Buying or selling in Victoria.
The property is in Victoria. You can deal with us in Sydney.
Victorian property sales run on their own rules.
The key document is the vendor statement, known as the Section 32.
Fred Kalouche has acted on Victorian property matters personally.
The Section 32 vendor statement
The seller must give the buyer a vendor statement before the buyer signs the contract. It must be signed by the seller.
It sets out matters such as mortgages, covenants, easements, zoning, outgoings such as rates, whether the land is in a bushfire-prone area, and owners corporation documents for a unit.
It must be accurate and complete. If it is not, the buyer may be able to withdraw from the sale or take legal action.
We read the Section 32 for you before you sign.
The cooling-off period in Victoria
For private sales of residential property, the buyer has 3 clear business days after signing the contract.
To withdraw, the buyer gives written notice to the seller or the seller's agent.
The seller may keep the greater of $100 or 0.2% of the price.
There is no cooling-off period if the property was bought at auction, or within 3 clear business days before or after an auction.
The deposit
The deposit is held in trust until settlement.
It can only be released to the seller early if the contract is unconditional and the buyer is satisfied with the seller's proof of debts. It cannot be released until 28 days after the contract was signed.
Selling in Victoria
The Section 32 is usually prepared by your lawyer or conveyancer. We prepare it, make sure it is complete, and act for you to settlement.
Common questions
Do I need a Victorian lawyer?
We act on property in Victoria.
How long is the cooling-off period in Victoria?
3 clear business days for a private sale of residential property. None at or near an auction.
What if the Section 32 is wrong?
The buyer may be able to withdraw or take legal action. Call us before you take any step.
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