When purchasing property in Victoria, the Real Estate Agent will provide you with two documents:

• Contract of Sale
• Vendors Statement also known as a Section 32

You may receive these two documents as one whole combined document.

Its not uncommon to see the document placed on a table at an open inspection. With the move to go paperless, most agents are providing these documents via email.  Not only does this help the environment but it also allows the purchaser the convenience of taking the document from their email inbox and sending it to their conveyancer for review.

What is a Contract of Sale?

A Contract of Sale is a legally binding document which contains the terms and conditions agreed upon between the vendor and the purchaser when buying property or land. A purchaser should not sign a Contract of Sale unless they have first reviewed the SIGNED Vendor Statement and performed their due diligence. The contract will outline details such as:

• The property address and Title details,
• Vendor and Purchaser details as well as their representatives,
• Purchase price, deposit amount, and balance owing at settlement,
• Settlement date,
• Any General Conditions or Special Conditions.

A purchaser may request their conveyancer add additional special conditions and send to the vendor and the vendors representative for approval.

Contracts provided in the sale of property and land are complex documents.  Ensure you have M Conveyancing provide you with a contract review prior to signing a contract of sale.