Victoria uses the Torrens system, under which the land register records the registered proprietor and interests such as mortgages, easements and restrictive covenants. A purchaser should review the title and the contract documents before signing because the contract usually creates binding obligations before settlement.
For a typical private purchase, the vendor provides a section 32 statement before the purchaser signs. The purchaser reviews the contract, checks the title and planning information, investigates the property's condition and confirms that the purchase is financially viable. Any finance, building or pest condition must be drafted clearly and complied with by the deadline in the contract.
Between signing and settlement, the purchaser arranges finance, the parties prepare settlement adjustments for relevant outgoings, and the conveyancers or solicitors complete the electronic conveyancing workspace. Land transfer duty is assessed through the Victorian State Revenue Office process and must be dealt with before the transfer can be registered. At settlement, the balance of the price is paid, existing mortgages are discharged as required, and the transfer and any new mortgage are lodged electronically. Registration is the step that makes the purchaser the registered proprietor.
After settlement, the relevant notices and records are updated, and the purchaser should retain the contract, title and settlement documents.
CMK Legal's property and conveyancing team can help with this.
The most important decisions often occur before signing. Once the contract is binding, a purchaser may have limited rights to withdraw. Check disclosure, finance, inspections, ownership structure, tax and settlement timing before committing.
Law referenced: Transfer of Land Act 1958 (Vic); Sale of Land Act 1962 (Vic) ss 31 and 32; Duties Act 2000 (Vic).