Conveyancing happens behind the scenes — most clients never see the bulk of the work. This is a quick reference for the questions buyers and sellers most commonly ask before, during and after their transaction.
Buyer questions
What is a Section 32?
The Section 32 Vendor's Statement is the disclosure document the seller must give a buyer before the contract is signed, under the Sale of Land Act 1962 (Vic). It contains zoning, planning, restrictions, owners corporation information, outgoings, easements, and other matters affecting the property. Missing or inaccurate disclosure can give the buyer a right to terminate.
Do I have a cooling-off period?
If you bought by private treaty, you generally have 3 business days from signing to terminate the contract (with limited exceptions for auction purchases, buyers who received independent legal advice before signing, and some commercial purchases). The cooling-off period does not apply to auction purchases.
When do I pay the deposit?
Typically at the time of signing the contract, into the agent's or vendor's solicitor's trust account. The standard deposit in Victoria is 10% but lower deposits can be negotiated. The deposit is released to the vendor on settlement.
When does stamp duty get paid?
Stamp duty is paid at settlement, through PEXA. Your conveyancer calculates the duty payable after any government grants or stamp duty concessions (first-home-buyer, off-the-plan, principal place of residence), invoices you for it, and remits it to the State Revenue Office at settlement.
Seller questions
When do I need a Section 32 prepared?
Before you list the property — strictly speaking, before any contract is signed. Sellers who try to prepare a Section 32 in a rush often end up with disclosure gaps that can later be used by the buyer to terminate.
Can I sell while my mortgage is still in place?
Yes. The mortgage is discharged at settlement using the sale proceeds. Your conveyancer coordinates with your lender to arrange the discharge.
What happens if the buyer wants to terminate during cooling off?
The buyer can terminate within the cooling-off period by giving notice, forfeiting a small percentage of the purchase price (or $100, whichever is greater). The contract ends and the property goes back on the market.
Settlement questions
What happens on settlement day?
Settlement happens electronically through PEXA. The parties' representatives all log into a shared workspace; funds and title documents are exchanged simultaneously. There is no need for either party to attend in person. Once settlement completes, the title transfers and the funds are credited within the same electronic transaction.
What is a pre-settlement inspection?
The buyer is entitled to inspect the property in the week before settlement to confirm it is in substantially the same condition as at the date of sale (allowing for fair wear and tear) and that any included chattels are present.
What if there's a problem at settlement?
Most settlement problems are bank delays — the incoming lender's funds not arriving by the scheduled time. PEXA settlements can be rebooked for later the same day or the next business day. Penalty interest may apply to whichever party caused the delay — and where the sale is happening alongside a family law property settlement, the conveyancing timeline needs to be coordinated with the consent-orders timeline.
Written and reviewed by Elisa Rothschild BA/LLB — Principal Lawyer, Fogarty Oliver Rothschild. Admitted to legal practice in Victoria. Practising family and property law in Melbourne since 2012. Last reviewed 22 May 2026.
This article is general legal information about Australian family law. It is not legal advice for your specific situation. For advice on your matter, book a free initial consultation.