A section 32 statement is crucial information that can seriously make or break a sale.
We have provided a summary of information along with the frequently asked questions we have receive over the years to help avoid the pitfalls and prepare for your property sale.
What is a Section 32
Section 32 Statement or a ‘Vendor’s Statement’, acts as an official profile of the property. When you sell a property, you are required by law to disclose specific details to potential buyers in this document.
If any of the legal boxes on the section 32 aren’t ticked when you sell, your Contract of Sale may not be legally binding. This could lead to you losing a valuable sale .
To that end, Just conveyancing is perfectly placed as industry leaders to review all your documentation and take the stress out of your hands.
Frequently asked questions with answers
What does a Section 32 Statement include?
As part of the s32 Sale of Land Act, a section 32 statement must include details about:
- Property title, and any encumbrances on it such as mortgages, caveats, section 173 agreements
- Planning schemes concerning the property
- Outgoings on the property, such as council rates, water rates and any owner’s corporation fees
- Building permits granted within seven years, and relevant insurance needed for work to commence
- Proposed works by VicRoads, Bushfire Prone Area details, and relevant documentation about Priority Sites for the Environmental Protection Agency
For a section 32 sample and consultation about the specific needs of your property sale or purchase, feel free to contact us.
Is there any difference between a Section 32 and a Vendor’s Statement?
No, a Section 32 and a Vendor’s Statement is one and the same thing.
How long Is A Section 32 valid?
How long does a Section 32 last? In a Contract of Sale, Section 32 Statements are valid for as long as the information included is up to date. Section 32 property updates required are often new proposed works by VicRoads, new construction notices and similar.
What happens if you fail to disclose these details?
If a Section 32 real estate statement is deficient, either due to not disclosing the required information or the details being labelled inaccurate, the buyer may be able to rescind a Contract of Sale.
This ability to rescind the contract does not apply when the property owner has acted honestly and fairly, and if the buyer’s position on the sale would not have changed if the information was included. However, this can be a complex matter that can result in heavy legal fees to resolve.
The cheaper and smarter option is to ensure your Section 32 Vendor Statements have been reviewed by legal experts to meet all legal requirements from the beginning.
Services for Section 32 Statements
At Just Conveyancing we offer a complete service for Section 32 Victoria Statements.
- Preparation of complete, accurate and legally binding Section 32 Statements for home owners
- We cover section 32 fees as part of our fixed price services.
- Management of your settlement. We take care of this process right through to final payments and disburesments are made