Legal – Selling Privately in Victoria
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YES, every home owner has the legal right to sell their property privately regardless of which State they live in but there may be some particular points that apply specifically to a certain State.
Following are the key points you need to know when selling a property in Victoria:
* You will need to prepare a vendor’s statement (also known as a Section 32) and contract of sale, by either:
sing a ‘do-it-yourself’ conveyancing kit from the Information Victoria Bookshop. This includes a contract of sale and vendor’s statement.
Engaging a conveyancer or legal practitioner to prepare the documentation for you (recommended).
* As of 1 May 2017 the following new rules apply regarding the selling of a property:
New language guidelines with terms such as the following are not to be used:
“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 recent comparable property sales within your area as compared to the property which you will now be selling.
You must prepare a Statement of Information (SOI) in the approved form and make it available at open for inspections, upon request from prospective buyers, and with any internet advertising.