Selling a property

The vendor supplies the underlying material. That typically includes the certificate of title, rates and water notices, an owners corporation certificate where one applies, and details of any building permits from the last seven years. Missing or incorrect disclosure can give the buyer a right to withdraw.

Not automatically. In Victoria the deposit is held in trust, usually by the agent, until settlement. It can be released earlier under section 27 of the Sale of Land Act if the buyer consents and certain conditions are met, which is often used where a vendor needs the funds for their own purchase.

Usually at settlement rather than upfront. Professional fees and disbursements are commonly deducted from the sale proceeds as part of the settlement statement, so there is nothing to pay in advance. Some disbursements incurred early, such as certificates ordered for the Section 32, may be invoiced sooner.

Several things, and GST is the main one. A commercial sale may attract GST unless it qualifies as a going concern, which has specific conditions. Leases, outgoings and tenant obligations also have to be dealt with in the contract. Sellers should take advice from their accountant on the tax position early.

The contract sets out what follows. A vendor can usually charge penalty interest for the period of delay and, where it continues, issue a notice to complete requiring settlement within a set time. What happens after that depends on the contract terms rather than a general rule.