noobish section 32 question..

noobish section 32 question..'Additional Vendor Statement'

Hi all, (long time lurker first time poster..)

I'm getting really confused as to what the 'Additional Vendor Statement' means.

This additional Vendor Statement is to be attached to the standard Vendor Statement (completed as appropriate and signed by the Vendor) where:
- the land is to be sold subject to a mortgage (registered or unregistered) which is not to be discharged before the purchaser becomes entitled to possession (or receipts of rents and profits); and/or
- the land is to be sold pursuant to a terms contract which obliges the purchaser to make two or more payments (other than a deposit or final payment) to the vendor after the execution of the contract and before the purchaser is entitled to a conveyance or transfer of the land.

i'm really struggling to find layman's terms on what it means..

In my mind, i understand it to mean the vendor wants the buyer to take over their mortgage repayments (perhaps becuase they don't want to break out of a fixed rate mortgage)?

Is a property worth any more or any less if it comes with an "additional vendors statement"?

would greatly appreciate a simple explananation
Last edited: