What are the Conveyancing Steps for Buying or Selling a House in Victoria?

The Victorian conveyancing process for buying or selling a house involves several key steps, from initial contract review to final settlement. It’s crucial to have a conveyancer (or lawyer) involved, especially for buying, to navigate the legal intricacies. 

Below, we break down the conveyancing steps for both buyers and sellers in Victoria.

Conveyancing Steps for Buyers

1. Pre-Purchase Contract Review

Before making an offer, engage a conveyancer to:

• Review the Contract of Sale
• Review the Section 32 (Vendor Statement)

This ensures there are no hidden risks, such as zoning issues, covenants, or unapproved structures.

2. Making an Offer and Signing the Contract

Once you’re satisfied with the contract:

• Submit your offer (subject to conditions, if needed)
• If accepted, both parties sign the contract
• Pay the initial deposit, often 5–10% of the purchase price

3. Cooling-Off Period (if applicable)

You may have a 3-day cooling-off period, unless:

• The property was bought at auction
• You’re a company buyer
• Certain other exemptions apply

4. Arrange Finance and Insurance

Secure formal loan approval and arrange building and contents insurance, effective from the contract date (not settlement date).

5. Conduct Searches and Final Inspections

Your conveyancer will:

• Perform title and property searches
• Check for unpaid rates, restrictions, or encumbrances

6. Settlement

On the settlement date:

• Final funds are transferred
• Documents are lodged with Land Use Victoria
• You receive the keys and become the legal owner

Conveyancing Steps for Sellers

1. Prepare the Contract of Sale and Section 32

Engage a conveyancer to:

• Draft the Contract of Sale
• Compile the Section 32 Statement, disclosing relevant property details (e.g. title, easements, rates, planning zones)

2. Negotiate Offers and Accept a Buyer

Review any offers (often with conditions), and once accepted:

• Sign the Contract of Sale
• Receive the deposit, which is typically held in trust

3. Respond to Buyer Inquiries

Your conveyancer will manage any legal questions or document requests from the buyer’s representative.

4. Discharge Mortgage (if applicable)

If you have a mortgage:

• Notify your lender to arrange a discharge
• Your bank will attend settlement to release the title

5. Prepare for Settlement

Ensure:

• Property is in the agreed condition
• Rates are adjusted appropriately
• All legal documents are signed and ready

6. Settlement

On settlement day:

• The buyer pays the balance of the purchase price
• Ownership is legally transferred
• You hand over the keys and receive the net proceeds

Final Tips for Buyers and Sellers

• Engage a conveyancer early to avoid delays and ensure all documents are in order.
• Stay on top of key deadlines like finance approval, building inspections, and settlement.
• Communicate regularly with your agent, conveyancer, and bank to keep everything on track.

Need Help with Conveyancing in Victoria?

Whether you’re buying your dream home or selling your current property, a professional conveyancer will guide you through each legal step and ensure a smooth transaction.

If you’re ready to start the process, reach out to Red Door Conveyancing today. You may submit a contact form through this link or contact us on 03 8456 6797.