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.
Employ a solicitor/conveyancer to prepare the sale documentation as soon as you can. If contracts are available at the commencement of your campaign, genuine buyer engagement and retention is higher. This also allows you to receive and accept offers straight away.
Do I Need a Solicitor?
Conveyancers and Solicitors can both prepare the required Contract of Sale and Section 32 Vendor Statement in preparation for a property sale.
It is important you engage a qualified and reputable conveyancer or legal practitioner to prepare the documentation as it must be factually accurate and complete. If it contains incorrect or insufficient information, a buyer may be able to withdraw from the sale or take legal action.
If you choose to do your own conveyancing you should be certain of your ability and maintain a relevant insurance policy in the event of legal proceedings.
Ensure the sale documentation is prepared for the commencement of your campaign. This allows you to receive and accept offers straight away.
Our team can refer you to a reputable and reliable conveyancer.