What are the steps to buy a property?

Step 1: The vendor signs their Vendor Statement (Section 32), a signed statement of matters affecting the land as specified in section 32 of the Sale of Land Act 1962 (Vic).  A contract for the sale of land is not enforceable unless the vendor has given the purchaser a copy of their signed Vendor Statement before the purchaser signs the contract.

Step 2: The purchaser makes their (formal) offer by:

(a) acknowledging that they have received a copy of the signed Vendor Statement.

(b) completing the Particulars of Sale and signing and dating the contract.  The Particulars of Sale include the price, the deposit, when the deposit must be paid by, the settlement date, if vacant possession is to be provided at settlement, and if the purchase is subject to a loan being approved (subject to finance).

Step 3: The vendor accepts the offer by countersigning and dating the contract before the purchaser’s offer has lapsed.  If this occurs, the property has been sold, and both parties are bound by the terms of the contract.  The Day of Sale is the date by which both parties have signed the contract.

For more information about contracts, please contact Glenferrie Conveyancing in Northcote on 03 9815 2351.