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A Section 32 Statement (Vendor’s Statement) in Victoria does not have a specific expiry date. Instead, its validity depends on the accuracy and relevance of the information it contains. Here are the key considerations:
When Is a Section 32 Valid?
- The Section 32 is valid as long as the details within it remain accurate and up to date.
- If there are changes to the property’s status, such as new easements, updated council rates, or changes in zoning, the Section 32 must be updated to reflect this information.
When Does a Section 32 Need Updating?
A Section 32 should be updated if:
1. The Property’s Title Details Change:
- A new mortgage or discharge of an existing mortgage is recorded.
- An easement, covenant, or caveat is added or removed.
2. There Are Financial Changes:
- Outstanding council rates, water rates, or other charges have been altered.
- New owners corporation fees or special levies are introduced.
3. Planning or Zoning Changes Occur:
- Updates to the property’s planning zone or overlays are made by the local council.
4. Time Has Passed Without a Sale:
- If the property has been on the market for a long time, it’s a good idea to review and refresh the Section 32 to ensure it remains accurate and reflective of current conditions.
Best Practices
- Review the Section 32 Regularly: Especially if the property has been listed for sale for several months or if significant changes occur.
- Update Before a Sale: Ensure the information is accurate before providing the statement to a potential buyer.
- Seek Legal Advice: Work with a conveyancer or solicitor to verify the statement’s compliance with legal requirements.
Key Takeaway
While a Section 32 doesn’t have a strict expiration date, it must always reflect the current status of the property. If it becomes outdated or inaccurate, it may result in legal issues or disputes during the sale process.
For more questions and information about conveyancing, Red Door Conveyancing is happy to assist you. Contact us on 03 8456 6797.
