In case you’d like to sell privately in Victoria, the main thing to consider is whether you are legally allowed to offer your property without an Agent.
Are you looking for someone to “buy my place Victoria?” You can find a buyer for your place with or without the help of an agent. You will surely want the process to be hassle-free so that you avoid long delays, uncertainties, and unexpected costs.
There are certain aspects of property selling that you need to be aware of when you sell your property in Victoria to make the process easy.
Process of property Sale in Victoria:
As per the legal requirements in Victoria, a contract must be accompanied by a vendor statement. This vendor statement provides the buyer with information about the property.
Preparing a vendor statement before advertising the property for sale is recommended because it helps avoid delays. This is because when you advertise your property, potential buyers will ask for a copy of the vendor statement. If you don’t have it ready, it will take you time to get it prepared and this will delay the process and you may even lose buyers because of the delay.
The documents required for preparing a vendor statement include:
These documents need to be procured from the concerned authorities and the vendor statement prepared based on them.
If you are selling a home on your own, you will require a legal expert to draw the contract for you once you have finalised the deal.
The next step is sending the buyer’s copy of the contract to his attorney. The buyer then applies for finances. He will also undertake an inspection of the property before signing the contract.
When the contract is signed between the seller and buyer, the buyer needs to pay a deposit. The deposit is 10% of the purchase price. This deposit is indicative of the commitment of the buyer to purchase the property. In case if the buyer defaults, the seller can terminate the contract and retain the deposit.
Once the buyer is satisfied with the terms of the contract, he will sign the contract. After that, the seller is expected to sign the contract. After both parties sign the contract, it becomes legally binding.
The next step is the conveyance of the sale process.
The normal duration between exchange and settlement is 30-90 days. However, this period is negotiable.
The buyer usually has a cooling-off period which expires 3 business days after signing the contract. However, if a property is sold at an auction or if mutually agreed, the cooling rights can be waived off. The cooling-off period is given so that if the buyer decides not to go ahead with the sales process, he can indicate this during this period to the seller. The seller can charge 0.2% of the total sale amount or a minimum of $200 if the contract is terminated by the buyer during the cooling-off period.
In case the contract is subject to conditions of finance, the buyer is required to indicate whether the finance has been approved or not. If the buyer needs more time for financial approval, more time can be requested by them. However, this is totally at the discretion of the seller. In case the buyer is unable to fulfill the financial condition, he can terminate the contract giving notice of two days. He will be entitled to a full refund of the deposit amount.
The buyer’s attorney prepares the transfer document which is sent to the seller to sign in front of a witness.
You will be required to vacate the premises at least one day before the date of the contract. After the settlement of the contract, you can hand over the keys to the tenant.
The buyer is entitled to inspect the property before the settlement. An inspection of the property will allow the buyer to verify that the property is in the same condition as it was on the date of the contract. He can also ensure that any goods that were included in the contract are left in the house and are in good condition.
If you are aware of these legal formalities, you can prepare for the process of the sale in an organised manner by ensuring that you have all the necessary documentation in place. This will ensure that the process moves ahead smoothly. However, if you are looking for someone to “buy my place Victoria”, you are probably on your own. It is beneficial to hire a legal professional who is aware of the property sale procedure in Victoria. He can guide you and help you sell your home without any agent. Because when you sell without an agent, you will be saving a large sum which you would have paid the agent as a commission!
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