Land and Property Conveyancing Melbourne

To further assist you Land & Property Conveyancing Melbourne has compiled a list of frequently asked questions.

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Frequently Asked Questions:

Why should I take up the services of Land & Property Conveyancing Melbourne?

Engaging the services of Land & Property Conveyancing Melbourne provides the added reassurance that all your rights and obligations under the contract are attended to and that your sale or purchase is finalised efficiently every time.

What is the purpose of the Section 32 Statement? And what details must be disclosed?

The purpose of the statement is to disclose information to a potential purchaser prior to entering into a contract.

Briefly the Section 32 Statement should contain information relating to:

  • A description of any easements, covenants and other similar restrictions affecting the land
  • The name of the planning scheme, the authority which administers it and the zoning of the property
  • The amount of any rates, taxes or charges affecting the land
  • Details of any notices or proposals affecting the land
  • A statement regarding the services connected to the land together with the authorities supplying such services; and
    Where the land is not vacant, details of any building approvals granted in the preceding seven years and owner-builders must also provide a guarantee and insurance details where specified.

When should insurance cover be taken out over the purchased property?

At common law the purchaser has an equitable interest in the property from the day of sale which should be protected on title by a caveat and where the land is not vacant by insurance. Therefore a prudent purchaser should take out insurance cover immediately upon signing.

How do I terminate the contract within my cooling off period? And does it cost anything?

Notice must be served in writing to the vendor or the selling agent in order to withdraw from the contract. If you terminate a contract to buy a property during the 3 business day cooling off period you will incur a penalty being $100 or 0.2% of the sale price (whichever is greater).

What are Adjustments?

Adjustments are prepared by the purchaser’s representative to calculate the monies that are owed upon the property. Adjustable items include the council rates, water rates, land tax, body corporate fees (if applicable) and the like. Adjustments are calculated so that the vendor pays for everything due up to the date of settlement and the purchaser pays for everything from settlement date until the end of the next rating period.