The Section 32 Vendor’s Statement is a legal document that originates from Section 32 of the Sale of Land Act, which requires vendor disclosure of certain information to prospective purchasers before a contract of sale is signed. Failure to provide the correct information in a Section 32 may mean the purchaser has a legal right to cancel the sale, and could result in monetary penalties to the vendor.
The Basic Information Required in a Section 32 Vendor’s Statement
- Statutory warnings to the purchaser
- Vendor’s details
- Title details
- Particulars of owner-builder warranty insurance
- An inspection report (listing defects) for owner-builders
- Records of building permits issued in past seven years
- Covenants, easements and any other restrictions on title
- Planning information and zoning restrictions
- Services connected to the property
- Any mortgages or debts charged against the property
- Outgoings payable by the owner of the property
- Disclosure of notices/ orders issued by authorities, regarding fencing, roadwork,
- Access to the property by road
Section 32 is a legally binding document, so choose a reputable conveyancer with the necessary knowledge and experience to ensure all of the required information is included in your Vendor Statement.