Section 32 Vendor Statement

There are serious consequences for the vendor if this procedure is not followed.

Section 32 vendor statement. A vendor s statement is commonly referred to as a section 32 because it s implemented by section 32 of the sale of land act. A section 32 vendor statement refers to the legal document given by the seller to the potential buyer. A vendor s statement is a document that the vendor of a piece of real property must prepare and give to the purchaser before the contract is signed.

The reason it is called a section 32 statement is because the information it must contain is set out in section 32 of the sale of land act 1962. A section 32 is actually known as a vendor s statement. As well as these requirements there is a duty for the vendor to act honestly and reasonably in regard to property disclosure.

This is colloquially called a section 32 statement or a vendor statement. The document ultimately serves to disclose to the buyer information that could impact their decision to purchase the property. A vendor s statement also known as section 32 is a document that tells potential buyers certain things about the property title they should know before signing a contract to purchase.

This document is usually prepared by your legal practitioner or conveyancer. A section 32 statement aka vendor s statement is a document provided by a vendor when they decide it s time to sell their property. Section 32 statement before a property is sold you must give the buyer a section 32 statement.

It is only referred to by the former term as it is implemented under section 32 of the sale of land act in victoria. This is colloquially called a section 32 statement or a vendor statement. A vendor s statement discloses information not readily found by inspecting a property.

The section 32 vendor statement section 32 must be prepared by or on behalf of the vendor and served on any person who wishes to purchase the vendor s property before the contract of sale is signed. This document must be handed over to the intended purchaser of the property. The section 32 is a legal document provided by the seller vendor to an intending purchaser.