Introduction

29 Jan

This chapter provides information about buying and selling a property, including conveyancing, mortgages, government assistance schemes and the contract of sale.

It does not provide information detailed enough to enable you to do your own conveyancing. Furthermore, it is now difficult for a party to a real estate transaction to do their own conveyancing, as in Victoria, electronic conveyancing is now mandatory.

The key terms used in this chapter include:
- ‘vendor’: the party selling a property;
- ‘buyer’: the party purchasing a property;
- ‘discharging mortgagee’: the bank lending the money to the vendor, if any; and
- ‘incoming mortgagee’: the bank lending the money to the buyer, if any.
Generally, these parties participate in the settlement of a conveyance.