Vendor's Statement

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From: Mel G


OK, another novice question for you...what is a Vendor's Statement?

Mel
 
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Reply: 1
From: Rolf Latham


Hi Mel

Id suggest you are from Victoria and you are talking about the Section 32. Not really sure but I feel this covers all this disclosures that a vendor has to make such as easements, etc

Ta

Rolf
 
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Reply: 2
From: Michael Yardney


Mel
In Victoria a signed Section 32 or vendor's statement is required to be given to you by law prior to you signing a contract of sale (or even before you make an offer.) This document discloses all the statutory details of the property including easements as Rolf suggested, but also title details, rating notices, flood prone notices and any relevant permits.
I recently bought a block of land with a deficient section 32, they left out a few details -in particular that the block which was low lying and near the beach was flood prone and would be difficult to build on. On the basis of a deficient and incomplete vendor's statement I was able to rescind (pull out of the sale) and we are currently seeking compensation for my costs.
Read this document carefully and have it inspected by your solicitor before you make an offer.
Michael Yardney
Metropole Properties
 
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Reply: 2.1
From: Russell H


are you sure about agent not being able to accept offer without section 32?

a property i was interested in was sold ( told so by the agent) before the section 32 was available. he claims some nonsense about 'sale being subject to S32' but i was ( am ) still annoyed - esp as i knew ( did my homework!) that there were some council conditions, and i wanted to know what the vendors solicitor had to say about them before i made an offer. ( i understand the sale nearly fell through, and upset the vendor considerably!)

russell
 
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Reply: 2.1.1
From: Michael Yardney


Russel
While you can make an offers subject to an acceptable vendor's statement (I made one tonite), by law you cannot sign a contract of sale in Victoria until you have received a signed vendor's statement. This does not mean that the vendor cannot accept your conditional offer - its just that neither of you can sign the contract yet.
Michael Yardney
Metropole Properties
 
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