Purchase Property Contract Process in Melbourne: 6 Steps to Your Dream House
Buying a property is a huge milestone, and understanding the contract that goes along with it is crucial. The contract you’ll be signing is more than just a piece of paper - it's a legally binding document that outlines the terms of the sale between you and the seller. Here’s everything you need to know about the property contract and how we can help you through every step of the process.
What is the Contract of Sale and Section 32 Vendor Statement?
In simple terms, the Contract of Sale and Section 32 Vendor Statement is a formal agreement provided by the property seller (or vendor) to potential buyers. It includes all the legal details the seller is required to disclose before you sign. These can range from important property-related information, like ongoing maintenance costs or the existence of easements, to other crucial legalities.
How We Can Help You Navigate the Contract Process
Step 1: Review the Contract of Sale and Disclosure Documents
Our first step is to thoroughly review the contract and any associated disclosure documents. This isn’t just a formality—we’ll carefully analyse all the fine print and provide you with a detailed summary of our findings. This way, you’ll have all the facts at hand when you’re ready to make your move and bid on the property.
Step 2: Safely Negotiate Terms & Sign
Negotiating the price is just one part of the equation. There are many other important terms that need to be carefully considered, such as payment conditions, settlement dates, and whether fixtures or fittings are included in the sale. We’ll help you navigate these nuances by suggesting clauses to include or exclude, ensuring that you’re fully prepared to negotiate the finer details of the contract.
Step 3: Prepare Paperwork for Settlement
Once you’ve signed the contract, the paperwork doesn’t stop there. Our team will get to work coordinating the necessary documentation for the settlement process. This involves liaising with the vendor’s solicitor, banks, authorities (such as council and water departments), and Owners Corporation company (if needed). You’ll stay informed every step of the way, but we’ll take care of the paperwork so you can focus on the excitement of your new home.
Step 4: Ensure Your Rights Are Protected
Leading up to settlement day, we’ll ensure the seller fulfills their obligations as per the signed contract. If any issues arise—such as unpaid taxes, outstanding council and water rates, or there is graffiti—we’ll take action to rectify those issues on your behalf. Our experienced conveyancers will enforce your rights, making sure everything is in order before settlement takes place.
Step 5: Attend Settlement
The big day has arrived—settlement. This is when you officially become the legal owner of your new property. We’ll finalise the settlement with the vendor’s solicitor, the bank, and other parties involved to exchange documents and confirm that everything is in order. In most cases, settlement is handled electronically via PEXA (Property Exchange Australia). We will also be able to facilitate paper settlement (if required). Once everything is confirmed, the funds are released, and the real estate agent will hand over the keys to you. Our team will support you and handle the entire settlement process on your behalf, ensuring a smooth and seamless transition.
Step 6: Post-Settlement Matters
Congratulations! You’re now the official owner of your property! After settlement, we’ll provide you with a copy of the Title as well as summary letter detailing all the settlement specifics for your records. If any issues arise after the settlement, don’t worry—we’re here to answer your questions and ensure everything is taken care of.
With the right team supporting you, the process of reviewing and signing a property contract doesn’t have to be stressful. From negotiating terms to ensuring your rights are protected, we’ll guide you through every step, giving you the confidence to move forward in your property journey.
Here is a list of some reputable Melbourne real Estate agents that we are working with:
Ray White: https://www.raywhite.com/
MICM Real Estate: https://www.micm.com.au/