Selling

"When selling your property, give yourself the best chance in the market."

The Sale of Land Act requires a vendor of real estate to provide specific information about the property being sold to a prospective purchaser.  This is known as a Section 32 Statement.  Moonee Valley Conveyancing will compile a Section 32 Statement and any other documentation that is required for the sale of your property.

We check and prepare all financial adjustments, book settlement on behalf of our clients and liaise with all the relevant parties to ensure the transaction runs smoothly.

Frequently Asked Questions for property sellers:

Our service includes the following:

  • The ideal time to appoint a conveyancer is at the same you appoint a real estate agent, or earlier.

  • It can take up to 7-10 working days for us to create a Section 32 and Contract of Sale. That’s because some certificates take time to be sent to us from the relevant authorities. Both documents are mandatory by law for selling property. Appoint a conveyancer early, so all your documents will be ready when buyers ask for them.

  • If you’ve conducted cosmetic work on your property that don’t require council permits or approval, you will need to provide an owner builder defects report depending on the type of works completed (Section 137B) which is inserted into the Contract of Sale. The report is verification by an authorised and external party that the work you did is up to standard.

    If the value of the building work is more than $16,000, then building insurance must be obtained by the owner builder and a certificate of currency given to the buyer pre-contract. The insurance must cover structural defects for 6 years and non-structural defects for 2 years.

  • Owner-builders of a residential property must disclose the following items in the Section 32 Statement:

    - Section 135: domestic building insurance certificate

    - Section 137B: building report

    - Section 137C: building warranties

    This applies for properties being sold within 6 years and 6 months of the building being completed. It applies to new homes, garages, sheds, verandahs and house extensions.

    If the work completed is less than $16,000, you don’t need to include Section 135.

  • If you’re a foreign resident selling Australian real estate worth more than $750,000 or the contract was entered into from 1 July 2016, the buyer must withhold 12.5% of the purchase price and send it to the ATO. You can claim it back when you lodge your Australian tax return.

    The objective of foreign resident capital gain withholding is to assist collecting foreign residents' Capital Gains Tax liabilities. The 12.5% withholding applies regardless of whether your gain on the sale of the asset is subject to tax under Capital Gains Tax or as ordinary income.

    The withholding obligation applies to both Australian resident and foreign resident buyers.

  • A Certificate of Title can be recovered via an Application via Land Use Victoria. Only conveyancers or lawyers can submit the Application, and it usually takes a few weeks to recover the Title.

  • Yes, settlement day can be changed if both buyer and vendors agree. The request to change settlement date needs to be in writing via your conveyancer, a minimum 2 weeks prior to the original settlement date.

  • You may be able to access the deposit earlier, if the buyer and bank both agree, via a Section 27. This is a written, detailed request from you (the vendor) to the buyers, requesting early access to the deposit. A bank letter is also required to confirm the request. The buyer has 28 days from when they receive the Section 27 to either accept or reject. If it’s accepted, the money is immediately released.

✅ Preparation of the Contract of Sale incorporation a Section 32 Statement

✅ Request for discharge of the mortgage on title immediately after the sale, if applicable

✅ Facilitate the release of deposit under Section 27 of the Act

✅ Undertake the verification of identity (VOI) check either in our office or via 3rd party

✅ Preparation of a statement of adjustment relating to outgoings

✅ Setting up a PEXA workspace and inviting all relevant parties to the transaction

✅ Preparing an SRO Duties Form to establish stamp duty payable

✅ Ordering rate, planning and other relevant searches

✅ Arrange payment of the proceeds of sale in accordance with vendors instruction

✅ Prepare Notice of Disposition & forward to council & appropriate authorities to advise change of ownership

✅ Finalising matter by providing clients with a Settlement Statement and Tax Invoice