Vendor

 

In a conveyancing transaction a vendor is the party who is selling the land. The vendor is usually, but not always, also the registered proprietor on the title to the property

If the vendor is not the registered proprietor it will be necessary for the vendor to produce at settlement documentation to enable a transfer of the land from the registered proprietor to the purchaser

 

The vendor:

• Arranges for the sale of the property usually through an estate agent. The vendor signs an Authority to Sell, prepared by the estate agent, authorizing the agent to sell the property on specified terms and conditions.
• Arranges for the preparation of a Vendors statement which discloses details of the property to a prospective purchaser. The details required to be disclosed are set out in section 32 of the Sale of Land Act 1962.
• Arranges for the preparation of a contract for the sale of the property. This contract sets out details of the property and chattels (if any) being sold, the terms and conditions under which the vendor will sell the property and the consideration or purchase price the vendor is willing to accept.
• Accepts an offer to purchase the property.
• Arranges to answer any requisitions on the title of the property sold.
• Usually but not always requests an early release of the deposit paid. It should be noted that deposit release is not mandatory and is at the Purchasers discretion as long as there is a condition in the contract enuring for the Purchaser.
• Arranges for the discharge or removal of any encumbrance or restriction shown on the title which the purchaser has not contracted to accept.
• Signs the transfer of land submitted by the purchaser.
• Usually signs a statement (or statements) required by the State Revenue Office in relation to goods and chattels.
• Advises Mortgage lender that Mortgage is to be discharged and requests payout figures.
• Confirms the Statement of Adjustments prepared by the Purchaser
• Advises Purchaser of cheques required at settlement
• Participates in settlement arrangements.
• Arranges for title documentation to be available and handed over at settlement.
• Arranges for notices to be sent to statutory authorities advising them of the change in ownership.