A Section 32 is a document prepared by your conveyancer or solicitor and given to the prospective buyer. This document gets its name from section 32 of the Sale of Land Act, which details the information a buyer must give a seller before sale can be agreed. It’s essential that the vendor supplies the seller with this before the sale is agreed.
The Section 32 is also often referred to as a Vendor Statement, as the two terms are interchangeable. It’s available for viewing by prospective buyers before they enter into a sales contract and it contains relevant information such as:
- The property title
- Who owns the property
- Mortgages or caveats over the property
- Easements that affect the land
- The zoning of the property
- Applicable planning overlays
- Information on council and water rates
- Whether the area is prone to bushfires
- Any building permits obtained within the last 7 years
- Whether the property is affected by an Owners’ corporation
For extra peace of mind, prospective buyers may choose to show the Section 32 to their conveyancer or solicitor before entering into a Contract of Sale.