Selling a property can be a stressful time for all involved. From the time you sell to settlement there are many processes that need to be undertaken to be prepared for settlement.
As a vendor, you have a duty towards a prospective purchaser.
Although, caveator emptor (buyer beware) still applies, however, in a sale of a property this principle has been limited by regulation and by law.
This Statement is a disclosure statement and must be given to a purchaser before that purchaser can makes a binding offer.
There are consequences and penalties if a vendor gives false or not all of the required information and may also give the purchaser the right to withdraw from the contract at any time prior to settlement.
A carefully and properly prepared Vendors Statement is therefore crucial, as it not only assists in a profitable sale but may also:
- minimise the risk of your purchaser withdrawing from the contract thus securing your sale
- avoid additional costs, such as:
- additional sales commission because the property needs to be resold
- if you have relied on your sale to purchase another property, you may be in breach of your purchase contract and incur additional costs & penalties
By providing Victorian Property Settlements all the information requested we can ensures you meet your obligation towards a purchaser.
We provide you with an overview of tasks we complete once we have been instructed to act on a Vendor’s behalf:-
- Obtain by telephone from the Vendor answers to a series of questions in relation to the property to enable the arrangement for the preparation of Section 32′s/Contracts of Sale.
- Searching Title.
- Ordering Certificates including:- Land Information Certificate, Water/Encumbrance Certificate, Planning Certificate, Roads Certificate & Body Corporate Certificate (if applicable).
- Arranging preparation of Section 32′s/Contracts of Sale.
- Sending copies of Section 32/Contract of Sale in triplicate to Vendor’s Estate Agent.
- Sending initial letter to Vendor enclosing Discharge Authority in readiness for sale.
- Once the Contracts have come back signed by both the Vendor and Purchaser we write to the Vendors Mortgagee advising that the property has been sold, advising settlement date and requesting they prepare discharge documentation.
- Answering Requisitions on Title & forwarding same to Vendor for confirmation & signature.
- Preparing Statement of Goods and sending together with Transfer of Land for Vendors signature.
- Sending answers to Requisitions to Purchaser’s Representative.
- Requesting Agent in writing to release balance of deposit after the deduction of their commission only if a Section 27 Statement has been signed by the Purchaser and certain conditions are met.
- Cross checking Statement of Adjustments and Settlement Statement which is provided by the Purchaser’s Representative.
- Obtaining from Vendor confirmation that Adjustments are correct in that the rates are either paid or unpaid.
- Booking settlement with Purchasers Representative & Lender.
- Advising Purchasers Representative in writing of cheque details required for settlement and confirming settlement arrangements.
- Telephoning the Water Authority to request a final reading.
- Host settlement.
- Telephoning Client & Agent advising settlement has occurred.
- Preparing Notice of Disposition and sending to Council & Water Authority.
- Sending final letter to Vendor which will include a Statement of Monies Involved, enclosing copies of Statement of Adjustments & enclosing our account.