If you’re selling or buying a property you will come across the term Section 32, also known as a Vendor’s Statement. It’s part and parcel of the property purchasing process.

Simply put, the Section 32 is a document provided by the seller of real estate (vendor) to an intending purchaser. A vendor is required to provide certain information to a purchaser before a contract of sale is signed.

When land or a property is put on the market, a Section 32 is prepared by/on behalf of the vendor which outlines all the fine print that could impact safety, value or finance etc. For example, copy of title, outgoings, zoning certificates, building permits etc. The document is then given to prospective purchasers.

If the Section 32 isn’t checked properly, you could get stuck with notices against the property such as illegal works or failure to obtain building permits etc. Once you’ve signed on the dotted line, these notices become your responsibility.

We’d hate to see this happen and want to ensure you are buying land or property that is worth the price tag, with minimal restrictions and no encumbrances (a burden or charge). As conveyancers, our job is to check everything in the Section 32 thoroughly. This means we’ll advise if things like the above examples are included, and we’ll make sure you never get stuck with vendor’s arrears.

Are you about to sell or thinking of selling? At Sargeants Geelong, we’ll prepare your Vendors Statement for free.

Our friendly team want to make the process of property transaction easier for you. We service Geelong, Bellarine Peninsula, Surf Coast, Lara, Winchelsea and Bannockburn.

For more information go to sargeantsgeelong.com.au, visit us at Level 4, 49 Malop Street, Geelong or phone 5221 7411. You can also email admin@npts.com.au and find us on facebook @SargeantsGeelong.