Vendor Statement

This is a legal document prepared by the seller’s (vendor’s)  solicitor, that is signed by the seller and is made available to potential buyers.

In Victoria it is sometimes called a Section 32 document – this name comes from Section 32 of the Sale of Land Act, which requires a vendor to provide certain information to a purchaser BEFORE a contract of sale is signed.

It includes details about the property’s title, mortgages on the property, covenants or easements, zoning and the costs of the property.

The vendor statement does not cover any information about the condition of the buildings or whether they comply with building regulations.

In general terms, if the vendor fails to provide the information required by the Act before the contract is signed, the purchaser will be able to cancel the contract.

 

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Michael Yardney

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Michael is a director of Metropole Property Strategists who help their clients grow, protect and pass on their wealth through independent, unbiased property advice and advocacy. He's once again been voted Australia's leading property investment adviser and his opinions are regularly featured in the media. Visit Metropole.com.au