Property transactions involve tight deadlines and technical documents. Small oversights can delay settlement, increase costs, or affect your legal position. Here are ten common conveyancing mistakes buyers and sellers make—and how to avoid them.
1. Signing without legal review
Contracts are binding once signed (subject to cooling-off or conditions). Reviewing the contract and Section 32 before you sign is critical, especially at auction where cooling-off may not apply.
2. Missing finance or inspection deadlines
Finance and building inspection clauses have strict dates. Diarise deadlines as soon as the contract is signed and act early if you need to extend or withdraw under the clause.
3. Assuming verbal promises are binding
Only what is written in the contract (and disclosed documents) generally counts. Ensure agreed inclusions, fixtures, or extensions are documented as special conditions.
4. Underestimating total costs
Stamp duty, adjustments, searches, and legal fees add up. Request a full estimate from your conveyancer at the start.
5. Not reading the Section 32
The vendor statement reveals encumbrances, services, planning, and owners corporation details. Skipping professional review can mean buying unknown problems.
6. Delaying instructions to your conveyancer
Late finance details, incorrect names, or slow responses push back settlement. Provide documents and replies promptly when requested.
7. Forgetting insurance
Risk often passes to the buyer from the contract date (check your contract). Arrange building insurance early so you are covered before settlement.
8. Selling without disclosing changes
Vendors must disclose material changes to the Section 32. Failing to update disclosures can give the purchaser rights to rescind or claim damages.
9. Ignoring owners corporation obligations
Apartments and townhouses involve fees, rules, and potential special levies. Review owners corporation certificates and minutes before you buy.
10. Choosing price over experience
The cheapest quote is not always the best value. Experienced conveyancers identify issues early and manage settlement professionally—saving money and stress long term.
Stay on track
Engage a conveyancer as soon as you are serious about a property. Prosper Conveyancing provides clear advice for buyers and sellers across Victoria—contact us before you sign.
