Buying or selling a property is an exciting milestone, but behind the scenes, there’s a legal process that keeps everything running smoothly. This legal process is known as property conveyancing. Whether you’re a first-time buyer or a seasoned investor, understanding how conveyancing works can save you time, money, and unnecessary stress. From handling contracts to transferring ownership, it’s all about ensuring your property deal is legally sound and properly documented.
In this blog, we’ll break down the basics of property conveyancing, how the entire process works, why one should choose a licensed conveyancer and the related costs. Let’s read this blog to understand more about the world of conveyancing.
What Is Property Conveyancing?
Well, the term “property conveyancing” describes the legal process of transferring ownership of a real estate property from one person to another. This process holds utmost importance as it involves preparing, signing and lodging crucial legal documents such as leases and deeds. In other words, property conveyancing is identified as a cornerstone, ensuring the seamless transfer of property ownership.
The primary purpose of conveyancing is to ensure that the title of the property is transferred legally and that all associated obligations, taxes, and fees are paid. In Victoria, regulatory frameworks are exceptionally strong, which is why the conveyancers are hired. These experts play an essential role in upholding these standards.
How the Conveyancing Process Works in Victoria?
If this is your first time either buying or selling a property, then the entire process might appear to be quite overwhelming.
Thus, to support you at every stage of this hectic process, a legal conveyancer comes into play. Let’s take a look at how the entire process of conveyancing works in Victoria –
I. PRE-CONTRACT STAGE
This stage is crucial for ensuring a smooth transition of the property. Before proceeding with the process, you need to find a conveyancer, conduct property searches and ensure that your finances are in order.
Make sure to review the documents carefully and check whether there are any unexpected clauses or hidden fees mentioned in the files. This minute of information could catch you off guard.
1. Conducting a thorough property search and inspection
Start by thoroughly researching the property and its surroundings. Make sure that you explore the neighbourhood, local amenities, stores, school zones, public transport, and road access. Do not forget to start comparing the values of the property in the area.
The key pillar of your search should be researching recent “sold” property prices. You can easily achieve this information through the major property sale. Once you have found your interested property, it’s time to engage the property professionals.
These experts include – licensed conveyancer, mortgage broker/banker and building & pest inspector. These professionals will surely assist you in navigating forward.
2. Financial preparation
During the pre-contract stage, preparing the finances is considered one of the critical steps. Various costs need to be accounted for beyond the purchase price, which include –
- Stamp duty
- Conveyancing fees
- Inspection costs
- Mortgage registration fee
- Transfer fee
In case you require a mortgage for purchasing the property, try to arrange a pre-approval with the mortgage broker. This will give you a clear idea of your borrowing capacity and strengthen your position when making an offer.
II. CONTRACT STAGE
1. Vendor’s Statement
Commonly known as Section 32, this critical document is received by the buyer. This document contains essential details about –
- Title details and zoning information
- Outgoings such as rates and taxes
- Building permits issued in the past seven years
- Connected services
- Bushfire-prone area declaration
2. Contract of sale
The contract of sale is considered the binding document established between the buyer and seller. The information in this document includes –
- Names and addresses of both parties
- Detailed property description
- Purchase price and deposit amount
- Settlement date
- Any special conditions
3. Making an offer and paying a deposit
If the buyer is happy with the deal, then a formal written offer is either submitted directly to the seller or through a real estate agent. Once accepted, the buyer needs to pay the deposit amount.
In Victoria, the cooling-off period lasts for three business days. During this period, the buyer could withdraw the sale but might have to face financial penalties.
III. PRE-SETTLEMENT STAGE
1. Conducting searches and checks
The conveyancer should initiate a series of searches and checks to uncover any potential issues with the property. These searches cost anywhere between $200 and $500. Although it might seem like an additional expense, the information gathered here is invaluable for your peace of mind as well as financial protection.
2. Arranging insurance
Arranging building insurance is a must-step while signing the contract. This protects the investment in case of damage or destruction before settlement.
3. Finalising finance
Make sure that you confirm the mortgage approval with the lender. On the settlement day, the Property Conveyancers in Victoria would arrange the transfer of funds. Thus, make sure that you have estimated the additional costs involved in this process.
IV. SETTLEMENT STAGE
1. Preparing for the settlement
The conveyancer would coordinate with the other party’s representative to establish the settlement date and time. These experts would be assigned to prepare the detailed settlement statements, outlining all of the financial aspects of the transaction. These statements will include –
- Purchase price
- Deposit paid
- Outstanding balance
- Adjustment for council rates and water charges
The most important duty of a conveyancer on the settlement day is to organise the transfer of funds, ensuring all of the necessary amounts are available on the settlement day.
2. Transfer of ownership
On the settlement day, the formal transfer of ownership takes place. This process may take place at an agreed physical location or more commonly through the electronic platform. During this stage, the conveyancer should make sure that –
- All of the required documents are signed
- Oversee the transfer of funds
- Confirm the lodgement of transfer documents with the Land Title Office
Once the settlement gets confirmed, you will start to receive the keys to the new property. Soon, the conveyancer would notify you about the successful completion, announcing the buyer as the new owner.
V. POST-SETTLEMENT STAGE
1. Lodging documents
Once the settlement is completed, the conveyancer will lodge the transfer of land. This step officially records the change in ownership of the property. It is important to ensure that all of the necessary documents and fees are submitted accurately and promptly. Any delays in this process can hold up the official transfer of ownership.
Why Choose a Licensed Conveyancer in Victoria?
A licensed conveyancer is known for their expertise in dealing with property law. They do not get easily distracted by other areas of the legal world. The sole objective of a conveyancer is to get your property transaction completed smoothly.
- To carefully review the contract of sale to ensure the terms are clear and fair. This way, the buyer can understand it before signing.
- To examine the Section 32 Vendor Statement and confirm all mandatory disclosures are included within the document. A conveyancer can identify any red flags or risks associated with the property.
- Conduct a thorough title search and order relevant property certificates to uncover any hidden issues such as easements, caveats, or other restrictions.
- Prepare and lodge all necessary legal documents, including transfer of land forms and duty submissions with the State Revenue Office, Victoria.
- Liaise with banks, real estate agents, and local councils to ensure smooth coordination and avoid delays during the settlement process.
- Manage the entire settlement process securely through the PEXA platform, completing the financial transaction electronically and efficiently.
- Provide expert guidance on Section 27 deposit release requests to safeguard your funds until it’s legally safe to release them to the seller.
Costs of Property Conveyancing in Victoria:-
The cost of conveyancing varies depending on the specific condition and legal requirements of the property. Every transaction is different, and factors such as property type, location, and potential legal complexities can influence the overall fees.
Engaging a professional conveyancer ensures you receive a tailored assessment based on the property you’re buying or selling. With expert guidance, you’ll gain a clear understanding of the necessary steps and associated costs, helping you navigate the process smoothly from contract to settlement.
| STATE | TYPICAL RANGE | KEY GOVERNING BODY/REFERENCE |
| NSW | $1000 – $3000 [Metro] $800 – $2,200 [Regional] | NSW Fair Trading disclosure rules |
| VIC | $600 – $1,400 | Consumer Affairs Victoria licensing fees |
| QLD | $500 – $1,300 | QRO e-Conveyancing toolkit |
| SA/WA/TAS/ACT | $700 – $1,600 |
Why Choose Blue Gem Conveyancing?
- Specialised expertise: Blue Gem’s licensed conveyancers are experts in Victorian property law, meaning your contracts, Section 32 Vendor Statements, and title searches are thoroughly reviewed for accuracy and legal compliance.
- Smooth, stress-free transactions: From pre-contract to post-settlement, Blue Gem manages every stage of the process—handling all documents, liaising with banks and agents, and finalising settlements securely on the PEXA platform.
- Protection against costly mistakes: By identifying risks such as hidden easements, caveats, or unfair contract terms, Blue Gem safeguards your financial interests and ensures legal obligations are met.
- Transparent and competitive pricing: Conveyancing fees in Victoria typically range between $600 – $1,400, depending on the property type and complexity. Blue Gem ensures clear, upfront pricing with no hidden surprises.
- Personalised support: Whether you are a first-time buyer, property investor, or seller, Blue Gem provides tailored advice and step-by-step support to make the conveyancing process stress-free.
- Local knowledge: With a deep understanding of Victoria’s regulations and property market, Blue Gem offers the right advice for smooth settlements and compliance with Consumer Affairs Victoria standards.
Choosing Blue Gem Conveyancing means having affordable expertise and peace of mind that your property transaction is handled with precision, transparency, and care.
Conclusion
Property conveyancing is a vital part of any real estate transaction, ensuring the legal transfer of ownership is handled correctly and efficiently. With the right conveyancer by your side, you can navigate the process with confidence, avoid costly mistakes, and enjoy a smooth, stress-free property sale or purchase. At Blue Gem Conveyancing, we offer hassle-free legal solutions for buying and Selling Property in Victoria. We handle every legal detail to ensure that your real estate journey is smooth, transparent, and secure.