Sale by Auction
A copy of the auction rules, S.32 Statement with full Contract of Sale and a full set of Auction certificates are in the Section 32 and any additional conditions must be available for viewing prior to commencing the auction. Prospective buyers are advised to read these carefully prior to bidding.
- Private Sales
In a private sale only the Section 32 is prepared by the Conveyancer and can contain a minimum number of certificates and the real estate agent will use a standard REIV Contract of Sale, the Purchaser can negotiate with the Vendor to have the sale subject to certain conditions. For example, obtaining finance, the sale of an existing property or the successful completion of pest and building inspection.
Section 32 Vendors Statement
A Vendors Statement is a document prepared by the person selling a property and must be provided to a prospective purchaser prior to them signing the Contract. A Contract of Sale is not able to be enforced unless a Section 32, Vendors Statement has been provided to the purchaser.
The function of the Vendors Statement is to inform any prospective purchaser of certain particulars about the property. When a purchaser is deciding whether or not to buy a property, they will be shown a Vendors Statement by the selling agent. The Vendors Statement will include such information relating to rates, zoning, restrictions, building works that have been done to the property
- Contract Note & Contract of Sale
Once you or your agent has found a buyer and the buyer is happy with the Section 32 Vendor Statement they will submit their offer to you by using a Contract of Sale. If you are happy with the terms of their offer and you accept their offer, a deposit is paid and this document is the contract for the sale of your property.
- Release of deposit money - S27
Once you have a contract Conveyancing World can serve on your behalf a Section 27 on the purchaser. This is the request for the early release of the deposit money before settlement. Depending on your financial situation your deposit may or may not get released before settlement
Adjustments are the final financial statement of the property transaction. This will show the purchase price, less any deposit paid, pro-rata adjustment of rates such as council, water, body corporate charges and if applicable rent or land tax. The purchaser's conveyancer or solicitor will serve these on Conveyancing world prior to settlement and we will confirm all these details with you. Once we confirm all is correct we will liaise with your lender (if applicable) and get a final loan payout amount and request bank cheques on your behalf.
Settlement Date is the date the Purchaser takes possession of the Property and is he date you and the purchaser agreed upon on signing the Contract of Sale. A convenient time of day is agreed to by all parties involved in the matter (Purchasers representative, Vendors representative, incoming Mortgagee and Discharging Mortgagee) who will attend a nominated location (usually the bank of the discharging Mortgagee) at a specific time to effect settlement.
At settlement, funds by way of Bank Cheques are handed to the Vendors representative for inspection. The direction of these cheques and the amounts will have already been advised to the Purchasers representative in writing.
Documents required to Transfer the property out of the Vendors name and into the Purchasers name are handed to the Purchasers representative and incoming Mortgagee for inspection.
Once good title has been established and all parties are satisfied, settlement is deemed to have been effected. Both the Vendor and Purchaser will then be contacted by telephone to be advised settlement has occurred.
- After Settlement
Conveyancing World will inform council and the water Authorities that you no longer own the property. We also prepare our final summary of the transaction to complete your matter.