What is a Section 32?
A Section 32, also known as a Vendor’s Statement, is a legal document required under Section 32 of the Sale of Land Act 1962 in Victoria, Australia. This document must be provided by the seller of a property to the prospective buyer before a contract of sale is signed. The purpose of the Section 32 is to disclose important information about the property that may affect the buyer’s decision to purchase.
Key Information Included in a Section 32
A Section 32 typically includes:
• Title Details: Information about the title of the property, including any easements, covenants, or restrictions.
• Zoning Information: Details about the zoning of the property and any planning overlays.
• Outgoings: Information on rates, taxes, and other outgoings associated with the property.
• Building Permits: Any building permits issued in the past seven years.
• Services: Information on the availability of services such as water, gas, electricity, and sewerage.
• Notices: Any notices or orders issued by authorities that affect the property.
• Insurance: If the property is in a bushfire-prone area, details of any insurance policies.
The Process at Elevation Conveyancing
Elevation Conveyancing, based on the Mornington Peninsula in Victoria, specializes in preparing and reviewing Section 32 statements. Here’s an overview of their process:
Step 1 - Initial Consultation:
Elevation Conveyancing will meet with the seller to gather all necessary information and documents required for the Section 32 statement.
Step 2 - Document Preparation
The team will prepare the Section 32 statement, ensuring all legal requirements are met and all relevant information is included.
Step 3 - Review and Verification
The prepared Section 32 statement is reviewed and verified for accuracy and completeness.
Step 4 - Provision to Buyer
The completed Section 32 statement is provided to the prospective buyer or their legal representative before the contract of sale is signed.
Step 5 - Support and Clarification
Elevation Conveyancing offers ongoing support to both the seller and buyer, clarifying any questions or concerns regarding the Section 32 statement.
Importance of a Section 32
The Section 32 statement is crucial as it ensures transparency and protects the interests of both the buyer and the seller. For the buyer, it provides essential information that may influence their decision to purchase the property. For the seller, it helps in avoiding future disputes by disclosing all relevant information upfront.
Elevation Conveyancing on the Mornington Peninsula provides expert services in preparing and managing Section 32 statements, ensuring a smooth and transparent property transaction process. Their thorough approach helps safeguard the interests of all parties involved, making the property sale process more efficient and reliable.