulations introduce new requirements for property owners which are set out below. 1. Mandatory registration of swimming pools and spas Effective 1 December 2019, it will be mandatory for all owners to register their swimming pools and spas ..read more

The State Government has pathed their roadmap to economic advancement following the impact of the Covid-19 pandemic. The property industry has been identified as holding great capacity to generate the necessary funds required to aid Victoria’s recovery and progression. In somewhat of a reprieve for Victorians who are struggling to purchase a home in the current market, it will be seemingly the most financially secure developers and landlords in the industry who are impacted. The key points to note include ..read more

The conveyancing fee associated with a property transaction has for a long time been a matter that causes a lot of confusion, especially for first-time buyers and people who haven’t been involved in property dealings for a long time. The problem is that the conveyancing costs involved in transferring a property were often cloaked in estimates and percentages of the purchase price. That left a lot of scope for the conveyancing transaction fees to increase at a time when buyers ..read more