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Learn what a section 32 vendor statement is, why it is important, and what it contains. Find out how to prepare, review, and use this legal document in property transactions in Victoria.
- Conveyancing
- Legal Practitioners and Conveyancers
- Section 32 Statement
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Conveyancing is the transfer of ownership of a property from a seller to a buyer. Usually, the buyer and seller each engage a legal practitioner or conveyancer to handle this process. There are differences in what legal practitioners and conveyancers are legally allowed to undertake on behalf of a client. Tips: 1. Choose a legal practitioner or con...
When you deal with a legal practitioner or conveyancer, you are protected by: 1. professional indemnity insurance - this means you are protected if something goes wrong as a result of the legal practitioner or conveyancer’s advice 2. statutory compensation funds - these funds compensate buyers and sellers for the loss of any money held on their beh...
Before a property is sold, you must give the buyer a Section 32 statement. This document is usually prepared by your legal practitioner or conveyancer. The reason it is called a Section 32 statement is because the information it must contain is set out in section 32 of the Sale of Land Act 1962. The Section 32 statement contains information about t...
A Section 32 statement is a legal document that contains information about the property's title and outgoings. You must give it to the buyer before they sign the contract of sale, or face legal consequences.
The fact that A said A had been robbed without making any complaint is not relevant as conduct under this section, though it may be relevant as a dying declaration under section 32(1)(a), or as corroborative evidence under section 159.
When selling property or land, the vendor is required to disclose various matters under section 32 of the Sale of Land Act 1962 in what is known as a Vendor’s Statement or Section 32 Statement.
A vendor’s statement – also known as section 32 – is a document that tells potential buyers certain things about the property title they should know before signing a contract to purchase. A vendor’s statement discloses information not readily found by inspecting a property.
Section 32 is a vendor statement that discloses specific information about a property for sale in Victoria. It is important to read and understand it before signing a contract, as it may affect your rights and obligations as a buyer.
Nov 8, 2017 · A Section 32 statement (aka Vendor's Statement) is a document provided by a vendor when they decide it's time to sell their property. This document must be handed over to the intended purchaser of the property.
