Frequently Asked Questions
Everything you need to know about buying, selling, and settling property in Victoria — answered by our expert conveyancing team.
FAQs
Buying Process
When should I contact a conveyancer before buying?
Ideally, before you sign. We review the Section 32 and Contract of Sale to spot red flags early.
How long is the cooling-off period in Victoria?
Standard private sales have a 3-day cooling-off period. Auctions and certain commercial sales do not.
When can I do a final inspection?
You are legally entitled to one final walkthrough within 7 days prior to the settlement date.
Can I use a gifted deposit for my purchase?
Yes, but you must declare it early so your lender can approve the funds for the PEXA settlement.
How long does a standard settlement take?
In Victoria, 30, 60, or 90 days are common. A 60-day settlement is widely considered standard.
Do I need a lawyer for conveyancing?
While not strictly required, using legal professionals ensures complex Victorian property laws are followed correctly.
Can we settle early if both parties agree?
Yes, an early settlement is possible if the buyer, seller, and both banks are ready to proceed.
How do I pay the balance of the purchase price?
Most funds are pulled directly from your loan or nominated bank account via the PEXA platform.
Costs & Payments
Who pays for the stamp duty?
The buyer is responsible for paying stamp duty (Land Transfer Duty) to the State Revenue Office.
How do I pay the balance of the purchase price?
Most funds are pulled directly from your loan or nominated bank account via the PEXA platform.
What are disbursements in conveyancing?
Disbursements are out-of-pocket expenses we pay on your behalf, such as title searches and certificate fees.
Are first-home buyers entitled to discounts?
Eligible Victorian buyers may receive full exemptions or concessions on stamp duty via the FHBA scheme.
Who pays the real estate agent's commission?
The seller pays the commission, which is usually deducted from the deposit held by the selling agent.
PEXA & Settlement
What is PEXA?
PEXA is Australia’s secure online property exchange platform for digital settlements and title registrations.
How long does a standard settlement take?
In Victoria, 30, 60, or 90 days are common. A 60-day settlement is widely considered standard.
Can we settle early if both parties agree?
Yes, an early settlement is possible if the buyer, seller, and both banks are ready to proceed.
What happens on settlement day?
Funds are digitally exchanged for the property title via PEXA, and keys are released once completed.
Do I need to attend settlement in person?
No. Everything is handled electronically by us and your bank through the PEXA workspace.
Property & Title
What does "Joint Proprietors" mean?
If one owner dies, the property automatically transfers to the survivor (common for spouses or close family).
What is an easement?
A right held by another party (like a water authority) to use a portion of your land for specific service purposes.
Can I buy a property with a tenant in it?
Yes, but the caveat must be withdrawn or lapsed before or at settlement to ensure a clear legal title.
What is a Cavity Search?
It is a check for any unregistered debts or legal interests that might not appear on the main property title.
Legal & Contracts
What is a Section 32 statement?
It’s a mandatory document provided by the seller disclosing essential information about the property’s title and outgoings.
What are vendor obligations under Section 32?
Vendors must disclose all easements, covenants, zoning, and financial charges affecting the land.
What is the 'Early Release of Deposit' (Section 27)?
Under certain conditions, a seller can request the deposit be released before settlement for their own use.
What is a "subject to building and pest" clause?
It lets the buyer cancel if professional reports find major structural defects or active infestations on the property.
What is a "sunset clause"?
Common in off-the-plan sales, it allows either party to cancel if the plan is not registered by a set date.
Is a verbal contract binding in property?
No. In Victoria, all property contracts must be in writing and signed by both parties to be legally binding.
Special Scenarios
Can I buy property through my SMSF?
Yes, but it requires highly specific trust deed setups and strict compliance with Victorian property investment laws.
Do I pay land tax as a residential owner?
Your primary residence is usually exempt, but investment properties or holiday homes attract annual land tax.
Can we settle early if both parties agree?
Yes, an early settlement is possible if the buyer, seller, and both banks are ready to proceed.
What happens if settlement is delayed?
Penalty interest may apply if a party is at fault. We work to resolve issues quickly to avoid these costs.
What is a Foreign Resident CGT Withholding?
For sales over 750k, buyers must withhold 12.5% if the seller doesn’t provide a valid Clearance Certificate.
Insurance & Risk
Is title insurance necessary?
It’s an option that protects owners against unknown risks like illegal structures or historical fraud affecting the property.
When should I arrange property insurance?
Buyers should arrange insurance cover from the moment the contract is signed for maximum protection of their interest.
What if the property is damaged before settlement?
The risk stays with the seller until settlement. Damaged items identified in the final inspection must be addressed.
Other Common Questions
How are keys collected after settlement?
Once we confirm settlement is ‘successful’, you can usually collect keys from the selling agent’s office.
What is the difference between market price and valuation?
Real property is the fixed land/buildings; chattels are moveable items like curtains or certain appliances.
What is a nomination on a contract?
It allows the original buyer to nominate another person or entity to take the property title at settlement.
Still have questions?
Our team is ready to give you clear answers tailored to your matter.