Thursday, July 5, 2012
The Section 32 and Contract: Notes from a Conveyancing Melbourne Solicitor
By Glenn Duker
Preparing the legal documentation for a sale of real estate is systematic in that you must fulfil certain minimum requirements; nonetheless, every property has its own nuances. In this article, I will provide a brief overview of the essential steps in getting to a sale from a conveyancing point of view.
I am a conveyancing (Melbourne) solicitor who has represented property vendors for more than a decade. Having your legal paperwork done correctly and prepared quickly is really quite important. Your appointed agent will be grateful.
Once you have provided formal instructions to your solicitor, the Vendors Statement is the first item on the agenda. Also known as the Section 32 Statement (as the requirements of the Vendors Statement are set out in Section 32 of the Sale of Land Act 1962), this document is all about pre-contractual disclosure to a prospective purchaser. The issues which must be addressed relate to the title of the property, zoning, council rates and water charges. The availability and connectivity of electricity, water, sewerage, telephone and gas are also included. Any building approvals or building works performed in the preceding 7 years must be disclosed. Other items, such as unregistered easements, must also be mentioned.
Maybe there will an Owners Corporation, which is will be applicable for a unit or other strata sale but this can be relevant also in other circumstances. This wording takes over from the old body corporate concept. Owners' Corporation disclosure will include annual fees and any unusual levies. This process is facilitated by the provision of an owners corporation certificate. Purchasers review this information carefully - the reason being if there are , for example, expensive structural renovations to be done, prudent buyers will usually deduct this amount from their offer.
There are two main ways you can sell your property is using an estate agent: private sale or auction. Private sale is a sale which is negotiated by the agent on your behalf with the buyer. It is private to the extent that the property is not sold by public auction. If you are auctioning your property, your agent will want Auction Contracts prepared. Special conditions are typically included to protect your interests as a vendor. The Contract is usually bound together with the Section 32 and made available to interested parties well prior to the auction. Buyers normally want to seek legal advice prior to bidding.
My final point is make sure find a knowledgeable property lawyer. Please note that the content of this article is general only. Make sure you obtain legal advice from a conveyancing Melbourne lawyer who can comprehensively review your scenario and a prepare properly prepared and properly presented contract of sale.
I am a conveyancing (Melbourne) solicitor who has represented property vendors for more than a decade. Having your legal paperwork done correctly and prepared quickly is really quite important. Your appointed agent will be grateful.
Once you have provided formal instructions to your solicitor, the Vendors Statement is the first item on the agenda. Also known as the Section 32 Statement (as the requirements of the Vendors Statement are set out in Section 32 of the Sale of Land Act 1962), this document is all about pre-contractual disclosure to a prospective purchaser. The issues which must be addressed relate to the title of the property, zoning, council rates and water charges. The availability and connectivity of electricity, water, sewerage, telephone and gas are also included. Any building approvals or building works performed in the preceding 7 years must be disclosed. Other items, such as unregistered easements, must also be mentioned.
Maybe there will an Owners Corporation, which is will be applicable for a unit or other strata sale but this can be relevant also in other circumstances. This wording takes over from the old body corporate concept. Owners' Corporation disclosure will include annual fees and any unusual levies. This process is facilitated by the provision of an owners corporation certificate. Purchasers review this information carefully - the reason being if there are , for example, expensive structural renovations to be done, prudent buyers will usually deduct this amount from their offer.
There are two main ways you can sell your property is using an estate agent: private sale or auction. Private sale is a sale which is negotiated by the agent on your behalf with the buyer. It is private to the extent that the property is not sold by public auction. If you are auctioning your property, your agent will want Auction Contracts prepared. Special conditions are typically included to protect your interests as a vendor. The Contract is usually bound together with the Section 32 and made available to interested parties well prior to the auction. Buyers normally want to seek legal advice prior to bidding.
My final point is make sure find a knowledgeable property lawyer. Please note that the content of this article is general only. Make sure you obtain legal advice from a conveyancing Melbourne lawyer who can comprehensively review your scenario and a prepare properly prepared and properly presented contract of sale.
About the Author:
To get legal advice or read more about conveyancing, go to: Conveyancing Melbourne. To read more conveyancing articles, then visit Glenn Duker's dedicated article page: Conveyancing Melbourne Blog.
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