What is a conveyancer?

Conveyancing is the transfer of legal title of property from one person to another.

What is a vendor statement?

A section 32 is a document provided by the seller to an inteded purchaser. 

Its name comes from Section 32 of the Sale of Land Act, which requires a vendor to provide certain information to a purchaser BEFORE a contract of sale is signed. E.g planning, zoning, rates charged, building approval etc. 

What is a caveat?

The word caveat means beware, and the lodging of a caveat over a property is a way telling anyone who wants to deal with the property to be aware of the fact that someone else's interest already has priority. In other words, a caveat is a written warning to anyone who checks the Certificate of Title of the property that the person who lodged the caveat known as the caveator, has an interest in it. The Registrar of Titles cannot deal with the property without first notifying the caveator.

Until settlement takes place the Certificate of Title to the property remains in the Vendors and third parties associated with the Vendor can place encumbrances over that title.

The purpose of the Caveat will in effect prevent any other encumbrances being placed on the Certificate of Title.

What does Principle Place of Residence mean?

That at least one of the purchasers named occupies the land as his or her principle place of residence for a continuous period of 12 months commencing within a 12 month period immediately after the purchaser became entitled to possession of the land.

What is stamp duty?

When you buy land or property in Victoria, you are liable to pay duty. The duty payable in most some cases is based on the purchase price as per the contract of sale.  If you purchase a property off the plan you may be entitled to a reduction and only pay duties on the property value at that time of signing of the contract of sale.

The calculator below can assistance you with duties payable.  

http://www.sro.vic.gov.au/SRO/SROCalcs.nsf/transfer?OpenForm

Are you eligible for a Concession Benefit of Stamp Duty?

If you are a pensioner or are the holder of a Government Health Care Card you may also be eligible for stamp duty benefits. Please speak to us if you qualify.

Alternatively you may contact the State Revenue Office on telephone 132161 or visit their website:

https://www.sro.vic.gov.au/