Buying an Apartment in Victoria: What to Check Before You Sign
Buying an apartment in Victoria involves more than checking the location, floorplan and sale price.
You also need to understand exactly what you are buying, what ongoing costs may apply and whether there are issues within the building or owners corporation that could affect you after settlement.
Before you sign a Contract of Sale, it is worth checking the Section 32 Vendor Statement, owners corporation records, plan of subdivision, fees, special levies, building condition and the terms of the contract itself.
Victoria has a dedicated apartment and unit buying checklist because apartment purchases can involve considerations that do not always arise when buying a standalone house.
What Should You Check Before Buying an Apartment in Victoria?
Before buying an apartment in Victoria, check:
- The Contract of Sale
- The Section 32 Vendor Statement
- The owners corporation certificate
- Current owners corporation fees
- Existing or proposed special levies
- Owners corporation meeting minutes and financial records
- Building maintenance and known defects
- The plan of subdivision
- Car park and storage arrangements
- Owners corporation rules
- Your finance conditions
- The proposed settlement date
You should also consider an independent building inspection where appropriate.
Our licensed conveyancing team can review the property documents before you commit and explain anything that could affect your ownership, costs or obligations.
If you already have the documents for an apartment you are considering, we provide pre-purchase contract reviews in Victoria.
1. Get the Contract of Sale Reviewed Before You Sign
The Contract of Sale sets out the agreement between you and the seller.
It can include important details such as:
- Purchase price
- Deposit
- Settlement date
- Finance conditions
- Building inspection conditions
- Fixtures and inclusions
- Special conditions
- Other obligations applying to the transaction
Once the seller accepts your signed offer, your ability to renegotiate the terms may be limited.
This is why a contract review is particularly important when buying an apartment.
The contract should be considered alongside the apartment title, Section 32 and owners corporation information.
Our guide to the Contract of Sale in Victoria explains how this document works in more detail.
It is also a good idea to get professional advice and have the Contract of Sale and Section 32 checked before buying.
What Can an Apartment Contract Review Identify?
Depending on the property and documents supplied, a contract review may identify issues involving:
- Special conditions
- Finance deadlines
- Settlement requirements
- Easements
- Covenants
- Owners corporation obligations
- Title restrictions
- Car park or storage arrangements
- Proposed works or levies
- Other conditions that could affect the purchase
The aim is not simply to confirm that a contract exists.
It is to understand what you are agreeing to before you become bound by it.
2. Check the Section 32 Vendor Statement Carefully
The Section 32 Vendor Statement is one of the most important documents when buying an apartment in Victoria.
The seller must provide it before you sign the Contract of Sale.
It can contain important information about:
- The property title
- Mortgages
- Easements
- Covenants
- Planning controls
- Rates and other outgoings
- Owners corporation information
- Certain notices affecting the property
For apartments affected by an owners corporation, the documents should also contain relevant owners corporation information.
You can read our full guide to the Section 32 Vendor Statement before making an offer.
Does the Section 32 Tell You Everything About the Apartment?
No. The Section 32 provides important property disclosures, but it is not a building inspection report.
It does not tell buyers about every aspect of a building’s physical condition or confirm that all previous building work complies with building regulations.
That is why document review and physical due diligence should be treated as separate parts of the buying process.
Found an Apartment You Want to Buy?
Have the Contract of Sale and Section 32 reviewed before you sign.
A pre-purchase contract review can help you understand the terms of the sale, owners corporation information and any conditions or restrictions that may affect your purchase.
3. Understand the Owners Corporation Before Buying
Most apartments in Victoria form part of an owners corporation.
An owners corporation, previously known as a body corporate, manages common property shared between owners.
When you buy into the building, you generally become a member of that owners corporation and take on certain rights and responsibilities.
This can include paying fees and levies and following the owners corporation rules.
You can learn more about buying into an owners corporation.
What Is Common Property?
Common property can include shared parts of a development such as:
- Entrances
- Hallways
- Lifts
- Gardens
- Driveways
- Shared walls or structures
- Recreational facilities
- Other areas identified as common property on the plan of subdivision
The exact boundaries differ between developments.
Common property is defined through the plan of subdivision. Larger developments can also involve more than one owners corporation.
This is one reason you should not assume that an apartment, balcony, car park or storage area is legally held in the way you expect.
4. Review the Owners Corporation Certificate
The owners corporation certificate is an important part of apartment due diligence.
It may provide information about:
- Current owners corporation fees
- Insurance
- Maintenance works
- Proposed works
- Potential fee increases
- Legal claims involving the owners corporation
- Other information about how the owners corporation operates
Reviewing this information can help you understand the financial position of the building and whether there are upcoming costs or issues that may affect you as an owner.
It is also worth checking how recent the information is.
A Section 32 may have been prepared some time before you receive it. Depending on the circumstances, further owners corporation records may also be worth reviewing before you commit.
5. Check Owners Corporation Fees and Special Levies
Owners corporation fees can have a significant effect on the ongoing cost of owning an apartment.
Annual fees can cover expenses such as:
- General administration
- Building maintenance
- Common property
- Insurance
- Contributions towards a maintenance fund
- Other shared expenses
You should understand both the current annual fees and whether they are likely to change.
What Is a Special Levy?
A special levy is an additional fee raised to cover extraordinary or unexpected costs.
For example, an owners corporation may need additional money for major building repairs or another large expense that cannot be covered through its normal annual budget.
A low annual owners corporation fee is not automatically a positive sign.
You also need to understand:
- Whether the owners corporation has adequate funds
- Whether major work is planned
- Whether a special levy has already been raised
- Whether another levy may be required
- Whether the owners corporation has debts or other financial liabilities
Check the Maintenance Fund
A maintenance fund is money set aside for major planned building work.
Where an owners corporation has a maintenance plan, it must also have a maintenance fund.
For larger Tier 1 and Tier 2 owners corporations, maintenance plans and maintenance funds are mandatory.
The maintenance plan can help you understand major repairs and replacement work expected over the coming years.
This could include lifts, major building infrastructure and other common property.
You can read more about owners corporation maintenance plans.
6. Read the Owners Corporation Meeting Minutes
Do not look only at the annual fee.
Owners corporation meeting minutes can provide valuable context about what has been happening within the building.
Look for references to:
- Water leaks
- Building defects
- Cladding
- Balcony repairs
- Lift issues
- Insurance claims
- Disputes between owners
- Legal proceedings
- Proposed renovations
- Major maintenance
- Special levies
- Complaints
- Security issues
Meeting minutes can reveal patterns that may not be obvious from the current owners corporation fee or a quick inspection of the apartment.
One problem mentioned once may not mean much.
The same issue appearing repeatedly across several meetings deserves closer attention.
7. Investigate Building Defects and Planned Repairs
The apartment itself may look fine during an inspection while the wider building has significant problems.
Potential issues can include:
- Water ingress
- Waterproofing failures
- Balcony defects
- Structural problems
- Fire safety issues
- Combustible cladding
- Roof problems
- Cracking
- Lift replacement
- Plumbing problems
Check whether there are existing defect claims, proposed building works and enough funds available for maintenance.
You should also consider an independent building inspection where appropriate.
Building defects can become expensive for individual owners if the owners corporation needs to raise additional funds.
You should therefore look beyond the apartment itself and understand the condition of the wider building.
8. Check the Plan of Subdivision
The plan of subdivision helps define what you actually own.
It can show:
- Your apartment lot
- Lot boundaries
- Common property
- Car spaces
- Storage areas
- Easements
- Lot entitlement
- Lot liability
- Owners corporation arrangements
Apartment measurements and car spaces should be checked against the plan of subdivision, Contract of Sale and other property documents.
What Are Lot Entitlement and Lot Liability?
Lot entitlement relates to an owner’s interest within the owners corporation and can affect voting rights.
Lot liability generally affects the share of owners corporation expenses allocated to a lot.
These figures matter because two apartments in the same building do not necessarily carry the same share of owners corporation expenses.
9. Make Sure the Car Park and Storage Area Are Actually Included
A car park appearing in the property advertisement does not automatically tell you how that space is legally held.
The parking space might:
- Form part of your title
- Be a separate lot
- Be common property
- Be available under a lease
- Be available under a licence
Check whether the car space shown on the plan of subdivision matches the Contract of Sale and whether it will transfer with the property.
The same principle applies to storage cages and other areas that appear to be included with the apartment.
Confirm this before you sign rather than after settlement.
10. Check the Owners Corporation Rules
Buying an apartment means owning property within a shared development.
The owners corporation can have rules covering the use of lots and common property.
These may affect matters such as:
- Parking
- Noise
- Security
- Use of common areas
- Renovations
- Pets
If you have specific plans for the apartment, check the rules before you buy.
For example, do not assume you can complete certain renovations, install new flooring or use common property in a particular way without approval.
11. Work Out the Real Cost of Buying the Apartment
The purchase price is only one part of the cost.
Your budget may also need to account for:
- Land transfer duty
- Conveyancing fees
- Contract review costs
- Loan and lender fees
- Building inspection costs
- Owners corporation fees
- Special levies
- Council rates
- Water charges
- Insurance
- Moving costs
Land transfer duty, commonly called stamp duty, generally applies when you acquire property in Victoria.
The amount depends on factors including the property value, how you intend to use it and whether you qualify for an exemption or concession.
The Victorian State Revenue Office provides a land transfer duty calculator to help buyers estimate the amount that may apply.
First home buyers may also qualify for a duty exemption or concession depending on their circumstances and the value of the property.
12. Think Carefully About Your Finance Conditions
If you need a home loan to buy the apartment, do not assume pre-approval means your finance is guaranteed.
The lender may still need to:
- Assess the specific property
- Complete a valuation
- Confirm your financial position
- Review the loan application
- Give final approval
For a private sale, a Contract of Sale may include a subject-to-finance condition if agreed between the parties.
The wording, finance amount and due date can matter.
Have the contract terms checked by a licensed conveyancer before signing rather than assuming you can simply withdraw later if the loan is not approved.
13. Know the Difference Between Buying Privately and at Auction
Your buying strategy should change depending on how the apartment is being sold.
Buying an Apartment by Private Sale
A private sale may allow you to negotiate conditions with the seller.
These could include conditions relating to finance or a building inspection if the seller agrees.
Many private residential property sales in Victoria also have a three-clear-business-day cooling-off period, although important exceptions apply.
Our guide to the cooling-off period in Victoria explains those rules in more detail.
Do not rely on the cooling-off period as a replacement for reviewing the contract before signing.
Buying an Apartment at Auction
Auction purchases carry greater urgency.
If you are the successful bidder, you will generally be asked to sign the contract on the terms displayed before the auction.
You cannot simply add a finance condition, building inspection condition or longer settlement period afterwards unless the seller agrees.
There is also no cooling-off period when purchasing at public auction.
That makes a Contract of Sale and Section 32 review particularly important before you bid.
If you are considering an apartment going to auction, arrange the review early enough to understand the documents before auction day.
You can read more about buying property at auction in Victoria or alternatively reach out to our team before attending the auction.
14. Buying an Apartment Off the Plan Requires Different Checks
Buying an existing apartment and buying an apartment off the plan are different transactions.
With an off-the-plan purchase, the apartment may not yet be completed when you sign the contract.
That can introduce issues involving:
- Construction timelines
- Sunset dates
- Changes to plans
- Final dimensions
- Owners corporation arrangements
- Settlement triggers
- Developer special conditions
- Finance timing
If the apartment is off the plan, read our dedicated guide to an off-the-plan Contract of Sale in Victoria rather than relying only on a standard apartment checklist.
15. When Should You Engage a Conveyancer When Buying an Apartment?
Ideally, engage your conveyancer before you sign the Contract of Sale or bid at auction.
That allows time to review the contract, Section 32 and relevant owners corporation information before you commit.
Our licensed conveyancing team can also help with the broader transaction after the purchase proceeds, including:
- Contract conditions
- Finance dates
- Title checks
- Adjustments
- Owners corporation amounts
- Transfer documentation
- Settlement
- Communication with your lender and the seller’s representative
We provide conveyancing for buyers across Victoria from the pre-purchase stage through to settlement.
Apartment Buying Checklist Victoria
Before signing, work through this apartment buying checklist.
| What to check | Why it matters |
| Contract of Sale | Sets the terms you are agreeing to |
| Section 32 | Provides important disclosures about the property |
| Owners corporation certificate | Provides information about fees, insurance, works and other owners corporation matters |
| AGM minutes | Can reveal recurring problems, disputes and planned works |
| Annual fees | Affect your ongoing ownership costs |
| Special levies | Could create significant additional expenses |
| Maintenance plan and fund | Helps show how major future work is planned and funded |
| Plan of subdivision | Defines lots, boundaries and common property |
| Car park and storage | Confirms how these areas are legally held |
| Owners corporation rules | May affect renovations, pets, noise and common areas |
| Building condition | Helps identify physical defects or major repair needs |
| Finance condition | Can affect your options if finance is not approved |
| Settlement date | Needs to suit your finance and moving arrangements |
What Happens After You Buy the Apartment?
Once your offer has been accepted and any contract conditions are dealt with, our team can prepare the matter for settlement.
This can include:
- Liaising with your lender
- Preparing transfer documents
- Confirming settlement adjustments
- Reviewing rates and owners corporation amounts
- Completing duty requirements
- Preparing the electronic settlement
- Confirming the transfer of ownership
Property settlements in Victoria are commonly completed electronically through PEXA.
PEXA provides information for property buyers and sellers about how electronic settlement works.
You can also read our guide to what happens on settlement day.
Before settlement, you should complete a final inspection of the apartment.
Our pre-settlement inspection checklist explains what to check before settlement takes place.
Need Help Buying an Apartment in Victoria?
If you are getting ready to make an offer or have already received the Contract of Sale and Section 32, our licensed conveyancing team can help you understand the documents before you commit.
We can assist with your contract review and guide you through the conveyancing process from purchase through to settlement.
Get Help With Your Apartment Purchase
Frequently Asked Questions About Buying an Apartment in Victoria
Before buying an apartment in Victoria, check the Contract of Sale, Section 32, owners corporation certificate, fees, special levies, meeting minutes, maintenance plans, building condition and plan of subdivision.
You should also confirm how any car park or storage area is held and understand the owners corporation rules before you sign.
It is advisable to make use of a licensed conveyancer to help you understand the Contract of Sale, Section 32, title and owners corporation information before you commit.
Our team can also manage the transaction through to settlement and communicate with your lender and the seller’s representative.
Look at current fees, insurance, maintenance information, proposed works, possible fee increases and potential or existing claims involving the owners corporation.
You should also consider whether the information is current and whether further owners corporation records should be reviewed.
Owners corporation fees are amounts paid by lot owners towards the shared costs of managing and maintaining the property.
Annual fees can cover administration, maintenance, insurance and contributions towards a maintenance plan or fund.
A special levy is an additional amount charged by an owners corporation for extraordinary or unexpected expenditure.
It may be used to help fund major repairs, urgent building work or other costs that cannot be covered by the normal annual budget.
Yes. Meeting minutes can help you understand issues being discussed by owners, including building defects, repairs, insurance, complaints, legal disputes and possible future expenditure.
They can provide useful context beyond the annual owners corporation fee.
Check the Section 32 for information about the title, mortgages, easements, covenants, planning controls, outgoings and owners corporation information.
The Section 32 should be reviewed together with the Contract of Sale and does not replace a physical inspection of the property.
It is sensible to have the Contract of Sale reviewed before signing an offer where possible.
A review gives you the chance to understand special conditions, finance dates, settlement requirements and property-specific issues before the contract becomes binding.
Check the title and plan of subdivision.
The car park may form part of your title, exist as a separate lot or be available through another arrangement.
Do not rely only on the property advertisement or where the car space appears to be located.
Owners corporation rules can regulate areas including renovations, pets, noise and the use of common property.
The exact rules differ between developments, so check them before buying if something is particularly important to you.
For many private residential property sales in Victoria, a three-clear-business-day cooling-off period applies from the date the buyer signs the contract.
There are important exceptions, including purchases at public auction and some transactions connected with an auction.
Yes. If you are planning to bid at an apartment auction, arrange a contract review before auction day.
A successful auction buyer generally cannot add conditions such as finance or a building inspection after winning unless the seller agrees, and there is no cooling-off period for the auction purchase.
Apartment conveyancing costs vary depending on the property, contract, owners corporation arrangements and complexity of the transaction.
Ask for a written quote that clearly explains the professional fee, disbursements and any additional work that may result in further charges.
Turnaround depends on the complexity of the documents and our team’s availability.
If there is an offer deadline or auction date, send us the Contract of Sale and Section 32 as early as possible and let us know the deadline.
Contact a conveyancer as soon as you are seriously considering making an offer or bidding at auction.
The most useful time for a contract review is before you have committed to the purchase.
Getting the right documents checked early can help you make a more informed decision when buying an apartment in Victoria.
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