Section 32 of the Sale of Land Act abolishes the common law principle of ‘let the buyer beware’ and obliges the seller of real estate to disclose certain information to the purchaser before the parties enter into a Contract of Sale.
The Section 32, otherwise known as a Vendor’s Statement, contains the required disclosures. Depending on the property being sold, you the seller, will be obliged to provide some or all of the following information:
- A copy of the Certificate of Title (known as a Registered Search Statement)
- A copy of the Plan of Subdivision
- Particulars of registered and unregistered mortgages, caveats and charges
- Details of any restrictions on tile such as easements, covenants etc
- Particulars of outgoings such as council and water rates
- Owners Corporation Certificate
- Planing information including the planning overlay, road access, bushfire prone areas
- Building permits issued within the last 7 years
- Owner-builder insurance
- Any notices affecting the land
- Particulars of services that are not connected to the property i.e. gas, sewerage, land line etc
- Due diligence check-list
It’s vital that the right firm prepares your Section 32 as failure to make the necessary disclosures can give the purchaser the right to terminate the Contract of Sale.
When you instruct Gleeson and Co Lawyers to act on your behalf you’ll have the peace of mind of knowing that you’re receiving expert advice and that the Principal Solicitor of the firm is overseeing every aspect of your sale. This ensures your Section 32 complies with the law and that you’re fully protected.