Buying a home in Victoria: what actually happens

The Section 32 is the vendor’s legal disclosure about the property: title, covenants, easements, owners corporation, notices. We review it with the contract and flag anything that should change your price, your conditions, or your mind. After you sign, your options narrow fast.

In a private sale you can negotiate conditions, most commonly finance approval and a building and pest inspection. They only protect you if they are in the contract before you sign.

Usually 10%, held by the agent in trust until settlement. Late payment is a breach of contract and can attract penalty interest.

You can withdraw within 3 clear business days of signing, at a cost of the greater of $100 or 0.2% of the price. The notice must be in writing and delivered in time. If you are thinking about it, call us immediately, not on the last afternoon.

There is no cooling-off for purchases at auction, or within 3 clear business days either side of one. The contract binds you from the moment you sign.

From signing you have an insurable interest. The vendor usually carries risk until settlement, but if they are underinsured you wear the consequences. Getting insurance in place from day one provides comfort that your purchase is protected.

Send us the unconditional approval letter the moment you have it. If approval is in doubt, say so before the due date. Ending the contract under the finance condition requires the correct written notice, in time. Miss it and you are locked in without a loan.

If the contract includes this condition, book the inspector immediately. The window is short and the condition typically only responds to major structural defects, not maintenance items.

Once cooling-off has passed and any conditions are met, the contract is unconditional. Both sides are committed to settling.

We will send you a secure onboarding link, which covers uploading your identity documents, completing a short verification questionnaire, and signing the client authorisation that lets us sign the Transfer of Land on your behalf. Checks required under Australia’s anti-money laundering laws run in the background. They apply to every buyer and seller, through every firm, and occasionally prompt a follow-up question, for example about who owns or controls a company or trust. Settlement cannot proceed until onboarding is complete, so start as soon as the link arrives.

You do not own the property until settlement. A caveat puts a formal warning on the title in the meantime: anyone else dealing with the property is on notice that your interest stands in their way. We lodge one if you instruct us. It is optional and costs extra, so ask us if you want it.

We prepare the Transfer of Land and lodge your details with the State Revenue Office. You will get an email titled “Invitation to sign Duties Form”. It is legitimate. Check the details and click Agree.

Sign promptly and check names and figures carefully. The names on the loan must match the contract exactly.

Settlement happens electronically through PEXA. The PEXA Key app is the secure channel for sharing bank details and receiving settlement updates.

We confirm exactly what you need: price, less deposit, plus duty and fees, adjusted for council rates and water. Adjustments mean you compensate the vendor for outgoings they have prepaid past settlement day.

The gap between your loan and the total required comes from you, usually drawn by your lender from a nominated account. Confirm with your broker that the authority is in place and the account holds cleared funds.

Transfer the full balance to our trust account before settlement. Account details come through PEXA Key, never email. Allow a business day for clearance.

You are entitled to inspect the property at any reasonable time during the 7 days before and including settlement day. The property must be in the same condition as the day you signed, fair wear and tear excepted, with everything included in the sale still there. Photograph anything that concerns you and tell us immediately, before settlement, not after.

The exact time of settlement can move on the day. Do not book removalists or trades for a time you cannot shift.

We notify council and the water authority of the change of ownership. Water and council rates will then be sent to you directly as the new owner.

Electricity, gas, and internet are yours to connect. You may also want to request mail redirection from Australia Post.

A major asset changes your estate position, especially if you have bought with someone else. This is a natural time to consider your estate planning. We would be happy to help you with this.