Buying Property in Victoria: What Your Conveyancing Lawyer Does for You

Buying a home is one of the most significant financial decisions you will make. Whether you are a first home buyer in Frankston, upgrading on the Mornington Peninsula, or investing in Melbourne’s south-east, having a conveyancing lawyer on your side ensures the transaction is handled correctly from start to finish.

What Does a Conveyancing Lawyer Do?

A conveyancing lawyer manages the legal aspects of buying or selling property. In Victoria, this includes reviewing the Contract of Sale and the Section 32 Vendor Statement, conducting title and authority searches, liaising with your bank or financier, preparing settlement documents, and attending settlement via PEXA.

Unlike a conveyancer (who holds a limited licence), a conveyancing lawyer can also advise you on complex legal issues that may arise during the transaction, such as defects found during the building inspection, disputes over special conditions, or problems identified in the title search.

The Section 32 Vendor Statement

Before selling a property in Victoria, the vendor must provide a Section 32 Vendor Statement to the purchaser. This document discloses essential information about the property, including the title details, any mortgages or encumbrances, planning restrictions, owners corporation information, and outgoings such as rates and land tax.

Your conveyancing lawyer will review the Section 32 carefully before you sign the contract. They will identify any issues that could affect your use or enjoyment of the property.

Stamp Duty and First Home Buyer Concessions

Stamp duty is a significant expense when purchasing property in Victoria. The amount payable depends on the purchase price and whether you qualify for any concessions. First home buyers may be eligible for a full stamp duty exemption (for properties up to $600,000) or a concession (for properties between $600,000 and $750,000). Your lawyer will calculate the stamp duty, apply for any available concessions, and lodge the required forms with the State Revenue Office.

Settlement

Settlement is the final step where ownership of the property transfers from the seller to the buyer. In Victoria, most settlements now occur electronically through PEXA. Your conveyancing lawyer prepares the settlement statement and calculates adjustments for council and water rates. They ensure that funds are transferred and the title is registered in your name. Since 1 January 2024, settlement generally no longer includes a land tax adjustment. For most sales, the contract cannot require the buyer to pay any of the seller’s land tax.

Need a Conveyancing Lawyer in Frankston?

Professional Edge Lawyers provides conveyancing services for buyers and sellers across Frankston, the Mornington Peninsula, and Melbourne’s south-east. Whether you are purchasing your first home or a commercial property, we handle the legal process efficiently and keep you informed at every step. Contact us on 1800 776 529 to discuss your property transaction.

This article is general information only. It is not legal advice about your situation, so obtain advice on your own circumstances before acting.