This hub maps the documents, instructions and professional responsibilities around a Victorian property sale. Before launch, understand the sales authority, have the contract and Section 32 statement prepared, agree how price advertising and seller instructions will be handled, identify material facts and send legal, tax, finance, planning or building questions to the appropriate adviser. The separate selling-costs guide carries the detailed budget categories.
Use the detailed selling-costs guide for the budget
A complete budget may include commission, marketing, an auctioneer, legal or conveyancing work, preparation, owners corporation material, mortgage discharge, moving and holding costs. The dedicated costs guide explains those categories and the questions to ask. For this rules hub, the important point is that each amount, payment time and responsibility must be found in the relevant authority, supplier quote, legal engagement or finance arrangement rather than assumed from a headline percentage.
Ask for written figures that identify GST, third-party expenses and what remains payable if the property does not sell. Then have the financial, tax and lending assumptions checked by the relevant advisers. This keeps the document review separate from an estimate of net proceeds and avoids treating an appraisal as money already available.
Read the sales authority as a binding appointment
The sales authority appoints the agent and records the agreed relationship. Consumer Affairs Victoria states that there is no cooling-off period after a seller signs it. The authority includes matters such as the method of sale, authority period, estimated selling price, commission, marketing expenses and when commission is payable. It should also address required rebate, complaints and any commission-sharing statements.
Commission and marketing expenses are negotiable. Ask for examples of the commission in dollars at several possible sale prices, particularly where a percentage or incentive changes above a threshold. Confirm whether the authority is exclusive or general, how long it operates, what happens when it expires and how any negotiated change will be recorded. Verbal promises should be written into the authority or an attached instruction before signing.
Engage the conveyancer or legal practitioner early
A seller will usually engage a conveyancer or legal practitioner to prepare the Section 32 statement and contract of sale and to handle the conveyancing through settlement. Obtain a written quote and ask about disbursements. Provide complete ownership, title, mortgage, rates, permit, lease and owners corporation information, then respond promptly if further documents are requested.
The Section 32 statement must be given to a buyer before the buyer signs the contract. It includes required information about the property and must be accurate and complete. Consumer Affairs Victoria notes that an owners corporation certificate and accompanying documents must be included for a property in an owners corporation. Legal preparation should begin before marketing so serious buyers can review the documents without an avoidable delay.
Know when an offer becomes a property sale
A buyer may discuss price and terms verbally, but a private-sale property is sold when buyer and seller have signed the contract. The contract records the property, parties, price, deposit, balance at settlement and any special conditions. The seller decides whether to accept, reject or counter an offer, and the legal adviser should explain the effect of finance, building, settlement or other proposed conditions.
Auction contracts are generally unconditional and the buyer has no cooling-off period when the property is purchased at auction. Private-sale buyers may have a statutory cooling-off right, with important exceptions. Because the exact contract and circumstances determine the result, ask the conveyancer or legal practitioner about cooling-off, conditions, deposits and any amendment before accepting terms.
Keep price instructions and advertising aligned
The agent's estimated selling price is recorded in the sales authority and must be a reasonable estimate based on comparable properties. It is not a valuation or a guarantee. The seller's asking price or auction reserve is a separate instruction. If the seller gives the agent an asking or reserve price, the property cannot be advertised below it. Advertising and buyer conversations must not misrepresent the price.
Approve the advertised price or range in writing and ask how it relates to the estimate, current competition and proposed method of sale. If the seller's instructions or the agent's reasonable estimate change, the campaign material and required records may also need to be updated. A price discussion should be based on evidence and documented decisions, not a tactic that depends on buyers misunderstanding the likely selling range.
Treat disclosure and representations as legal obligations
Victorian sellers and agents must not knowingly conceal material facts. They also must not mislead buyers in photographs, floorplans, descriptions or verbal statements. Tell the agent and legal adviser about known defects, unapproved work, disputes, notices or other matters that may be relevant. The legal adviser determines what belongs in the Section 32, contract or another form of disclosure.
Check claims about land size, boundaries, room use, parking, planning controls, heritage, development potential, school zones, views and inclusions before they are published. A planning property report is useful context, but it is not a substitute for legal, planning, surveying or building advice. Only a licensed surveyor can determine the actual location of a property boundary.
Identify property circumstances and specialist advice early
An apartment, unit or townhouse may involve owners corporation certificates and records. A tenanted property raises rental agreement, access and notice questions. A deceased estate, company, trust, separation or power of attorney may require additional authority and legal work. An owner-built home can have specific requirements. Identify the ownership and property circumstances before the agent is asked to act.
Tax and finance outcomes are personal. Capital gains tax, land tax, mortgage arrangements, bridging finance and the use of sale proceeds sit outside the agent's advice. Ask the relevant accountant, financial adviser, lender or legal practitioner what applies and when. This avoids a campaign decision being made from an assumed net result that has not been checked.
Plan settlement and handover responsibilities before signing
Settlement timing can affect the seller's finance, insurance, move and next purchase. Discuss feasible terms before an offer arrives so the agent can compare the whole proposal, not only the price. The conveyancer or legal practitioner will explain adjustments, transfer arrangements and the seller's obligations under the contract.
Keep the property insured and maintained, arrange the release of any mortgage with the lender and agree how keys, remotes and documents will be handed over once settlement is confirmed. Revisit the sale budget when the contract price and settlement date are known. The purpose is a realistic view of net proceeds and obligations, not a false promise that every cost can be predicted at appraisal stage.
Questions sellers ask
What should I check before signing a sales authority?
Check the authority period, method of sale, estimated selling price, commission, marketing expenses, payment terms and every negotiated change. It is a binding appointment with no cooling-off period after signing.
Can I cancel a sales authority during a cooling-off period?
Consumer Affairs Victoria states that there is no cooling-off period after signing a sales authority. Read the authority, negotiate any changes and obtain advice before signing it.
Who prepares the Section 32 statement?
A seller will usually engage a conveyancer or legal practitioner to prepare the Section 32 statement and contract. The Section 32 must be provided to the buyer before the buyer signs the contract.
Which questions should go to a specialist rather than the agent?
Contract, Section 32 and legal-authority questions belong with a conveyancer or legal practitioner. Tax, finance, building, surveying and planning questions should go to the appropriately qualified adviser for the property.
Talk to Jason about your property
Jason can explain the campaign costs and agency process, then coordinate with your conveyancer or legal practitioner on the documents.
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