If you’re buying or selling a property in Victoria, it’s essential to understand the Section 32 legal document.
What is a Section 32?
The Section 32, also known as a Section 32 vendor statement, is a crucial part of any property transaction in Victoria. It’s called Section 32 because it’s required under Section 32 of the Sale of Land Act.
Why is it important?
The Section 32 provides important information to the buyer before they commit to purchasing a property. It helps prevent any surprises after the sale is completed.
What does it include?
The Section 32 includes information that isn’t always obvious from just inspecting the property. It covers:
- Details about the property’s title
- Information about any building permits issued in the past seven years
- Details of any mortgages on the property
- Information about any easements or restrictions on the property
- Planning information, such as zoning restrictions
- Details of any notices or orders issued by authorities
- Information about services connected to the property, like water, sewerage, and power
When do you need it?
If you’re interested in buying a property, you should request a copy of the Section 32 from the seller. Reviewing the Section 32 helps you decide if you want to make an offer on the property.
What happens if something is missing?
Your lawyer or licensed conveyancer will review the Section 32 to make sure all the necessary information is included. They’ll request any missing documents from the seller or relevant authorities.
Next steps after reviewing the Section 32
Once the Section 32 has been reviewed, the seller will provide it to you, the potential buyer. You may be asked to sign an acknowledgment that you’ve received and viewed the Section 32 before signing any contracts. If you decide to move forward, you’ll make an official offer, usually in writing.
