Section 32 Vendor Statement
In Victoria, you must provide a signed Section 32 Vendor Statement to the buyer. The Section 32 Vendor Statement must contain the information set out in section 32 of the Sale of Land Act 1962.
The Section 32 Vendor Statement contains information about the property’s title, including:
- outgoings (for example, rates)
- declaration if located in a bushfire-prone area.
Contract of Sale
You also need to have a Contract of Sale prepared. The Contract of Sale includes:
- details of the property
- your name and the names of buyer
- the name of your estate agent, if you are using one
- details of legal practitioners or conveyancers that you and the buyer have engaged
- the price
- the deposit paid
- balance owing at settlement
- any special conditions, such as a clause ‘subject to finance’.
Often buyers will have their own legal team undertake due diligence to assess the accuracy of the Section 32 Vendor Statement and Contract of Sale before making an offer or attending an auction.
Do I Need a Solicitor?
Conveyancers and Solicitors can both assess a Contract of Sale and Section 32 Vendor Statement in preparation for a property sale.
Your conveyancing specialist will undertake due diligence on the contract provided by the Vendor and will ensure it is factually accurate and complete. If it contains incorrect or insufficient information, your conveyancer should notify you and will advise you accordingly.
Our team can refer you to a reputable and reliable conveyancer.