Essential Forms and Documents for Selling Your Property in 416, 416A and 418 St. Kilda Road, City Condos, The Promenade, and the Princeton.

THE DOCUMENTS REQUIRED

When selling in City Condos, The Princeton or The Promenade these are the documents and selling process procedures to follow.

From signing the contract of sale and vendor’s statement to the beginning stages of gathering the necessary paperwork, including the certificate of title and due diligence checklist, to considering legal advice and engaging a conveyancer, we’ll cover all the important details you need to know.
So, let’s dive and make sure you have everything you need to sell your property with confidence.
Essential Forms and Documents for Selling Your Property in 416, 416A and 418 St. Kilda Road, City Condos, The Promenade, and the Princeton.

Contract of Sale

The contract of sale is a vital document in any property transaction. It’s essentially an agreement between the seller and the buyer that outlines the terms and conditions of the sale. Think of it as a roadmap that helps guide the process and ensures everything goes smoothly.
The importance of the sale contract cannot be overstated. It provides clarity and protection for both parties involved. For sellers, it helps establish the agreed-upon price, sets out any special conditions, and ensures that they provide accurate information about the property. This transparency builds trust and avoids any misunderstandings down the road.
Property buyers also benefit greatly from the contract of sale. It gives them a clear understanding of what they’re purchasing, including important details about the property. They can review the terms, conduct necessary inspections, and ensure they’re making an informed decision. The contract of sale safeguards their interests and provides peace of mind throughout the transaction.

Vendor’s Statement

A vendor’s statement, also known as a Section 32 statement, is a document provided by the seller to the potential buyer. Its purpose is to disclose important information about the property that the buyer should be aware of before making a decision.
The significance of the vendor’s statement lies in its role in promoting transparency and protecting the buyer’s interests. It ensures that buyers have access to essential information about the property, allowing them to make informed decisions and avoid any surprises or hidden issues.
The vendor’s statement includes details about the property’s title, any encumbrances or restrictions on the property, planning and zoning information, and information about services connected to the property (such as water, gas, and electricity).
Also, the vendor’s statement must disclose any known defects or issues that may affect the property’s value or desirability. This can include structural problems, previous renovations, or legal disputes.
It’s important to work with professionals, such as conveyancers or legal advisors, to ensure that the vendor’s statement is complete, accurate, and meets all legal obligations.

Transfer of Land

The Transfer of Land is a legal document that facilitates the transfer of ownership from the seller to the buyer during a property transaction. It is a written agreement that outlines the terms and conditions of the transfer, including the purchase price and any special conditions. The Transfer of Land is typically prepared by a conveyancer or solicitor and is lodged with the relevant land registry (in this case Land VIC) to update the ownership details on the Certificate of Title.

Certificate of Title

The Certificate of Title is an official document that serves as legal proof of ownership for a particular property. It contains essential information such as the property owner’s name, a description of the property, any registered interests or encumbrances, and a unique title reference number. The Certificate of Title plays a crucial role in property transactions as it verifies the current owner and establishes the property’s legal status.
To obtain a Certificate of Title, you need to submit a request to the relevant land registry or government authority responsible for property records (Land VIC). This request can often be made online or through specific application forms. The land registry will conduct the necessary searches and verification processes to provide you with an updated Certificate of Title.

Statement of Adjustments

The Statement of Adjustments is a document prepared during a property sale that outlines the financial adjustments between the buyer and the seller. It ensures that both parties are fairly compensated for expenses related to the property up until the settlement date.
The purpose of the Statement of Adjustments is to calculate and allocate costs such as property taxes, utility bills, and other relevant expenses between the buyer and the seller. It ensures that each party pays their share of these costs based on the agreed-upon terms in the contract of sale.
The Statement of Adjustments takes into account various factors such as the settlement date, rates and taxes applicable to the property, and any prepaid expenses.


Due Diligence Checklist

Now that we’ve gone over the essential forms you need when selling your unit in The Princeton, City Condos or The Promenade,  let’s go over a typical due diligence checklist which should help streamline the sale of your property.
  1. Property Documentation:
    • Obtain a current copy of the Certificate of Title.
    • Gather all relevant property-related documents, including previous contracts of sale, survey plans, and any other legal documents.
  2. Vendor’s Statement:
    • Prepare a comprehensive Vendor’s Statement (Section 32) disclosing all necessary information about the property, including title details, zoning, planning restrictions, and any encumbrances or easements.
  3. Property Condition:
    • Conduct a thorough assessment of the property’s condition, including the building structure, plumbing, electrical systems, and any potential defects.
    • Obtain a building inspection report to identify and address any issues before listing the property.
    • Get a Strata Report, to again identify  any potential issues, special levies or other matters. The Buyers will ask for this, so make sure you get it in advance.
  4. Financial Considerations:
    • Review your outstanding loans, mortgages, or encumbrances on the property.
      • Check with your about about any "early loan repayment" penalities.
    • Ensure all rates, taxes, Body Corporate fees and other applicable charges are up to date.
    • Obtaining a certified valuation (not an estate agents valuation) of the property to determine an appropriate selling price.
  5. Legal Compliance:
    • Verify compliance with local council regulations, zoning restrictions, and planning permits.
    • Check if any building permits or certificates of occupancy are required for the property.
  6. Consumer Affairs Victoria:
  7. Engage Professionals:
    • Seek legal advice from a qualified property lawyer or conveyancer to review contracts, provide guidance, and protect your interests throughout the selling process.
    • Engage a reputable real estate agent with local market knowledge to assist with property valuation, marketing, and negotiation.
  8. Disclosure and Representation:
    • Ensure all representations and information provided about the property are accurate and not misleading.
    • Disclose any known defects, disputes, or other material information that may affect the property’s value or desirability.
  9. Settlement Process:
    • Familiarise yourself with the settlement process and timeline, including key dates for contract exchange, deposit payments, and settlement day.
    • Be prepared to coordinate with your legal representative, real estate agent, and the buyer’s representative to ensure a smooth settlement.
Remember, this checklist serves as a general guide, and it’s essential to consult with professionals and consider specific circumstances related to your property sale at 416, 416A and 418 St Kilda Road. Each property transaction may have unique requirements and considerations, so seeking expert advice is highly recommended to navigate the selling process successfully.

© Copyright Citylife International