What is the Section 32 in Victoria?
The Section 32 or the Contract of Sale and Vendor Statement is a set of documents required under Victorian legislation when selling a house. It includes information about the property that might affect the value of the land being sold. Under the Sale of Land Act 1962 (VIC), a Section 32 must be provided by the vendor to any potential purchaser and can be prepared by the vendor’s representative under the instruction of the vendor.
For the buyer, it provides very important information about the house that is crucial when making a purchasing decision.
For the vendor, they are required to provide this in full and with the correct information. If the vendor fails to provide the right information, the sale could be compromised.
How can Red Door Conveyancing Help?
The Section 32 is one of the most important documents throughout the sale or purchase of property process. Red Door Conveyancing has extensive experience in generating and reviewing Sale documents. Our team is made up of conveyancing professionals who have accrued knowledge of the industry over many years. You can trust us to give you the best help and advice possible when it comes to anything related in this industry.
- Complimentary review of Contract of Sale and Vendor Statement before signing
- Advice on the Contract and the Section 32
- Preparing your Section 32 documents and contract
- Ordering Property Certificates
- Liaising with your Real Estate Agent and Bank to arrange documentation
Why Use A Melbourne Conveyancing Firm?
The Section 32 is a crucial document with very serious repercussions if not completed properly. Conveyancers are very familiar with the requirements and format of the document – they can bring you peace of mind that it is done correctly. Our familiarity and knowledge of the Sale of Land Act of 1962 ensures that everything is completed up to standard and you do not have to decipher what each requirement entails.
If you have been given the Section 32 as a buyer, it is important to understand and identify any missing or incorrect information. Red Door Conveyancing is able to request any missing documents and identify any hidden issues.
In addition to our Section 32 service, Red Door Conveyancing provides a robust array of conveyancing services that our trusted clients rely on and utilise when purchasing or selling a property. Get in touch with the conveyancing experts today to receive a consultation.
What needs to be provided and/or stated in a Section 32 is described in sections 32A-32I. This information can be, but is not limited to:
- The Register Search Statement: A copy to confirm the details such as title, the registered proprietor(s), notices, street address, any encumbrances and caveats.
- The Plan of Subdivision: A copy of this document that details the boundaries of the land and a description of any easements, covenants, or restrictions affecting the property
- Services Confirmation: What are the services connected to the land (e.g., water, sewerage, gas, electricity, and telephone)?
- A Planning Statement: This must specify the name of the authority, the planning zone and any overlays affecting the land, and the name of the planning scheme
- Certificates from Authorities: Certificates that outline any outgoings, levies, notices, permits, insurance, or proposed plans that may affect the land. Such as, but not limited to, the local council, VicRoads, the local Water Authorities, and State Revenue office.
- Building Permits: Any permits issued under the Building Act 1993 (VIC) in the 7 years beforehand. If needed, an occupancy permit, final inspections, defects report, or insurance may be included.
- A Due Dilligence Checklist
A Section 32 has to be prepared by the party selling the property and their legal or conveyancing team. The vendor must provide all the relevant information that applies to their property to their conveyancing team for the document to be completed properly.
Where full disclosure is not made in a Section 32, the document will be deemed defective. This may entitle the purchaser to withdraw from the contract. In a fast moving property market, this could have implications on the purchase price of the property.
Red Door Conveyancing is a Melbourne based conveyancing firm who value the client experience in the conveyancing process. We can help you prepare a Section 32 statement if you are selling your property. If you are purchasing the property, we provide a complimentary review of the Section 32 statement and will provide advice on the contract.
It is important to get professional advice on a Section 32 before signing the contract. Red Door Conveyancing will be able to advise you of key dates and requirements that are associated with the purchase of the property, as well as any potential issues. You generally want to ensure that everything required under the Section 32 statement has been provided.
We also recommend you personally inspect the property before you get your conveyancer to review the Section 32 as it will help you answer any queries by them.
A lawyer or conveyancer will be able to identify any information that is missing and follow it up. They can request any additional documents or information needed. This will help you make an informed decision about the purchase.
The Section 32 is a critical document when buying or selling a property. It is crucial that the document include all the necessary details. Lawyers and conveyancers can advise and assist you throughout the process and can also prepare the Section 32.
At Red Door Conveyancing we value your success as our own. We are here to ensure the conveyancing process is a smooth one regardless of whether you are buying or selling. Contact us if you need further information or advice.