A Section 32 Vendors Statement is a mandatory document provided by the seller of real estate (vendor) to any prospective purchasers, with serious ramifications if it is not provided or if there is an error in the document.
It’s name is derived 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.
The Section 32 Vendors Statement discloses information may affect the value of the land being sold.
Before selling or buying it is important to contact a law firm, such as Bond Conveyancing which is a property law firm, to assist with either the preparation of the Section 32 Vendors Statement if you are selling, or the review of a Section 32 Vendors Statement if you are buying.
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