Read Section 32 Vendor Statement Carefully Before Buying A Property, Here’s Why?

Read Section 32 Vendor Statement Carefully Before Buying A Property, Here’s Why? If you are planning to buy a property soon, then you must know the importance of section 32 vendor statement. Section 32 vendor statement is a legal that covers all the major information of the property, and it’s mandatory for the seller to provide this document to the buyer before the purchase.

This document is made essential by the law under section 32 of the Sale of Land Act of Victoria. It’s a legal document that should be prepared and read by a professional conveyancer for both the seller and the buyer. Many confuse it with the contract of sale, but it’s different from that, thus, you must know its importance and why you must read this document carefully before purchasing any property.

Importance Of Section 32 Vendor Statement For Buyers Section 32 vendor statement gives you the right to walk out from the transaction if you find anything defective in the statement. It means that the seller must provide an accurate statement that contains all the information about the property that may affect the buyer’s decision. And if you are a buyer then it’s necessary to read this section 32 vendor statement carefully and get it checked by a professional conveyancer and if you find anything defective about the property then you have full freedom to walk out from the transaction.

Importance Of Section 32 Vendor Statement For Sellers Section 32 is as important for the sellers as it is for the buyers because as we have discussed, the section 32 vendor statement contains all information about the property such as statutory warnings, mortgages, and more. As a seller, if you fail to provide an accurate vendor statement, then you will have to face severe consequences. That’s why take the help of a professional conveyancer in Geelong.

What Does Section 32 Vendor Statement Geelong Look Like?

The vendor statement is not a single paper document, it comprises various documents such as title documents, restrictions on the land, owner-builder warranty insurance, zoning certificate, outstanding debts, and much more. The Section 32 vendor statement has various technical documents which are tough to understand by a layman, thus, you must get the help of a professional conveyancer to prepare an accurate vendor statement that covers every document concerned.

When You Should Ask For Section 32 Vendor Statement?

Section 32 Vendor Statement is the very first document you should ask from the seller or the real estate agent before signing any contract. The vendor statement must be prepared by the seller before taking the property out on the market because as soon as anyone is interested in buying the property they’ll ask for a vendor statement.

What If The Seller Refuses To Give a Section 32 Vendor Statement?

As we have discussed the vendor statement is a must before buying any property in Victoria but if a buyer refuses to give a vendor statement then you should not proceed further because most likely there’s something fishy that you’ll discover later. This is a precaution you must take before buying any property because you’ll be backed up with various information about the property. So, don’t move further if the seller refuses to provide a Section 32 Vendor Statement.

Why Do I Need A Professional Conveyancer?

The vendor statement consists of many legal terminologies and legalities that a layman can’t understand at ease, and because of that you might sign a fraud document or get into unnecessary trouble. That’s why you need a professional property conveyancer in Geelong, and that’s where Cahill Conveyancing comes to help you with their expert property advice and services. They have a team of expert property lawyers who will make property conveyancing a smooth process. So, what are you waiting for? You must take the help of Cahill Conveyancing with Section 32 Vendor Statement before selling and buying a property in Geelong.