Buying Or Selling Property In Victoria? What You Need To Know In 2026

Buying or selling property is one of the largest financial transactions most people will ever make. Whether you’re purchasing your first home, upgrading, investing or selling an existing property, understanding your legal obligations can help you avoid costly delays, unexpected risks and unnecessary stress. 

While the Contract of Sale and Section 32 Vendor Statement remain at the centre of every Victorian property transaction, 2026 has also seen a number of proposed reforms designed to improve transparency and strengthen consumer protections for buyers. 

Here’s what you need to know before you sign. 

For our friends in NSW, read our blog here.

The Contract of Sale and Section 32: Why They Matter 

Every property transaction in Victoria involves two key legal documents: the Contract of Sale and the Section 32 Vendor Statement. 

These documents are often available at open for inspections or can be requested from the real estate agent before making an offer. Reviewing them early can help you better understand the property, identify any potential issues, and make a more informed decision. 

The Contract of Sale sets out the legal terms of the transaction, including: 

• Purchase price.
• Deposit requirements.
• Settlement date.
• Special Conditions.
• Fixtures, fittings and inclusions.

The Section 32 Vendor Statement provides important information about the property itself, helping buyers understand exactly what they are purchasing. It may include information about: 

• The property’s title.
• Easements and restrictive covenants.
• Planning and zoning information.
• Rates and taxes.
• Owners corporation details.
• Services connected to the property.
• Notices affecting the land.

Before signing, it’s worth having the Contract of Sale and Section 32 reviewed by an experienced conveyancer or property lawyer. These documents are often complex and filled with legal jargon, and a professional will know what to look for, explain any potential risks, and help you avoid costly surprises later. 

Proposed Changes to Victoria’s Sale of Land Laws 

The Victorian Government has proposed reforms to the Sale of Land Act 1962 that would significantly change how residential property transactions are managed. 

While these reforms are not yet in effect, they are intended to give buyers more time and information before entering a legally binding contract. 

Earlier access to the Section 32 Vendor Statement.

Under the proposed reforms, vendors would need to make the Section 32 Vendor Statement available earlier in the sales process. 

For properties being sold by auction or with a fixed closing date, buyers would have access to the Section 32 at least 14 days before the advertised sale. For private sales, the document would need to be available at least 14 days before the contract is signed. This gives buyers more opportunity to obtain legal advice and understand any risks before committing to the purchase. 

Currently, the law does not prescribe how many days this must be provided beforehand, just that it needs to be provided before the buyer signs the contract of sale.  

Changes to deposit release.

Currently, vendors may be able to access a purchaser’s deposit before settlement under certain circumstances. 

The proposed reforms would generally require deposits to remain in trust until settlement unless the Contract of Sale specifically provides otherwise. 

This change is designed to provide greater protection for purchasers while maintaining transparency throughout the settlement process. 

Greater transparency for buyers.

The proposed reforms also place greater emphasis on ensuring buyers receive complete and accurate information before making a decision. 

This reflects an increasing focus on informed purchasing, reducing the likelihood of disputes after contracts have been exchanged. 

Property tax changes continue to evolve. 

Alongside these proposed legal reforms, Victoria has also introduced several property-related tax changes affecting homeowners, investors and buyers, including updates to land tax exemptions and the extension of the off-the-plan duty concession. 

Buying or Selling a Business Operating from Leased Premises

For business owners, buying or selling a business may also involve transferring a commercial or retail lease. Where the premises are used for a retail business, the lease may be governed by Victoria’s Retail Leases Act 2003. 

Retail Leases Act Explained

The legislation establishes specific rights and obligations relating to matters such as disclosure, rent reviews, outgoings, lease renewals and the assignment of a lease. 

Importantly, a document described as a ‘commercial lease’ may still be considered a retail lease under the legislation. Whether the Act applies depends on the nature of the premises, how they are used and the circumstances of the agreement; not simply how the document is titled. 

We Can Help

If you are buying or selling a business operating from leased premises, your Aintree Group Legal adviser can review the business sale documents and lease, determine whether the Retail Leases Act applies, and advise on requirements such as obtaining the landlord’s consent to transfer the lease. 

A lease can significantly affect the value, viability and continuity of a business. It is therefore important to have the lease and business sale documents reviewed by an experienced commercial or property lawyer before committing to the transaction. 

Why Early Legal Advice Matters 

Many buyers wait until after signing a Contract of Sale before seeking legal advice. Unfortunately, by that stage, many of the contract terms have already been agreed. 

Having a solicitor review the Contract of Sale and Section 32 before signing can help you: 

• Understand your legal obligations.
• Identify unfavourable special conditions.
• Review easements, covenants and planning restrictions.
• Understand settlement requirements.
• Identify potential risks before they become costly. 

For vendors, obtaining legal advice early can also help ensure all required documentation is prepared correctly, reducing the risk of delays or disputes later in the transaction. 

Property Decisions Often Involve More Than Conveyancing 

A property transaction isn’t just about transferring ownership. Depending on your circumstances, there may also be broader legal and financial considerations, including: 

• Choosing the right ownership structure. 
• Understanding potential taxation implications.
• Protecting your assets.
• Updating your Will after purchasing a significant asset.
• Reviewing your insurance arrangements.
• Considering future succession or estate planning. 

Considering these matters alongside your conveyancing can help ensure your property purchase supports your broader financial goals. 

Move through your property transaction with confidence.

Our experienced Property Law team works alongside trusted conveyancers to guide you through every stage of the process. Whether you’re buying, selling or transferring property, we can help you understand your rights and obligations, review your Contract of Sale and Section 32, and identify potential risks before they become costly issues. 

This is general advice only and has not been prepared with your individual situation or needs in mind. For personalised advice, we highly recommend that you seek professional guidance from a qualified adviser.