VENDOR STATEMENT ALSO KNOWN AS A SECTION 32

The Vendor’s Statement, otherwise known as a Section 32 is probably the first thing that comes to mind when you think of selling your property.  However, not everyone is familiar with the process of preparing this document or what information is required to be disclosed under the Sale of Land Act 1962. 

The section 32 is reference to section 32 of the Sale of Land Act 1962. It is the vendor’s obligation to provide to the purchaser a statement with disclosure in respect of certain facts concerning the property that must be provided to a purchaser but before a purchaser can sign the Contract.  Most of the required information under section 32 of the Sale of Land Act 1962 can be obtained from the searches and certificates that relate to the property.  This includes but is not limited to a copy of the Title, the Plan, the Planning Certificate, the Council and Water Land Information Certificates, the Council Building Certificate, the Land Tax Certificate, the VicRoads Roads Certificate, and the Owners Corporation Certificate, Policy of Insurance.

Should the Vendor not disclose all the relevant and required information in the contract, the purchaser may end the contract at any time right up until settlement if the purchaser is materially affected by the non-disclosure.

If a contract is signed before the vendor’s statement is provided then the purchaser can end the contract.

It is an important document and must be prepared properly to protect the vendor.

If you are looking to sell your property and would like our assistance, please contact our office on (03) 9707 1155.