Who is Responsible for Preparing the Contract of Sale for a Property in Victoria?

In Victoria, the responsibility for preparing a contract of sale for a property typically falls on the vendor (seller) or their legal representative, such as a conveyancer. Here’s a breakdown of the process:

1. Vendor’s Responsibilities: The vendor is required to prepare the contract of sale and a vendor’s statement (Section 32 statement), which includes important details about the property.

2. Legal Assistance: Many vendors engage a conveyancer to draft the contract of sale and ensure all legal requirements are met, including compliance with the Sale of Land Act 1962.

3. Buyer’s Role: While the vendor prepares the contract, the buyer should seek their own legal advice and review the contract before signing. This is important for understanding the terms and conditions, as well as any potential issues related to the property.

4. Finalising the Contract: Once both parties agree on the terms, they will sign the contract, and it will be exchanged, typically through their legal representatives.

Engaging professionals can help ensure that the contract is comprehensive and protects the interests of both parties.

For more questions and concerns about conveyancing, you may contact your local conveyancer at Red Door Conveyancing on 03 8456 6797.