The Right to Cool Off (Cooling Off Laws in Victoria) Most of us are aware of the purchaser’s right to change their mind after signing a contract to purchase real estate (even if the vendor hasn’t signed anything to accept your offer).
Table of Contents What is a Section 27 statement?What should a Section 27 include?When is it safe to allow early release of deposit?How long will it take to release the deposit?I need help with a Section 27 Sometimes things don’t go exactly to plan, particularly when you’re buying or selling property. If you’ve signed a contract to sell your property but it hasn’t settled yet, you may find yourself wanting access to your deposit a little earlier. Your reasons for […]
The most exciting part of any property purchase is the settlement day. This is the day that buyer finally gets the keys to their new property and sellers are paid the amount that is owing. But there’s a lot more involved in the land settlement process than meets the eye. What is a settlement? Real estate settlement happens when the land is transferred over to the buyer. Settlement day usually marks the end of the transaction. Aside from handing over […]
Conveyancing is full of legal jargon. Whether purchasing your first property or selling your home, the technical jargon can be overwhelming. At Provey, we make the conveyancing process as simple and stress-free for our clients as possible. We have compiled a short list of property terms below to help. The list is by no means a full list of all the jargon used, so feel free list out any other terms you wish to have clarified in the comments section […]
An off the plan purchase is a purchase of a dwelling (house, apartment or townhouse) or land prior to its construction or subdivision. Purchasing off-the-plan can sometimes enable you to enter the property market at a lower price (albeit not always the case). This is possible as developers offer lower prices and financial incentives (such as rebates) in order to secure enough pre-sales to start the project. Thus, providing a great opportunity for both investors and home buyers. Whilst there […]
Buying and selling property is expensive. There’s stamp duty, bank fees and conveyancing costs to consider. It’s understandable why you may contemplate whether you can do your own Conveyancing to save some money. But before you decide to DIY conveyancing, it’s worth asking yourself two questions: Can I do my own conveyancing? Should I DIY conveyancing? Can you DIY conveyancing? The short answer is yes. It is possible to do your own conveyancing in Victoria, at least for the moment. […]
Government incentives and stamp duty savings for first time home buyers
If you’re buying or selling a property you will need conveyancing. Conveyancing involves the preparation and lodgement of all the necessary paperwork to transfer the title of your property. When you buy or sell property there are several other important things to consider as well as the property law related paperwork. They include forms for the titles office, taxation matters, your bank loan and mortgage documents. To help you complete the conveyancing you can use either a solicitor or a […]
Table of Contents Who can enter into a section 173 agreement?What restrictions can a section 173 agreement include?What can a section 173 agreement include?A s173 agreement can:The agreement cannot:What happens when an agreement is registered on the land title?What happens to the agreement if the land is subdivided?Who benefits from a section 173 agreement?Councils also benefit from having section 173 agreements. These benefits include:Do you have to enter into an agreement?How do you amend or end an agreement?Section 173 Agreement […]
You may have heard of the term electronic conveyancing or e-conveyancing before but perhaps don’t really understand how it affects you. In this article, we’ll explain what PEXA, e-conveyancing and electronic settlements are and how they work in Victoria. So, what is e-conveyancing? E-conveyancing means that you can sell or buy a property completely online. In the past, a lot of paper documents needed to be signed and transferred between law firms, banks, the State Revenue Office (SRO) and the […]