Property Law: 11 October 2023
Author: Lauren Woolley & Ralph Davies - Our People
The Vendor Statement (also referred to as a Section 32) is a legal document separate from the Contract however generally given to the purchaser at the same time.
The Vendor Statement contains prescribed disclosure information about the property that a potential Purchaser can use to determine whether to buy the property. The term ‘Section 32’ is from the correlating section under the Sale of Land Act 1962 (VIC) requiring the disclosure.
Section 32 the following details must be included:
Your representative will make enquiries with the relevant statutory authorities and obtain information certificates which will be attached to the Vendor Statement to aide in disclosure. Importantly the information contained in the Vendor Statement must be up to date and not misleading when it is given to the Purchaser.