A Vendor needs to provide certain information to a Purchaser BEFORE a Contract of Sale can be signed. This is called a Vendors Statement (also known as a Section 32 Statement).
This information must meet and satisfy all requirements of Section 32 of the Sale of Land Act, some of which are:
- Disclosure of financial matters including rates due to Council including Fire Services Levy, Water Authority, Owners Corporation, land tax, Charges over the land)
- Insurance – including building insurance and owner builder insurance
- Land use – Describing specifically any Easements, Covenants or other similar restrictions affecting the land (both registered and unregistered)
- Notices, Orders, Declaration, Reports or recommendations of a Public Authority or Government Department
- Building Permits issued in the previous 7 (seven) years where there is a dwelling on the land
- Owner Builder works
- Owners Corporation disclosure obligations
- Specific disclosure is required where the land is in a ‘contribution area’ as described in section 201RC of the Planning and Environment Act 1987 (Vic). This is generally growth area land zoned for urban use and development
- Services that are not connected only need to be disclosed to the purchaser
- Title documents – Register Search Statement, Plan of Subdivision, a diagram location identifying the land and its location, and evidence of the right to sell where the vendor is not registered on the Title
- Rate and Planning certificates ie Council Land Information Statement, Planning certificates and Water Encumbrance certificates.
We frequently update our Vendor Instruction Sheet which is a document we provide to all vendors to complete, sign and send back to our office
Once we receive this completed Vendor Instruction Sheet we have the instructions to proceed to search the Title on your behalf and prepare the Vendor Statement as per your instructions.