The Vendors Statement

Also know as a Section 32 statement, this must be prepared and signed by the Vendor before a property can be sold.

The Vendors statement is designed to ensure that the purchaser receives important and relevant disclosures about the property they are considering purchasing which may affect their decision.

The Vendors statement may include details of :

Zonings
Rates & Outgoings
Statutory Notices and Orders over the Property
Easements, Covenants and other restrictions on title
Mortgages over the property
Leases affecting the property
Title description
Owners corporation details
Building Permits, Insurance and Warranties
Planning Permits and Conditions


If the purchaser is satisfied with the information contained in the Vendors Statement , a formal sales agreement can then be entered into.
Note that is illegal for a purchaser to sign a contract to purchase a property before receiving a duly completed and signed Vendors Statement .

The Vendor Statement therefore also serves the Vendor in uncovering anything they may not be aware of that needs to be considered or factored into the negotiations for the sale of heir property. Therefore we recommend ordering a Vendors Statement from your lawyer immediately your home is listed for sale.