A Vendor Statement, known as a 'Section 32', is a document containing important information concerning your property. It details information including Title description, zoning details, building permits, council rates, and much more.
A Vendor Statement must be provided to a prospective purchaser prior to them signing the Contract of Sale. If a Vendor Statement has not been provided to the purchaser the Contact of Sale is not enforceable.
Selling your property? Contact Urban Conveyancing to have your Vendor Statement prepared.
'Adjustments' refer to the final financial statement of the property transaction. This will show the purchase price, deposit paid, pro-rata adjustment of rates such as council, water, body corporate charges and if applicable, rent.
The adjustment of rates ensures that you pay all rates and taxes due up to the Settlement Date, and that the Purchaser pays from the Settlement Date. The Purchaser's representative will serve these details on Urban Conveyancing prior to settlement and we will confirm all details with you. Once we have confirmed that all details are correct we will liaise with your lender (if applicable) and get a final loan payout amount and request cheques on your behalf.
All cheques handed over at settlement must be bank cheques.
Settlement is when the Purchaser takes possession of the property. The specific date of Settlement is usually documented in the Contract of Sale.
A meeting is scheduled with all parties involved in the transfer (Purchaser's representative, Vendor's representative, incoming Mortgagee and Discharging Mortgagee) at a nominated time and location to effect settlement. The Purchaser and Vendor do not usually attend.
At settlement funds are transferred from the Purchaser to the Vendor. Transfer documents are provided to the Purchaser's representative and incoming Mortgagee for inspection.
Once good title is established and all parties are satisfied, settlement is deemed to have been effected. We will call you to advise you once the transaction is complete.
As mortgages are generally not transferable, when your property is sold you must pay off, or discharge your mortgage(s). The mortgage will be paid out at settlement from the settlement funds and any balance left over will be paid directly to you.
Prior to settlement, Urban Conveyancing will advise you of the amount owing under the mortgage. If you have any query regarding this amount you should immediately contact your lender.
The following details the fees and charges associated with selling your property.
Urban Conveyancing charge a competitive, fixed fee for each property transfer, so you can rest easy knowing that there won't be any surprises or hidden costs. The only extra costs are disbursements that we outlay on your behalf. We don't ask for any fees up front; all accounts are paid on the day of settlement.
Contact our office today to discover just how competitively priced our services are.
Land Titles Office
At settlement, any Mortgage, Caveat or Charge registered against your property is required to be discharged. The fees associated with the removal of these encumbrances are payable by the Vendor.
For details of these fees, click here to visit the Land Titles Office web site.
Capital Gains Tax
If your property was not used solely as your principal residence, you may be liable to pay Capital Gains Tax on any profits made in the sale of your property.
If you intend to sell your property within 12 months of the date of purchase, or you believe you might be affected by Capital Gains Tax, you should contact the Australian Tax Office or your accountant.
This is a major expense incurred by when selling a property through an estate agent, however the agent's commission can be negotiated prior to signing with the agent.
Free Property Valuation
To obtain a free valuation on the value of your property, please click here.