Frequently Asked Questions - Hoskins Real Estate

Here you can find answers to our most common questions

Buyer FAQs

Do I need to appoint a Solicitor/Conveyancer whether I am selling or buying?

Victorian Legislation requires that a buyer must be provided with a ‘Vendor Statement’ or ‘Section 32’ prior to signing a contract to purchase a property. Failure to provide a Vendor Statement (Section 32) prior to signing a Contract can render the contract void. It is therefore important that the ‘Vendor Statement’ be completed correctly and in a timely manner. A Solicitor or Conveyancer is the best person to undertake this task on behalf of the seller.

As a buyer, you may choose to engage a Solicitor or Conveyancer to review a Vendor Statement however you are not legally obliged to do so.

After the sale is confirmed, your agent will send copies of the documentation to your appointed Solicitor/Conveyancer.

What is a Section 32?

A ‘Vendor Statement’ is often referred to as a ‘Section 32’ as it is drawn up in accordance with Section 32 of the Sale of Land Act 1962. It outlines important information about the property including a copy of the Certificate of Title detailing the dimensions of the land being sold, Town Planning information including the relevant zoning governing its use, Council & Water rates and the services available, amongst other information.

A copy of the ‘Section 32’ (Vendor Statement) must be signed by the vendor and given to the purchaser before a contract is signed.

Should I sell my current home before buying a new one?

This choice is yours. Many vendors prefer to ‘know where they are going’ before they put their current home on the market. This avoids the dilemma of selling and then not being able to find a suitable replacement.

Others prefer to have sold first and know how much they have to spend on their next property purchase.

There is no right or wrong answer. Sometimes your ‘dream home’ comes up for sale and you just have to ‘go for it’

What does a ‘sellers’ market’ mean?

A ‘sellers’ market’ is often a reference to a strong or buoyant real estate market. It is characterised by a strong demand and often a lack of supply of available properties. It is definitely a good time to sell as there will usually be plenty of buyer interest, leading to more offers for your property, resulting in a potentially higher price.

What does a ‘buyers’ market’ mean?

This type of market is often characterised by a large volume of available properties and/or a lack of interested buyers. When this happens, prices tend to remain stable or possibly decline depending on the severity of the oversupply.

What do I need to bring to auction if I intend to bid?

Bidding at auction in Victoria is easy. You do not need to pre-register as in some other Australian states and there are no paddles or silly rams looking over your shoulder! If you are the successful bidder, you’ll need to sign the contract and be able to pay the deposit (usually 10% of the purchase price) either by cheque or electronic direct deposit.

How long can the vendor take to respond to my offer?

If you are serious about buying a particular property it will carry more ‘weight’ with the vendor if the offer is ‘in writing’ on a contract. Once on a contract, the offer is conveyed to the vendor for their consideration. It will be up to the vendor as to how quickly they respond, but as the purchaser you may withdraw your offer at any time, so it is in the best interests of the vendor to respond promptly.

What does under contract mean?

This is a term used to describe the period in which a property is sold to a particular buyer, but the contract may not yet be unconditional. By this, we mean, the contract to purchase may rely on the buyer obtaining approval for finance. Under Contract may apply for a couple of days or a couple of weeks, but normally during that time another contract cannot be entered for the purchase of that particular property.

How does Stamp Duty affect me?

Land Transfer Duty, commonly known as ‘Stamp Duty’ is payable by the purchaser (not the seller). It is payable to the State Revenue Office on final settlement of the property. There are some exemptions available for eligible First Home Buyers up to a certain value and an additional duty payable by foreign purchasers.

Please refer to www.sro.vic.gov.au for the most up to date and accurate information about taxes, rates and grants.

Why should I consider getting pre-approval?

Going to your bank, finance broker or other lending institution prior to making a property purchase decision is always a smart move. Getting pre-approval for a loan enables you to bid or offer with an additional level of confidence that you will be able to complete the transaction, you will also know how much you’ve got to spend. When a buyer has pre-approval for their required finance, a seller may also be more confident in accepting your offer.

Should I order a building inspection?

When purchasing an ‘established’ home it is important to thoroughly satisfy yourself as to its structural integrity. This can be done by careful inspection and many potential purchasers undertake this themselves. Major cracking and signs of instability in the building are sometimes easily identifiable through visual inspection.

For additional confirmation and advice, some potential buyers will engage the services of a Qualified Building Inspector. For a fee of a few hundred dollars, a private building inspection company will conduct a thorough inspection of the home and identify any structural defects. The purchaser is then in a more informed position as to the condition of the property.

Can my offer be ‘subject to finance’?

Provided you are not purchasing at auction, you are normally at liberty to make your purchase offer ‘subject to finance’. By placing a condition on your offer, any subsequent contract will only proceed to settlement if you are able to obtain approval for the required finance. You as an intended buyer are therefore ‘protected’ and any deposit money will be returned to you, if the finance approval is not forthcoming. Bear in mind that your offer may not appear as strong or as attractive to the seller if it is subject to a condition.

What does a cooling off period mean?

Section 31 of the Sale of Land Act (1962) provides for a ‘cooling off’ period for the buyer of property in Victoria. In essence, a buyer may end a property purchase contract within 3 clear business days of signing the contract unless certain exceptions apply.

You bought the property at or within 3 clear business days before or after a publicly advertised auction; or
The property is used primarily for industrial or commercial purposes; or
The property is more than 20 hectares in size and is used primarily for farming; or
You and the vendor have previously signed the contract for the sale of the same land in substantially the same terms; or
You are an estate agent or a corporate body.

You must either give the vendor or the vendor’s agent written notice that you are ending the contract or leave notice at the address of the vendor or the vendors agent to end this contract within this time in accordance with this cooling-off provision.

You are entitled to a refund of all the money you paid EXCEPT for $100 or 0.2% of the purchase price (whichever is more) if you end the contract in this way.

Do I need a final inspection?

The purchaser has a right to conduct a final inspection within 7 days prior to the intended settlement. ‘Settlement’ is the day on which the balance of the purchase money for the property is given to the seller in exchange for the Certificate of Title or Deed. Any keys and the right to occupy (unless tenanted) is then given to the purchaser.

If the purchaser would like to inspect the property prior to settlement, they should contact the selling agent and they will arrange a suitable time

Seller FAQs

How do I choose a real estate agent?

One of the best ways to choose a real estate agent is through recommendation. A past client of the real estate agent is a good source of feedback as to how they performed.

Secondly, doing a bit of research as to the agent’s success in a geographic area or of a particular type of property. As they say, “Success Leaves Clues” and having successfully sold similar properties to yours is a good sign that the agent has the necessary experience.

Once I have chosen a real estate agent to sell my property is there anything else I need to prepare?

Your agent will definitely be able to guide you through the selling process. At Hoskins, we can give our clients helpful advice on getting your property ready for sale.

We provide you with the services of a Home Stylist (at our cost) to assist in presenting your home to its maximum advantage. We can recommend and co-ordinate Tradespeople to attend to any last-minute repairs and we also provide you with a ‘Calendar of Events’ so you can easily keep track of progress.

For further advice and a list of presentation tips, talk to an experienced and friendly Hoskins Sales Consultant today.

Do I need to appoint a Solicitor/Conveyancer whether I am selling or buying?

As a buyer, you may choose to engage a Solicitor or Conveyancer to review a Vendor Statement however you are not legally obliged to do so.

After the sale is confirmed, your agent will send copies of the documentation to your appointed Solicitor/Conveyancer.

What is a Section 32?

A copy of the ‘Section 32’ (Vendor Statement) must be signed by the vendor and given to the purchaser before a contract is signed.

Should I sell my current home before buying a new one?

Others prefer to have sold first and know how much they have to spend on their next property purchase.

There is no right or wrong answer. Sometimes your ‘dream home’ comes up for sale and you just have to ‘go for it’

How do I prepare my house for sale?

Making the right impression is vital. It is worth considering and addressing the following points before opening your home for public inspection.

Indoors

Embrace the light. Let as much natural light in as you can. If a room is dark, turn the lights on for the inspection.
Play some pleasant background music. Classical music creates a perception of value.
Wash the dishes, sweep floors, and make the beds. You want your home to be an inviting environment.
Empty the garbage bin.
Place simple floral arrangements in the kitchen, bathrooms and bedrooms.
Brew coffee or burn essential oils.
Air the house to remove any stubborn odours (pets, smoking, cooking).
In cooler months, warm your house. An open fireplace is always a big plus.
Put away clothes and clutter in bedrooms.
Spring clean the house and remove any dust and cobwebs.
Remove as much clutter from the house as you can. It may be worth using a friend’s garage or hiring a storage space short term.

Outdoors

Consider the first impression. Make a positive statement using potted plants or furniture.
Tidy up the garden and mow the lawn. Mulch garden beds and pull out any weeds.
Plant some colourful flowering plants in garden beds leading to the front door.
Repair or fix those little things you’ve been meaning to get to like dripping taps or peeling paint.
Clean windows inside and out.
Trim back trees that might block the light in your rooms.
Put good door-mats at all entrances to help keep your floor and carpets clean.
Move your car well away from the house to give the impression of ample parking.

How long will it take to sell my home?

This is not an easy question to answer. It will depend on many factors. The most important is the ‘saleability’ of the home i.e. how attractive it is to intended buyers. There are several ways to ensure your home has a greater chance of selling in a reasonable period of time.

Firstly, PRESENTATION. It is important to present the home in the best possible way and in the best condition. A helpful agent can give you excellent advice on this area and will often assist with providing contact details of trades and services that can do the work for you.

Secondly, MARKETING. ‘You can’t see a secret’ so be prepared to ‘get the word out’ to as many potential buyers as possible. Again, an experienced agent with a good database of potential buyers will be worth their weight in gold. They will also be able to provide you with an itemised plan to market your home online and through other cost-effective channels, if necessary.

Thirdly, PRICE. An overpriced property has very little chance of selling regardless of the marketing or presentation. It is important to consult with someone who really knows the market you are selling in and has up to date information on recent sales of comparable properties. Set a fair price that will appeal to buyers and you are unlikely to be languishing on the market for months.

How long does the listing agreement last?

A listing agreement is normally in the form of an Exclusive Sale Authority. There is no predetermined time period for a Sale Authority (Listing Agreement). It is negotiated between the vendor and the agent. Normally the period will be for 90 days, which will enable the agent to exhaust all avenues to effect the best result for the seller.

How do agents determine how much my house is worth?

The best way to assess the value of any property is to study the most recent sales of similar properties in the area. A thorough agent should be able to provide you with a list of these, including description and photographs. That way you too can be involved in the determination of the likely selling price.

Fortunately, John Hoskins, our Director, is a fully qualified Sworn Valuer, a rare additional benefit in a real estate agency. He has been able to import much of his knowledge and methodology to his experienced sales staff resulting in a more accurate assessment of the potential market worth of your home.

What does a ‘sellers’ market’ mean?

What does a ‘buyers’ market’ mean?

Now that we have sold, what next?

Ten weeks out

It is still a long way off, but if you decide to use a removalist you will need to book them soon. It may be worth hiring a truck and moving everything yourself.
Set the date for your move. It probably needs to coincide with settlement and the availability of your next property.
Consider making the move during off-peak times. Removalist and truck rental companies are busiest on Mondays & Fridays and the beginning and end of each month.
Get prices from at least three companies before booking a removalist or hiring a van. Talk to friends who have moved recently for recommendations.
Draw a floor plan and make paper cut-outs of your furniture to see what fits. You may need to hold a garage sale or give some away.
Use up any frozen, tinned and packaged food. It is just more to carry.
Spring clean your life. Don’t move items you don’t want to keep. Garage sales are a great way to recycle items out of your life.
Make a list of those people you need to give your new address to. Mark them on a list as you receive mail.

Eight weeks out

Finalise all details with your removalist, including costs and insurance cover.
If you are moving yourself, start collecting boxes from supermarkets or friends. You can buy or hire moving boxes from moving companies.
Start notifying friends and businesses of your new address. It can often take weeks to update their systems.
Visit the Post Office (in person or online) to arrange for your mail to be redirected for at least two months after you move.
Three to Six weeks out
Consider how many boxes will you need. You can pack many less precious items this far out and reduce the stress on the day.
Consider how your pets can be moved safely. Cats are notorious for hiding on moving day with all the excitement. You could leave your pet with a friend for a couple of days or ask your vet to recommend a pet moving company.
Arrange for final meter readings of the gas, water and electricity on the day after your move. At the same time you should arrange for services to be connected in your new home before you move in.
Collect all the packing materials you’ll need. This includes:
- Packing tape
- Bubble wrap
- Styrofoam beads
- Old newspapers
- Scissors
- Utility knife
- Packing string
- Rope
- Labels
- Marker pens
- Cardboard boxes, lots of boxes

SOUND ADVICE Items you pack yourself are unlikely to be insured for breakage. Therefore, it is a good idea to leave the packing of fragile items, such as glass and china, to the professionals.

Two weeks out

Cancel all deliveries, e.g. newspaper, milk.
Speak to your insurance company and ensure your possessions are fully insured during the move. If not, arrange for extra insurance cover for the move.
Call the council where you are moving to an ask about garbage and recycle pick-up, local regulations and other information.
It is a good idea to store your jewellery, valuables and certain legal documents with your bank.

One week out

Tidy the garden and outside area for the new owners.
Arrange for a locksmith to install new locks on your new property the day after you move.
Prepare a moving book. Number every box, recording room by room what each box contains. That way you’ll know where everything is when you need them. It is a good idea to colour code each room of the house.
Clearly mark fragile boxes.
Take clothing and toiletries with you rather than with the mover.
Put together a box of items which could be useful for the day of the move: tea, coffee, sugar, a kettle and enough cups for you and the movers.

SOUND ADVICE Drain the fuel from heaters, lamps, lawn mowers or outboard motors etc. before you move. Fuel is heavy and dangerous.

The big day

Remove all remaining food from your refrigerator and freezer and put in an esky in your car.
Double check to make sure you’ve taken everything.
Turn off all services, including the mains switch and taps.
Lock doors and windows.
Drop off your old house keys with the real estate agent for the new owner.
Check to see if all the services are on and appliances are working in your new home.
Put a bottle of champagne on ice for the end of the day!

Change of Address

While a general email is a fast way to tell your friends your new address, some things actually require a bit of effort. Work through the list so you don’t leave anyone off. (Remember, Government Departments don’t talk to each other!)

Lease FAQs

Owner Information

With more than 50 years experience in property management our team at Hoskins have developed a reputation for excellence and premium service, offering a professional and caring approach to owners and renters alike.

We look to manage your property as if it were our own, negotiating delicate circumstances with tact and diplomacy. It takes great care and experience to lease and manage our clients properties effectively, whilst also maximising the return at all times. Our friendly management style fosters trust and positive feedback, encouraging staff stability and strong long term relationships.

Our team at Hoskins take enormous care with renter selection. This includes personally showing all renters through each property, conducting thorough reference and database checks and taking the time to get to know all our prospective renters. We do not only rely on the written word but observe and ask the right questions to gain a better understanding of suitability.

Choosing the right property management team is vital for achieving the full potential of your investment. Whether you are a first time investor or considering leasing your family home, making the right choice of who will take care of your investment can make all the difference.

Renter Information

Whether you are looking at renting for the very first time, wanting to relocate to a new area, need a home while sorting out your next move, building your dream home and needing somewhere to rest your hat or moving to Australia from abroad, then Hoskins can help you find your perfect home.

With more than 50 years experience in managing properties, we value our renters and owners equally and take pride in offering clean, well maintained homes. We ensure valid maintenance requests; phone calls and emails are dealt with promptly and professionally. At Hoskins our aim is to help all renters and believe it’s this attention to detail that fosters so many long term relationships.

Our team knows the area intimately and will offer you valuable advice and friendly support to make the process of moving and settling in easier.

Disclaimer: The advice contained herein is of a general nature and should not be relied upon as legal advice. Attempts have been made to ensure its accuracy however it is recommended that you obtain your own legal advice and make your own enquiries.