Hi KitKat
There is a sequence which must be followed in documentation.
The Vendor's Statement (Section 32) must be presented to the buyer
before the Contract of Sale.
If not, the vendor cannot rely on the sale as the purchaser can withdraw right up to settlement on the basis of breach of the provisions of the Sale of Land Act.
This doesn't happen very often but technically it can.
I noticed which viewing properties on the
www.allhomes.com.au site that a number of properties were marked as having been withdrawn from the market until documentation in compliance with (whatever legislation) became available
Perhaps in NSW / ACT the rquired documentation must now be available prior to putting the property on the market for sale?
At various times in my selling career, I have remonstrated with the Agency principle regarding advertising or promoting property which was listed but for which no S.32 was yet available.
As a selling agent I really couldn't see the point in promoting a property when we couldn't take written offers from prospective buyers.
When I worked as a buyers agent this infuriated me as I was unable to submit offers until the S.32 was perused by my buyer and often by that time the selling agent had taken other 'informal' offers.
As an intending buyer myself, the first question I ask is 'Is the S.32 in the Office?'. If not, I now save myself a lot of nuisance and won't inspect anything without the Vendor's Statement being available.
However, many buyers feel cornered in this situation and will sign Contracts even when to do so is unenforceable and in breach of the Act.
Cheers
Kristine
