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What if a section 32 is defective?

It is an offence to provide false or incomplete information in a section 32, and the intentional omission or deception may give rise to the purchaser terminating the contract. However, where an omission was accidental, or where the purchaser is in substantially the same position they would be in had the information been provided, and a court would be satisfied the vendor has otherwise acted honestly and reasonably and ought fairly to be excused for the contravention, a purchaser would not have the power to rescind the contract of sale.

Who prepares the section 32?

The section 32 is prepared by or on behalf of the vendor, preferably by an experienced conveyancer who deals with property law matters exclusively and is qualified to give legal advice and prepare legal documents.

What is included in a section 32?

While not an exhaustive list of information that must be contained in the section 32 statement, the following information is commonly required to be disclosed or provided:

How to read a section 32

The difficulty in reading a section 32 is that you must have regard to what documents it should contain, as much as what documents is does contain, something that generally only experience will allow you to do. For example, there is no requirement for a section 32 to contain information about illegal building works, only to disclose information about permits granted in the last 7 years. Accordingly, if you suspect renovations have been undertaken to a property in the proceeding 7 years that would have required a permit, you need to look for the planning permit (if required), building permit, occupancy certificate, or in other cases the owner-builder inspection report and builder warranty insurance.

How much can a SMSF borrow to buy property?

How quickly can conveyancing be done?

Thanks to the automation and electronic delivery of many certificates, and electronic conveyancing, it is possible to complete a settlement the same week that the contracts are executed.

Do you pay stamp duty when buying off the plan?

Stamp duty is payable on the market value of consideration paid for a property (whichever is higher), However, there are some stamp duty concessions available to off-the-plan purchases.

Can I use my super to buy a house to live in?