Section 27 in discharge form

Discussion in 'The Buying & Selling Process' started by reainvestor, 7th Sep, 2021.

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  1. reainvestor

    reainvestor Member

    Joined:
    20th Jun, 2018
    Posts:
    24
    Location:
    Melbourne
    Hi all

    I'm selling my property and the conveyancer asked me to sign a loan discharge form in which there is this question

    I have sold my property and will be closing all loans
    Is Section 27 required? (Victoria only) Yes

    The conveyancer pre-filled it with YES while I am not going to need to request to access the deposit (I think section 27 is only for that purpose, correct me if I'm wrong). However he insisted it is required for him to access to loan amount for settlement purpose.

    I don't understand this and would like to confirm with you here. This is my first time selling a property so all of these are new to me and I don't want to mess thing up.

    Anyone has experienced can you please confirm if the conveyancer is doing the right thing here?

    Thanks
     
    reainvestor, 7th Sep, 2021
    #1