A Section 32 Vendor Statement (Vendor Statement) is a legal document containing information about a property which the Sale of Land Act 1962 (Act) requires a vendor to disclose to an intended purchaser before signing a Contract of Sale. The disclosures include financial matters (such as rates and other outgoings), insurance, encumbrances, notices, building permits and services et cetera. The purpose is for a purchaser to make a fully informed decision based on the disclosures as to whether a property is suitable.
It is important for a vendor to provide the necessary disclosures required by the Act to the intended purchaser, otherwise the purchaser may be entitled to rescind the contract after it is signed or make a claim against the vendor for misrepresentation.
For a purchaser, generally speaking, you accept the property “as is” unless otherwise stated. Therefore, it is important to understand all the disclosures contained in the Vendor Statement.
We recommend that you seek legal advice regarding preparation of your Vendor Statement, if you are vendor. If you are purchasing a property, we recommend having the Vendor Statement and Contract of Sale reviewed before signing, to ensure that you are fully aware of your purchase before you commit. We offer a complimentary service to check and review the Vendor Statement and Contract of Sale.
Have a question regarding a Vendor Statement or Contract of Sale? Contact us at 03 9111 0078 or email us at info@scottlegal.com.au for any of your conveyancing needs.
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