A section 32 signed by the vendor must be provided to any interested party before they sign a contract to purchase the property. As an estate agent will commonly require an interest party present their offer on a contract of sale, it is essential that a vendor provide a signed section 32 to the estate agent as soon as possible.
In preparing the transfer of land you will be required to set the division of ownership of the property which can either be a joint tenancy or tenants in common, each of which have different legal and financial effects on the rights of the owners should one party pre-decease the other or sell their interest in the property.
Section 32 vendor statements were introduced in 1983 to enhance consumer protection by requiring the vendor in the sale of real estate in Victoria to give certain disclosures to a purchaser before entering into a contract for the sale of the property.
It is possible to do your own conveyancing, but it is not recommended unless you have the legal expertise and experience required to complete the process. Conveyancing involves complex legal procedures, and even a small mistake can cause significant financial and legal issues.
In 2017 the Tax Administrations Act 1953 (Cth) was amended to prevent foreign investors from selling property within Australia and moving proceeds offshore without paying Capital Gains Tax.
Vacant Residential Land Tax is a tax imposed by the Victorian state government on residential properties that are deemed to be vacant for a certain period of time. The tax is aimed at encouraging property owners to make their properties available for rental or sale in order to increase the supply of housing and reduce vacancy rates.
Transfers from a trust to a beneficiary under the trust, and transfers in accordance with a will or letters of administration are exempt from stamp duty.
Thanks to the automation and electronic delivery of many certificates required to be included in the section 32, it is possible in many cases to prepare a section 32 on the same day as requested. In most cases, the section 32 is prepared 1-3 days.
