Introduction
To sell a property in Victoria, you will need two documents drafted by a conveyancing lawyer. A contract of sale and a vendor statement.
Contract of sale
The agreement the buyer and seller enter into to buy and sell a property. It contains all the essential terms relating to the sale and settlement of the property.
Vendor statement
Also known as a ‘section 32’, the vendor statement discloses what you need to know about the property by law. This includes restrictions affecting the title, rates and outgoings, location of easements etc.
Summary
The contract of sale and vendor statement are the sale documents used to buy or sell a property in Victoria.
Conveyancing lawyer vs conveyancer
It is important to use a lawyer to draft a contract of sale and vendor statement. These are legal documents that only a conveyancing solicitor should prepare.
A conveyancer is only trained, qualified and insured to transfer a property. A conveyancing lawyer can transfer property AND prepare legal documents. This includes a contract of sale and vendor statement.
If a conveyancer does other work, and they do the work wrong, their insurer may not cover your loss.
An experienced conveyancing lawyer will prepare well drafted sale documents. They are also able to deal with any complexities or legal issues that arise along the way up to settlement.
Timeframe to prepare the contract of sale and vendor statement
On average, it takes 2 weeks for a conveyancing lawyer to prepare a contract of sale and vendor statement.
If it is taking longer, then you may need to consider using another conveyancing lawyer.
A quick and reliable conveyancing lawyer will:
- order the searches from authorities as soon as you hire them
- give you an opportunity to review and approve the contract of sale and vendor statement
- issue the contract of sale and vendor statement immediately upon completing all searches.
Best time to engage a conveyancing lawyer in Victoria
It is important to have your sale documents prepared in time to issue to prospective buyers.
Prospective buyers want to inspect sale documents when your property is being advertised. If the sale documents are not ready, they may become disinterested and move on to the next property.
If market conditions are tough, you cannot afford to lose any prospective buyers.
Engage a conveyancing lawyer at least 2 weeks before your advertising campaign starts. This will give the lawyer the 2 weeks necessary to prepare the contract and vendor statement.
At Proptech Legal, we issue sale documents within 1 week on average. We order searches ASAP and keep both you and your local real estate agent updated every step of the way.
That’s just one way we give our clients value for money.
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