Selling FAQ

Is a Vendor Statement the same as a S.32?

Yes.

A Vendor Statement is a disclosure statement provided by a Vendor to the purchaser pursuant to Section 32 of the Sale of Land Act.

It is more commonly referred to as “a S.32”.

Does a vendor have a “ cooling off period” like a Purchaser?

No, the cooling off period is only for purchasers.

Can I obtain a release of the deposit paid by the purchaser before settlement?

Yes, a Section 27 Notice providing certain information and evidence of any debt against your property must be served on the Purchaser

The Purchaser has 28 days to make further enquiries on the property and can lodge an objection.

The Contract must be unconditional and the purchaser satisfied with your evidence of debt against the property.

Do I have to disclose that I have undertaken renovations to the purchaser?

Yes, if a Vendor has undertaken any renovation, alteration, extension, improvement or repair on the property for sale, an Inspection Report (and possibly Insurance) is required to be included in the Vendor Statement.