Section 32 Statements

[WebBoard]

From: Anonymous


Hi,
This may be a silly Question, but I Know someone out there Knows the answer to the question I've been trying to have answered for days....please tell me what 'Section 32 statements' are and what are they for??, any help would be greatly appreciated.
many thanks
Brian.

 

[asy]

Reply: 1
From: Asy .


Brian,

I assume you are in Victoria...

A section 32 statement is literally a "Vendor's statement to the purchaser of Real Estate". Under the Sale of Land Act, Section 32 sets out the rules of what information the vendor must give to the purchaser, and this information generally covers exactly what is associated in the sale of the property, and (Very importantly) sets out who has the right to sell the property and who is in possession of the property (And by what right they are in possession).
There are penalties for not giving the correct information is a Section 32 and in fact the contract of sale is voidable by the purchaser should the Section 32 not be correct.
I hope this answers your question.

asy

 

[WebBoard]

Reply: 1.1
From: Anonymous


Asy,
Thankyou for answering my question, it is a great help, however not all contracts for sale (in NSW) require these, do they?, or is it a Victorian Act only?
Brian.

 

[paulzag]

Reply: 1.1.1
From: Paul Zagoridis


Section 32 is specific to the Victorian act. Other states may have similar requirements and associated penalties.

I've bought or sold in NSW, Qld, and Vic in the last 12 months. I leave these things to my lawyer in each state.

Paul Zag
Dreamspinner
Oz Film Biz is at
http://www.healey.com.au/~paulz

 

[WebBoard]

Reply: 1.1.1.1
From: Tai Melb


Hi Paul,
I assume that you have one lawyer for
each state!

Is it a good idea to have a lawyer for
each state where you buy/sell properties?
Or just have one lawyer to manage all
the properties regardless of its location?

I guess local lawyer will have more
knowledge than interstate lawyer?

Thanks

Tai

 

[paulzag]

Reply: 1.1.1.1.1
From: Paul Zagoridis


I ask my lawyer to recommend someone in the other state if they can.

Lawyers generally practise in areas of law. Real property is state based so they generally stay within their state.

Tax lawyers operate nationally (except stamp duty).

Paul Zag
Dreamspinner
Oz Film Biz is at
http://www.healey.com.au/~paulz