A Section 32, or Vendor Statement, is a disclosure document relating to the title for the property you are selling. It relates to Section 32 of the Sale of Land Act 1962, which is where these disclosure requirements are legislated. A Section 32 must be given to prospective purchasers before a contract can be signed, so that buyers can make an informed decision. Think of it as a brochure for your property that contains all of the legal information about the land being sold, which works side by side with the estate agent’s brochures with the property photos and floorplan.
The information in the Section 32 includes title particulars with a copy of the plan showing measurements and easements, planning scheme information, financial information, recent building works and other important information about the property. A thoroughly prepared Section 32 statement will not only give your prospective buyers the information they need, but will also protect you from potential issues arising due to non-disclosure.
The legislation can seem complex, but we will work together with you to ensure that your obligations under Section 32 of the sale of land act are met, and explain any requirements or answer any questions you might have when we take your instructions.
Disclaimer – Any information contained is general in nature and should not be relied upon as formal advice. You should always obtain independent legal advice specific to your circumstances.
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