Legal information for selling privately in Victoria
For Your Information
Selling property without an agent involves:
☑ Deciding the sale price or range. Consider engaging a qualified valuer to assess the property
☑ Advertising the property
☑ Negotiating the price
☑ Obtaining a deposit
☑ Providing the contract of sale with the vendor’s statement attached and arranging for it to be signed
☑ Handling settlement.
You will need to prepare a vendor’s statement (also known as a section 32) and contract of sale, by either:
☑ Using a ‘do-it-yourself’ conveyancing kit from the Information Victoria Bookshop. This includes the contract of sale and vendor’s statement
☑ Engaging a conveyancer or legal practitioner to prepare the documentation for you.
Also, as with all other States, every home owner has the right to sell their property privately and the most important issue to cover for any private home seller is seeking legal advice from a solicitor or conveyance prior to listing your home or property for sale. The knowing of your legal and contractual requirements from the beginning is highly advisable for any for sale by owner.
IMPORTANT NEW INFORMATION – As of 1 May 2017 the following new rules apply regarding the selling of a property:
☑ New language guidelines: terms such as “offers over”, “offers above”, or any symbol must not be used in your advertised listings (e.g. $500,000+) and the price must be either a single price or a price range of up to 10 per cent
☑ Your estimated selling price must be reasonable and take into account the three most comparable property sales to the property for sale
☑ You must prepare a Statement of Information in the approved form and make it available at open for inspections, upon request from prospective buyers, and with any internet advertising
Related Information to These New Changes
For more information of how you need to price your property, view Understanding Underquoting
For more about the vendor’s statement, view our Conveyancing and contracts for sellers page