What role does a legal representative play in the sale and purchase of a property?

Once you have engaged an agent to market your property, it is advisable to engage a solicitor or conveyancer to prepare the necessary sales documentation as required by the applicable legislation in your state.

In Victoria a Section 32 statement is required to be supplied to a purchaser by the vendor before the purchaser signs a contract or contract note. It must contain specific things as outlined in the legislation. If you choose the auction method of sale, you will also need your solicitor or conveyancer to prepare a contract of sale.

A purchaser can not sign a binding contract until they sign off that they have seen and have a copy of a Section 32 statement. At Wesellrealestate.com.au we strongly suggest you instruct a solicitor or conveyancer to prepare this for you as soon as you engage your agency of choice. If this documentation is not prepared before a prospective purchaser is found, then the purchaser is not able to pruchase your property. If you decide to engage Wesellrealestate.com.au to act on your behalf as your estate agents, we can advise your solicitor to prepare a Section 32 statement for the sale of your property.

When a purchaser signals interest in your property they are required to sign the Section 32 first, then either a contract note or contract. A contract note can be prepared by your estate agent.

In NSW legislation requires that before a residential property can be released to the market a contract of sale in the prescribed form must be held by the marketing agent. This is extremely beneficial to all parties in that a purchaser can secure a property as soon as they make the buying decision.

If you decide to engage Wesellrealestate.com.au to act on your behalf as your estate agents, we can advise your legal representative to prepare a contract for the sale of your property.

Once the above paperwork has been signed, and a deposit paid, the documents are then forwarded to the vendors and purchasers legal representatives who conduct searches and prepare documentation. They also liaise with real estate agents and financial institutions to arrange for settlement. Once this has been completed the solicitor or conveyancer then arranges for execution of the documents, makes adjustments for local authorities and notifies various government departments of the sale. Finally settlement is arranged, including a pre settlement inspection.

On the day of settlement or earlier by agreement the solicitor or conveyancer will instruct the estate agents to release the keys to the purchaser, and the deposit less the agent's fees to the vendor.

PrintEmail Page