WHAT IS A SECTION 32 VENDORS STATEMENT?

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When you put a property on the market your estate agent will ask you for a Section 32 statement.  This is because you cannot validly sell the property until the purchaser has a signed section 32 statement.  The purpose of the Section 32 statement is to give the purchaser information about your property that they would not get through a physical inspection.  

 

If your section 32 statement contains errors your purchaser may be able to end the contract of sale.  If the contract ends the Agent will still be entitled to commission, and you may find yourself unable to complete your own purchase without your sale proceeds. 

 

Common section 32 errors include failing to provide an Owner Builder report for building or renovation work done within a 'prescribed period' before the sale and a Certificate of insurance for those works if over a prescribed value.  Failure to provide a required report (and if applicable insurance) can mean your sale ends, leaving you without sale proceeds to complete your own purchase (if applicable) and also owing the Selling Agent their commission.  It does no help to provide the Report (and if applicable, Insurance) after you have sold.  The purchaser has the right to end the contract unless you provided it before they signed the contract. 

 

Other regular section 32 errors that lead to termination by purchasers are failure to disclose unregistered easements or restrictive covenants and failure to disclose buildings over easements. 

 

Given all of this, the section 32 statement is the most important document in your sale process.  If it is done well, it will be smooth 'selling'.

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WHAT DO I NEED TO PREPARE A SECTION 32 STATEMENT

 

I have a standard questionnaire which you can download from the ‘further information’ tab on this site. Feel free to fill it out and email it to me.  Alternatively, give me a ring and I will email it it with my Standard Cost Disclosure.

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AFTER YOU SIGN A CONTRACT OF SALE

 

After you have entered into a Contract of Sale with a buyer, I manage the conveyancing process up to and including settlement.

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NEXT STEPS

If you would like my help, please email me with details of your property and I will send you a cost disclosure statement with a complete run-down of the legal work I will do as part of your sale.   You can also check out my competitive rates at fees.