Buying a property in Victoria

Once you’ve set your eyes on a property, the seller or their real estate agent will present you with the contract of sale. It will be hard to walk away from a deal once the contract has been signed so you have to fully understand all the risks involved before picking up that pen. TNS Conveyancing can help review and negotiate the terms of sale and other special conditions so you’re sure nothing important has been left out of the contract. Many people overlook negotiating a contract of sale, but it is very important!

Also referred to as a Section 32 statement in Victoria, a disclosure statement includes information on the property. This includes mortgages, covenants, and easements among other things. Our conveyancers can check whether the content of this lengthy and comprehensive are true and correct. Otherwise, you may be able to back out from the sale or commence legal action against the seller.

There are instances when the seller will want to access your deposit prior to settlement. This is possible with a Section 27 early release of deposit under the Sale of Land Act 1962. Our conveyancers can go over the particulars provided by the seller and advise you on the pros and cons of consenting to the release of your deposit under Section 27. Further, we can advise you whether you have the ability to object to the release of deposit.

Are you a foreign person interested in owning a residential property in Australia? We can assist with your application for Foreign Investment Review Board approval with respect to your property purchase. Getting independent legal advice prior to your purchase is important as the application for FIRB approval should be assessed on a case-by-case basis.

Buying a property is already a complex process on its own; add tenants to the picture and it gets more complicated. Generally, if the property you’re buying has existing tenants, you have to honour their existing lease. If it’s a periodic lease, then you (the new landlord) need to provide the tenants with a notice to vacate. Eviction proceedings become trickier if the lease is fixed term.

We review lease agreements and check for any breaches, as well as assist with any bond or security deposit issues.

If your contract of sale includes a right to nominate, then you can add a substitute or another purchaser to the transaction. We can draft the nomination document that must be signed by you and your nominee. This is particularly prevalent and important for off-the-plan properties. Generally, you’re holding a deposit there for a number of years as a contract purchaser. Who will get the interest?

The statement of adjustment sets out how standard rates and levies will be divided between each party and paid upon settlement. These rates which may include water rates, land tax, and council rates are added to or subtracted from the purchase price. We can prepare and review your statement of adjustments towards the end of your conveyancing transaction to ensure the apportionments of the amounts are correct.

We work closely with financiers, real estate agents, and other third parties involved in conveyancing transactions.