A vendor’s statement is a legal document required by section 32 of the Sale of Land Act (which is why the document is often referred to as a “section 32 statement”). The purpose of the vendor’s statement is to provide information about a property and its title to assist potential buyers.
The information that is to be included in a vendor’s statement is highly prescriptive and if it contains false, incorrect or insufficient information, a buyer may be able to withdraw from the sale. For this reason, when you sell your property it is critical that you receive professional assistance to prepare your vendor’s statement. If you’re considering buying a property, it is critical that you obtain professional advice to check the vendor’s statement before you sign the contract of sale.