What is a section 32 vendor statement?
If you’ve just bought your dream home, all legal documentation should be taken into consideration, especially the fine print. A section 32 statement is especially important to take note of, but don’t stress about the small details, our experienced conveyancers have you covered!
Also known as a Vendors Statement, it is a compulsory document that a vendor must provide homebuyers before a contract of sale can be entered into. The Vendors Statement provide the buyer with important information about the property and this document should be read carefully before signing a Contract of Sale.
What is the purpose of section 32?
Section 32 is a section applicable to the sale of property which falls under the Sale of Land Act (1962). Its purpose is to fully disclose information that isn’t given at a property inspection, including what can ultimately affect the value of the land you’ve purchased. Our conveyancers can help you understand this.
This is a legal right that a vendor has to the purchaser. Without showing this document, the buyer has the right to walk away from the deal and cancel the contract. Our conveyancers want you to obtain the best possible deal.
How to read section 32?
There is a lot of information supplied in this document, but we can help you read through information such as:
- The title of the land or register Search Statement. This includes the address and other notices.
- Running through the potential risks to the property. This is also known as a Due Diligence Checklist.
- Confirmation of services connected such as water, electricity, and gas.
- Certificates such as permits, outgoings, notices/orders, easements, insurance, proposals or plans, and any other relevant details about the property.
- The bushfire risk rating
Should I get a conveyancer to read my section 32?
Yes, and our services can help. When it comes to the legal side of things, our conveyancers are a smart option. If legal jargon confuses you, it’s better to have a legal representative like us on your side that understands the lengthy process! For those hunting for their first home, you want to be making logical and informed decisions.
Why you should get a conveyancer to read section 32?
Buying a home is one of the biggest investments out there, so we want to ensure you’re not wasting valuable time and money. The amazing advertisement on Real Estate dot com won’t tell you everything, so it’s ultimately a wise decision to have a qualified legal professional like Complete Conveyancing Solutions analyse the fine print. You may be surprised at what you missed.
Maria Tomlinson holds an unrestricted conveyancing licence together with Professional Indemnity Insurance against civil liability. Maria Tomlinson commenced her career in Conveyancing in 2001. She furthered her studying by completing her Diploma in Conveyancing in 2017 which has led her to hold an unrestricted Conveyancing License and successfully open her conveyancing firm, Complete Conveyancing Solutions.