Caveats, mortgages and powers of attorney Victoria

A conveyancer is a professional specialising in the process of transferring property ownership. They ensure that the transaction complies with all laws and regulations, preparing legal documents and liaising with other parties as required.

No, conveyancers do not have to be lawyers. It is possible to work as a conveyancer without a legal qualification. Some legal professionals also do conveyancing.

Lawyers bring a deeper understanding of the law as well as the broader regulatory and compliance framework. They are better equipped to advise on complex or bespoke property arrangements. They can advise on related legal matters, such as other contracts or powers of attorney. Only lawyers can give legal advice, where it is required.

Stamp Duty (also called Land Transfer Duty) is a state government tax that is payable on the transfer of land from one individual to another. It applies to the purchase of a home, land or investment property. It also applies when a property interest is acquired without buying it, such as via gift or trust.

Stamp Duty is calculated based on the purchase price or market value, whichever is greater.

A Section 32 Statement (also called a Vendor's Statement) is a legal document provided by the seller to potential buyers. It is named after Section 32 of the Sale of Land Act 1962 (Victoria). This document discloses critical information about the property that may affect the buyer's decision to purchase, including information about the property’s title details, planning and zoning, taxes, rates and a range of other matters. The Section 32 Statement must be accurate and must be provided to the buyer before they sign the contract of sale.

Property transactions involve certain out of pocket expenses, which are known as disbursements. These are standard in conveyancing transactions. They include searches relating to title, council and water rates, planning, owner’s corporation and various others. The fees differ depending on the type of property being bought or sold, and the fee schedule of the relevant authority. The cost of these disbursements will be additional to our fees.

We’ll help you through the purchase process when buying a property, but we recommend obtaining a review of the contract of sale and vendor’s statement before making an offer to purchase.

We also recommend obtaining a building and pest inspection.

If you need to borrow money to fund the purchase, then it’s best to get pre-approval from your bank.

Once you’ve purchased a property you’ll need to have your identity verified at the local Post Office so that the transaction can proceed on the electronic property transfer system PEXA.

You’ll need to ensure you have all relevant information needed for preparation of the vendor’s statement to ensure an accurate picture of the property is provided to potential purchasers.

We’ll send you an instruction sheet with all the information required.

If you have a mortgage over your property, then you’ll need to liaise with your bank to ensure they’re prepared for the transaction.

You’ll also need to provide the original paper certificate of title for your property, or if you have an electronic certificate of title (eCT), let us know who has “control” of the eCT. We can liaise with them on your behalf prior to settlement to ensure all goes smoothly.