Buying a House Privately in Victoria? What to Check Before You Sign
Buying a house privately in Victoria? Learn what to check in the Section 32, understand your cooling-off rights, and avoid costly contract surprises before signing.
Buying through a private sale? Buying property privately in Victoria can be a great opportunity, but without a real estate agent involved, it's especially important to understand what you're signing.
A private sale is perfectly legal, but the usual property laws and contract requirements still apply.
Here's what Victorian buyers should know before committing.
1. Check the Section 32 Vendor Statement
Before signing a contract of sale in Victoria, you should receive a Section 32 vendor statement.
This document contains important information about the property, including:
Title details, easements, and restrictions.
Planning and zoning information.
Council rates and other outgoings.
Owners corporation details, where applicable.
The seller must provide this statement before you sign, even when selling privately.
Don't assume everything is in order just because you're dealing directly with the owner.
2. Understand the Contract of Sale
Your contract outlines the terms of your purchase, including the price, deposit, settlement date, and any special conditions.
Pay particular attention to finance conditions, building and pest inspections, and what's included in the sale.
If you've agreed to something verbally with the seller, make sure it's properly documented in the contract.
3. Know Your Cooling-Off Rights
In Victoria, buyers generally have three business days to cool off after signing an eligible residential property contract.
However, exceptions apply, including purchases at auction or within certain periods before or after a publicly advertised auction.
If you exercise your cooling-off rights, you may still need to pay a fee.
Understanding these rules before signing can help you avoid unexpected consequences.
4. Be Careful With Deposits
When buying privately, there may be no real estate agent managing the deposit.
Make sure you understand how much is payable, when it's due, and where the money should be held.
Confirm payment instructions independently and speak with your conveyancer or lawyer if you're unsure.
5. Don't Skip Your Due Diligence
Without an agent coordinating the sale, you may need to take a more active role in arranging inspections and asking questions.
Consider building and pest inspections, title restrictions, outstanding repairs, and any conditions that could affect your plans for the property.
Buying privately doesn't mean skipping the checks that protect you.
How BuySecure Can Help You Buy Privately With Confidence
When you're dealing directly with a seller, understanding your property contract becomes even more important.
A BuySecure AI contract review examines your actual contract, highlights important conditions and potential risks, and explains key information in plain English.
For just $79, you can receive your review in around five minutes, with Bella, BuySecure's AI conveyancing assistant, available to answer follow-up questions.
Built and backed by Australian law firm, lawlab, BuySecure provides an affordable first-pass review before signing. For personalised legal advice and conveyancing, you can also engage lawlab.
Private Sale, Same Important Protections
Buying directly from an owner might simplify some parts of the process, but it doesn't remove the importance of understanding your contract.
Check the Section 32, understand your conditions, and know your rights before committing.
No agent? No problem. Just don't skip the contract review.
Visit www.buysecure.com.au to get started.