Somerville Office
Phone 03 5977 5111
6D Eramosa Road East, Somerville, Victoria (See Map)
chris@walshconveyancing.com.au
What is a Section 32 Vendor Statement?
Before a property is sold, you must give the buyer a Section 32 statement. This document is usually prepared by your legal practitioner or conveyancer.
The reason it is called a Section 32 statement is because the information it must contain is set out in section 32 of the Sale of Land Act 1962. The Section 32 statement contains information about the property’s title, including:
- mortgages
- covenants
- easements
- zoning
- outgoings (for example, rates)
- declaration if located in a bushfire-prone area.
As it is a legal document, it must be factually accurate and complete. If it contains incorrect or insufficient information, a buyer may be able to withdraw from the sale or take legal action against you.
Usually, the selling agent makes the document available to prospective buyers before the sale or auction.
A prospective buyer may get their legal practitioner or conveyancer to check the statement before buying your property.