Expert Legal Services for Property Transactions

Under Section 32 of the Sale of Land Act 1962, a seller must provide this document to a prospective buyer before a contract of sale is signed. If it contains incorrect or insufficient information, the buyer may have the right to withdraw from the contract. It discloses crucial information about the property, including:   

• Title Details: Proof of ownership and boundaries.   
• Encumbrances:  Mortgages, covenants, easements, or caveats registered against the land.        
• Outgoings:  Expected costs like council rates, water rates, and land tax.   
• Zoning: Planning schemes and overlays (e.g., bushfire-prone areas).   
• Building Approvals: Details of any building works undertaken in the past 7 years.   

 This is the binding legal agreement that dictates the price, deposit, settlement period (typically 30, 60, or 90 days), and any special conditions (such as "subject to finance" or "subject to a pest and building inspection").

• What to look for ?

 Make sure the property details, price, deposit, settlement date, inclusions, and special conditions match exactly what you agreed .

• Property description — address, lot/plan, title details.
• Purchase price and deposit amount.
• Settlement period — typically 30–90 days in Victoria.
• Inclusions/exclusions — appliances, fixtures, blinds, TV brackets, etc.
• Buyer and seller names — must be legally correct. 

 How does the "Cooling-Off Period" work?

For private treaty sales in Victoria, buyers have 3 clear business days from the date they sign the contract to change their mind and pull out.   

• The Catch: If you cool off, the vendor is legally entitled to keep $100 or  0.2% of the purchase price (whichever is greater).
• Exceptions:  There is no cooling-off period if you buy at an auction, or within 3 business days before or after a scheduled auction.

 If a vendor wants their deposit money released beforesettlement (for example, to use as a deposit on another property), they can issue a Section 27 Statement. This details any mortgages or caveats on the property to prove there is enough equity to satisfy the debt. The buyer has 28 days to object or consent.   

 What is a Caveat, and do I need one?

A caveat is a legal notice registered on the property title that tells the world, "I have a financial or legal interest in this land." When you buy a property, there is a gap between signing the contract and settlement. Lodging a caveat protects you by preventing the vendor from selling the property to someone else or taking out further mortgages during that time.   

  As of recent updates to Victorian law:

• Land Tax Adjustments: Vendors are prohibited from passing on land tax to buyers in a contract of sale if the sale price of the property is under a specific threshold ($10,700,000 for 2026).   
• Windfall Gains Tax: Vendors can no longer pass on windfall gains tax  liabilities to buyers if the assessment was issued before the contract was signed.   

 What actually happens on Settlement Day?

Settlement is the final step where the buyer pays the remaining balance, and the seller hands over the legal title. In Victoria, this is done entirely online via PEXA (Property Exchange Australia).   

• Your conveyancer or lawyer handles the electronic transfer of funds and      registers you as the new owner.   
• Keys: Once settlement is finalized and confirmed on PEXA, the real estate agent      is authorized to hand the keys over to the buyer.

What are "Adjustments"?

Before settlement day, your conveyancer will prepare a Statement of Adjustments. This calculates the council rates, water rates, and land tax so that the buyer and seller only pay for the exact days they own the property for that financial period 

•  Licensed Conveyancer: Specializes purely in the transactional side of buying and selling property. Usually more cost-effective for standard,      straightforward transactions.   
• Property Lawyer: Can handle the transaction but can also provide broader legal      advice, represent you in complex court disputes, navigate intricate tax      issues, or deal with non-standard contract breaches.   

Are you looking to buy or sell a specific property type (like an off-the-plan apartment or a commercial property), or are you trying to draft a specific condition into a contract?

 Usually at signing, into the agent’s or solicitor’s trust account. Standard deposit is 10%, though negotiable 

• When is stamp duty payable ? 

 At settlement, through PEXA. Your conveyancer calculates and remits it to the State Revenue Office 

• What happens at settlement ?

Settlement is electronic via PEXA. All parties log into a shared workspace; funds and title transfer simultaneously. No physical attendance required .