When must a section 32 be provided?
When must a section 32 be provided?
A section 32 signed by the vendor must be provided to any interested party before they sign a contract to purchase the property. As an estate agent will commonly require an interest party present their offer on a contract of sale, it is essential that a vendor provide a signed section 32 to the estate agent as soon as possible.
A Section 32 statement (also known as a Vendor’s Statement or Section 32 Vendor Disclosure Statement) is a legal document that a property seller must provide to potential buyers in Victoria. The purpose of the statement is to provide important information about the property to the buyer before they sign a contract of sale.
It is designed to protect buyers by ensuring that they are fully informed about the property they are purchasing before they sign a contract of sale.
The information that must be included in a Section 32 statement includes:
- Title information: This section of the statement will provide details about the property’s title, including the current owner’s name, the type of title (e.g. freehold, strata, or leasehold), and any encumbrances on the title (e.g. mortgages, caveats, or easements).
- Property description: This section will provide a physical description of the property, including its location, boundaries, and any buildings or structures on the property.
- Zoning and planning information: This section will provide information about any planning or zoning restrictions that may affect the property, including any overlays or zoning changes that may be planned for the area.
- Services and infrastructure: This section will provide information about the availability of services and infrastructure at the property, such as water, gas, electricity, and telecommunications.
- Notices and orders: This section will provide information about any notices or orders that may affect the property, such as building notices, fire safety orders, or environmental notices.
It is important to note that the Section 32 statement is not a substitute for a thorough property inspection or due diligence process. Buyers should always seek professional advice and conduct their own investigations before making a purchase.
