What is a Section 32?
In the context of property transactions, a Section 32, also known as a Vendor's Statement, is a legal document provided by the seller (vendor) to the potential buyer (purchaser) of a property in the state of Victoria, Australia. It is a mandatory document that must be provided to the purchaser before they sign a contract of sale. We can assist you with that process at Synergy.
The Section 32 contains important information about the property, such as (but not limited to):
Title details: It provides details about the property's title, including information about any encumbrances, easements, or restrictions that may affect the property.
Planning information: The Section 32 includes information about zoning, planning overlays, and any other relevant planning restrictions that may impact the use or development of the property.
Notices and orders: It discloses any notices, orders, or legal proceedings affecting the property, such as building notices, planning permits, or notices of acquisition.
Services and utilities: The document may include details about the availability of services and utilities to the property, such as water, electricity, gas, and sewerage.
Owners corporation information: If the property is part of a strata or owners corporation, the Section 32 will include information about the owners corporation, including any fees, rules, and regulations.
Overall, the Section 32 is a crucial document that provides important information to the purchaser about the property they are considering buying. It helps the purchaser make an informed decision about whether to proceed with the purchase and ensures transparency in the property transaction process. Failure to provide an accurate Section 32 can lead to legal consequences for the seller, so it's essential to ensure that the information provided is accurate and up-to-date.
