Common Misconceptions About Section 32 Vendor Statement in Geelong

ByCahill Rowe Conveyancing

It’s important to understand the legal requirements surrounding Section 32 Vendor Statement Geelong before signing a contract of sale. A Section 32 Vendor Statement is a legal document that must be provided by the seller to the prospective buyer of real estate in Victoria, including the Geelong region. To avoid any confusion, here are a few common misconceptions about these statements:

  1. The provision of a Section 32 Vendor Statement is not excluded simply because a property is being sold by auction. The seller must still provide a Section 32 Vendor Statement to all prospective buyers, regardless of the method of sale.
  2. The Vendor Statement found in Section 32 of the sale contract outlines significant details about the property for sale, including any known defects. It is important to note that the statement does not assure buyers of a free-and-clear title. The seller and their representative must ensure that all information provided in the Vendor Statement is accurate and up-to-date prior to finalizing a purchase agreement.
  3. The Section 32 Vendor Statement is an important resource for buyers; however, relying solely on this information would be a mistake. While it does provide valuable details about the property, buyers should also undertake their own due diligence and seek independent advice from professionals such as building and pest inspectors to ensure that all of their questions about the condition of the property are answered.
  4. The Section 32 Vendor Statement must not be taken for granted: Despite its all-too-common misconception, it should always be read carefully. Every property is different and the information contained within a Section 32 Vendor Statement can vary just as much. As such, it’s immensely important to pay close attention to this document in order to understand any potential issues related to your purchase. Buyers should always review the document carefully and seek legal advice if necessary.
  5. The seller can make changes to the Section 32 Vendor Statement after it has been provided to the buyer: This is not true. Once the Section 32 Vendor Statement has been provided to the buyer, the seller cannot make any changes to it. If there are any material changes to the property’s condition or other relevant information, the seller must provide an updated Section 32 Vendor Statement to the buyer.

It’s important for both buyers and sellers to understand the purpose and requirements of a Section 32 Vendor Statement in Geelong. Buyers should take the time to review the document carefully and seek independent advice if necessary, while sellers should ensure that they provide accurate and complete information to avoid any potential legal issues.