Understanding the Section 32 Vendor Statement in Victoria

If you're planning to buy or sell property in Victoria, you will likely encounter the term "Section 32 Vendor Statement."But what exactly is it, and why is it so important?

A Section 32 Statement is a legal document that a property seller must provide to a potential buyer before a Contract of Sale is signed.It discloses critical information about the property that may impact the buyer's decision.

The document is named after Section 32 of the Sale of Land Act 1962 (VIC), which sets out the legal obligations for disclosure.

🔍 What Must Be Included in a Section 32 Statement?

The Section 32 Vendor Statement must include various details about the property, such as:

• Title Details: Information confirming the seller's ownership.

• Zoning Information: Whether the property is residential, commercial, or subject to overlays or planning restrictions.

• Outgoings: Disclosure of any rates, land tax, and other outgoings that apply to the property.

• Easements: Details of any rights or encumbrances over the land (such as shared driveways or drainage easements).

• Mortgages or Charges: Information about any mortgages or charges attached to the title.

• Building Permits: For recent works or renovations, required permits should be disclosed.

• Owners Corporation Information: If the property is part of an apartment complex or unit development, relevant body corporate information must be included.

Failure to properly disclose these matters may give the buyer the right to terminate the contract or seek damages.

📋 Why Is a Section 32 Statement Important?

The Section 32 Statement protects the interests of both buyers and sellers:

• For Buyers: It provides essential information that might affect your decision to purchase the property, such as zoning restrictions, outstanding rates, or shared access.

• For Sellers: It ensures compliance with Victorian property laws and reduces the risk of contract disputes or cancellations later in the process.

Providing a defective or incomplete Section 32 Statement can have serious consequences, including contract cancellation and financial penalties.

✅ How DY Conveyancing Melbourne Can Help

At DY Conveyancing Melbourne, we assist both buyers and sellers by:

• Preparing accurate, legally compliant Section 32 Statements for sellers.

• Reviewing Section 32 Statements for buyers to ensure all critical disclosures have been made.

• Advising on any risks or issues identified in the document.

Having a professional review or prepare the Section 32 Statement is vital to ensure your transaction is secure and compliant with Victorian property laws.

📞 Need Help with a Section 32 Vendor Statement?

Whether you're buying or selling, getting expert advice on your Section 32 Vendor Statement is crucial.Contact DY Conveyancing Melbourne today for professional assistance and ensure your property transaction proceeds smoothly.