Auctions-Section 32



From: Glenn M

Hi all,

Just wondering if it's just me, but lately, I have been finding it increasingly more common that say if an Auction is to take place on Saturday, the Section 32 (Vendor's Statement) is not ready until 5:00-5:30pm the night before (Friday) or even until the day of the Auction.

Usually, the Real Estate company will tell you that the Section 32 has been held up by the Solicitor's. But what I don't understand is that the Auction is well known in advance (usually 4-6 weeks)....funny how the Solicitor's come through on the day before the auction. Maybe is there something to hide in the Section 32? Perhaps the Real Estate company doesn't want you to pass the statement on to your own Solicitor's for advice? Perhaps Real Estate company's withhold the Section 32 until the last minute and blame the Solicitor's?

It also amazes me how I went to an Auction a couple of weeks ago and only myself and another person read through the Vendor's Statement on the day of the Auction (wasn't available until that day). Do people buy blindly these days and hope for the best???
As it was, after reading through the Section 32, I noticed that there wasn't a separate title for the supposed car park that was to come with the Apartment. The Real Estate Auctioneer was vague when I quizzed him on this...during the Auction he even pointed to a car space and said "That will be the Car Space for the Lucky Buyer". Two hours later I was talking to another Real Estate Agent at an open for inspection and found out that he used to work for the the same Real Estate company that had sold the Apartment at the Auction I had attended. This Agent said he was amazed as his previous employer knew that the whole Car Park at that Apartment block was a "Communal" car park and no-one had legal entitlement to any car space-anybody could park in any car space. Makes you wonder what the legal ramifications would be for this Real Estate Company?

Glenn M.
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