A contract of sale is the legally binding agreement between a seller and a buyer for the purchase of a property. It details all the terms and conditions of the sale, ensuring a smooth and transparent transaction for both parties.
As of December 2025, a Victorian contract of sale typically includes details like the property address, price, deposit amount, settlement date (usually 30-60 days), and any special conditions. Crucially, it will contain the Vendor Statement, formerly known as a Section 32, which discloses important information about the property – including planning permits, mortgages, easements, and outstanding notices. In Melbourne’s Eastern Suburbs, where family homes near schools are highly sought after, buyers and their conveyancers carefully scrutinise these disclosures. Currently in Melbourne, standard contracts are used, but agents like Fletchers will tailor conditions to suit the specific property and negotiation. For example, a longer inspection period might be agreed upon for a property requiring significant renovation. Marketing costs in 2026 typically range from $3,000 to $8,000 for a comprehensive campaign, and agent commission generally falls between 1.5% and 2.5% of the sale price.
Understanding the contract of sale is vital, and Fletchers’ experienced team can guide you through each clause, ensuring you’re fully informed throughout the selling process.