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