This week in the A – Z of Conveyancing, we’ll go through the commonly used terms in relation to conveyancing, looking at the letter V.

Vacant possession

When a Contract of Sale is marked “Vacant Possession” the property must be vacated by the vendor or tenant prior to settlement. The vendor must also ensure that the property is clear of all furniture and personal possessions. A purchaser is not obliged to complete a purchase that is subject to Vacant Possession until the vendor has met their requirements with regards to Vacant Possession.

Valuation

A valuation of a property will determine the current market value. The valuer engaged to undertake a valuation will provide a valuation report which summarises the property being valued, recent comparable sales, expected rental and any other relevant details that may affect the market value of a property. A valuation may be required for lending purposes, stamp duty assessment, estate matters or other types of transfers of land.

Variation

When terms to a written agreement (such as a Lease) require amendment, a deed, or document to vary the terms of the agreement may be entered into by the parties.

Vendor

The individual(s) or company selling a property or business. They are also known as the Transferor as they will be transferring their interest in the property and or business. When selling property, the vendors will be the proprietor(s) on title.

Verification of Identity

Your solicitor/conveyancer is required to sight and certify copy of your photo identification for any conveyancing transaction. This includes your Driver’s Licence, Passport (if you have one) and Medicare Card. This can be done by meeting with your representative in person or through a digital remote verification system.