If you’re purchasing property in Victoria for the first time, the conveyancing process may seem daunting. Here’s a clear, step-by-step overview of what happens from the moment you find a property to the moment the keys are handed over.
Step 1: Contract and Section 32 Review
Before you sign anything, your conveyancer reviews the contract of sale and the Section 32 Vendor’s Statement. This step identifies any problematic clauses, outstanding encumbrances, or planning restrictions that could affect your decision to proceed.
Step 2: Negotiate and Sign the Contract
If you’re satisfied with the review, you proceed to sign the contract and pay the deposit (typically 10%). In a private treaty sale, a 3-business-day cooling-off period begins from the day you sign. At auction, there is no cooling-off period.
Step 3: Cooling-Off Period (Private Treaty Only)
During the cooling-off period, you can withdraw from the contract, forfeiting 0.2% of the purchase price as a cancellation fee. After this period, the contract becomes unconditional (subject to any special conditions).
Step 4: Property Searches and Due Diligence
Your conveyancer orders searches including title, council, water authority, and land tax. These confirm ownership details, identify any registered interests, and gather the information needed to calculate settlement adjustments.
Step 5: Finance
You should obtain unconditional finance approval as soon as possible. Your conveyancer will liaise with your bank to ensure mortgage documentation is ready for settlement.
Step 6: Pre-Settlement Preparation
In the week before settlement, your conveyancer prepares the settlement statement, confirms final funds required, books settlement via PEXA, and conducts a final title search. You should also arrange a final inspection of the property.
Step 7: Settlement Day
On settlement day, funds are electronically transferred via PEXA, title documents are lodged with Land Use Victoria, and ownership officially transfers to you. Your conveyancer will notify you as soon as settlement is confirmed — then you can collect the keys!
Step 8: Post-Settlement
After settlement, your conveyancer notifies the relevant authorities (council, water, etc.) of the change of ownership. You’ll need to contact utilities providers and arrange insurance for your new property.
Work With FC Conveyancing
Our experienced Melbourne conveyancers will guide you through every one of these steps. Contact us today for a free quote on your purchase.