Victorian conveyancing, explained
Straight answers to the questions people actually ask.
Buying
Cooling-off rights when you buy property in Victoria
The cooling-off period in Victoria is three clear business days, running from the day the purchaser signs the contract of sale. If you use it, the vendor may keep $100 or 0.2% of the purchase price, whichever is greater, and the rest of your deposit must be returned.
Read the guideBuying off the plan in Victoria
Buying off the plan in Victoria means signing a contract for a property that has not been built or subdivided yet, so you pay a deposit now and settle months or years later once the plan of subdivision registers. A temporary duty concession applies to residential lots in a strata subdivision under contracts entered into on or before 20 April 2027, and it can reduce your stamp duty substantially.
Read the guideSelling
What a Section 32 vendor statement must contain
A Section 32 vendor statement is a document a Victorian vendor must give a purchaser before the purchaser signs the contract of sale, disclosing what the purchaser cannot see by inspecting the property. It covers title, mortgages and charges, easements and covenants, planning and zoning, outgoings, building permits, owners corporation details, connected services and bushfire-prone status.
Read the guideForeign resident capital gains withholding, and why every seller needs a clearance certificate
Yes, in practice every vendor selling Australian property now needs one. Since 1 January 2025 foreign resident capital gains withholding applies at 15% to property sales of any value, with no minimum threshold. If an Australian resident vendor does not give the purchaser a clearance certificate before settlement, the purchaser must withhold 15% of the sale proceeds and pay it to the ATO.
Read the guideSelling an owner-built home in Victoria
An owner-builder selling within six years and six months of completion must give the purchaser a defects inspection report from a prescribed building practitioner obtained no more than six months before the contract, comply with the statutory insurance scheme where the work cost more than $20,000, give the purchaser a notice of cover, and include the statutory warranties in the contract of sale.
Read the guideSettlement
What happens on settlement day in Victoria
On settlement day in Victoria the balance of the purchase price is paid to the vendor, the title transfers to the purchaser and any existing mortgage is discharged. Almost all Victorian residential settlements now happen electronically through PEXA, so nobody attends in person and the whole exchange takes minutes once the parties are ready.
Read the guideSection 27 deposit release, explained
A Section 27 deposit release is a request by a Victorian vendor to be paid the deposit before settlement, instead of it staying with the stakeholder. The purchaser has 28 days from receiving the vendor's particulars to give written notice of satisfaction or of dissatisfaction with reasons, and a purchaser who does neither is deemed to have consented.
Read the guideRather have someone handle it?
Lodgedwell acts for buyers and sellers across Victoria for a fixed fee of $1,000 plus GST, with disbursements included.