A Vendor Statement, also known as a Section 32 Statement, is effectively a list of specific details about a property that you are going to sell. This is an official document, and you are required to provide one, by law, to all potential buyers.
In fact, the sale of your property and any contracts related to that sale can be voided if you haven’t created a legally sound Vendor Statement.
Imagine obtaining the dream price for your property only to have the sale voided because your Statement isn’t watertight? GDM Legal makes sure that never happens. We are property law specialists, and with our expert team drafting your Vendor Statement (also known as a Section 32 Statement), you’ll enjoy complete peace of mind throughout the process.
What Are The Legal Requirements of a Vendor Statement?
Your Vendor Statement is subject to the strictures of the s32 Sale of Land Act, and it must include:
- Details of the property title, as well as any encumbrances related to the property. Encumbrances could consist of section 173 agreements, mortgages and caveats
- A list of any planning schemes in relation to the property
- All outgoings on the property, including owner’s corporation fees, and council and water rates
- All building permits granted within seven years, and the insurances required to commence work
The exact requirements for your Vendor Statement will vary depending on your property. That’s why it’s essential you enlist the help of a property law expert. If you have any queries regarding your property, contact us today.
How Do I Know if I Need a Section 32 or a Vendor Statement?
A Vendor Statement is exactly the same as a Section 32. It doesn’t matter what you call the document, so long as it contains all necessary information.
How Long Is My Vendor Statement Valid?
Your Statement will be valid for as long as the information included within is correct. If there are any changes to your property, chances are you will need to have a new Statement drawn up. You also need to pay attention to proposed works around your property, by VicRoads or a private developer.
Consequences of Not Disclosing All Relevant Details
The consequences for a deficient Vendor Statement (also known as a Section 32 Statement) are severe. If you fail to disclose the right information or present inaccurate information, the buyer is within their rights to withdraw from the Contract of Sale.
If you act in an honest and fair manner, and the position of the sale is not affected by the unincluded information, the Contract of Sale will remain valid. However, this isn’t something you want to go through, and legal fees will usually be involved.
To make your life easier and to avoid any headaches, get a professional to draft and review your Vendor Statement, and you’ll get everything right from the beginning.
Services for Vendor Statements
We offer an end-to-end Vendor Statement (also known as a Section 32 Statement) service that makes the whole process simple and straightforward:
- We prepare complete Vendor Statements that are both accurate and legally binding, we make sure you miss nothing, so your sale goes ahead without a hitch
- Don’t be worried about fees; we offer a single fixed-rate price for our Vendor Statement fees
- Our advice extends to all aspects of buying and selling your property
- The settlement can often be the most complicated aspect of the sale as it involves several parties. We manage the entire process and get the settlement completed as quickly and smoothly as possible.