Buying property in Victoria: questions to ask before you sign.

Start early where possible

Make contact with a conveyancer or legal practitioner as early as you can, particularly before signing a contract or when an auction or other deadline is approaching. The right timing and work required depend on the property and the proposed transaction.

Understand the contract and vendor statement

A contract of sale sets out the agreed terms of the transaction. In Victoria, a seller must provide a Section 32 statement before the purchaser signs. The contract and vendor statement are different documents and each may need careful review.

Check what the documents do and do not cover

The vendor statement contains prescribed information about matters affecting the property, such as title information and certain outgoings. It is not a building inspection or a report on the physical condition of a property. Other enquiries may be relevant depending on the property.

Keep dates and conditions in view

The contract may include important dates, deposit requirements, settlement timing and conditions. Make sure you understand what applies to your transaction and raise questions before signing.

Understand settlement

Settlement is the stage when the transfer is completed and the balance of the purchase price is paid. The steps and arrangements depend on the transaction and should be discussed with the professionals assisting you.

Official information and further reading

• Consumer Affairs Victoria — Buying property by private sale
• Consumer Affairs Victoria — Seek expert advice on property

Trang Conveyancing is based in Noble Park and welcomes enquiries from throughout Victoria. To discuss whether the business may be able to assist, send an enquiry or call 0422 877 909.