Victorian Conveyancing Guide

 

 

Disclaimer - The information contained in this guide is of a general nature and intended only to provide a guide to assist you in understanding the process carried out for you by a conveyancing practitioner and should not be used as a substitute for professional advice from a conveyancing practitioner acting for you in your sale or purchase.

 


 

What is Conveyancing?

Conveyancing is the area of law concerned with the preparation of documents for the transferring of property. Both the buyer and the seller of a property will engage the services of a conveyancing professional, who will represent the buyer or seller and complete the legal requirements of the sale.

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What happens in a Conveyancing transaction?

While each sale or purchase is unique, all will involve these primary steps.

Buying a property
  • Checking the contract and advising you about its terms;
  • Obtaining and examining a search of the title;
  • Obtaining rate and planning certificates from the Council, Water Board, lax tax authority, roads corporation and any other authority that may have an interest in the property or levies rates or charges;
  • Preparing transfer documents;
  • Providing documents to your bank;
  • Adjusting charges between you and the vendor for things such as council and water rates;
  • Arranging and attending the settlement;
  • Arranging for payment of stamp duty on the transfer;
  • Lodging the transfer documents with Land Victoria;
  • Notifying the Council and Water Board of the change in ownership

 

Selling a property
  • Taking instructions from you to preparing the “vendor statement” (also known as the “section 32 statement”);
  • Obtaining and examining a search of the title;
  • Checking the contract and advising you about its terms;
  • Arranging with your bank to provide a discharge of its mortgage;
  • Preparing documents for the release of the deposit;
  • Examining and forwarding to you transfer documents;
  • Examining the adjustment of Council and Water Board rates and other charges;
  • Arranging and attending the settlement;
  • Notifying the Council and Water Board of the change in ownership.

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Stamp Duty – rates and exemptions

The transfer of all property purchased in Victoria will be subject to the payment of stamp duty.

Depending on the purchase price, concessions are made for owner-occupied property, with a further discount for first home buyers.

You can calculate the stamp duty on the purchase price of a property here, including owner occupied and first home buyers -

  • Stamp Duty Calculator
    (Hint - If you have not yet signed a contract, use today’s date as the contract date)

 

Concession Card Holders

The State Revenue Office offers a range of concessions and exemptions for people holding eligible cards.

You can see what cards are eligible here –

 

Price limits for a full exemption apply. A sliding scale exemption applies above that, to the maximum price as set from time to time.

If you are eligible for a partial exemption, you can calculate the stamp duty on the purchase price here -

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First Home Owner Grant

Eligible first home buyers can receive a $7000 grant.

For contracts entered into on or after 1 January 2010, the grant will be payable where the price of the property does not exceed $750,000 (unless the contract relates to a home that is on, or to be built on, primary production land.)

You can read about he First Home Owners Grant here-

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