Vendor’s Statement (also known as Section 32 Statement)
Vendors selling property in Victoria must provide a document called a Section 32 Statement (Vendor’s Statement). This document sets out the title, planning restrictions and other information relevant to the land. A contract will not be binding unless Section 32 is properly complied with. To comply with Section 32 a Vendor must provide a signed Section 32 Statement to a Purchaser prior to entering into a Contract of Sale. The section 32 must comply with all of the current provisions of section 32 of the Sale of Land Act 1962. Failure to comply with the provisions of this legislation can invalidate the contract of sale.
We are able to obtain information online and compile a Vendor’s Statement very quickly.
We are able to post documents on our website so that they may be immediately assessed online by Purchasers and their advisers.
Contracts for the sale of land must be in writing.
Lexus Conveyancing prepares forms of contract to suit all sorts of property in Victoria, including off-the-plan sales, strata titles and auction Contracts.
The Vendor has the right to determine the terms of a Contract and we are able to ensure that a form used will be to the Vendor’s best advantage.
Once the Contract has been signed
Once the Contract is signed you should contact your lender to advise them that the property has been sold. We will also write to your lender to request the payout figure for your mortgage and to make arrangements for settlement.
The date for settlement is specified in the Contract of Sale. We will arrange a convenient time for settlement with the other parties involved. At settlement any mortgage is paid out and we will collect a cheque for the balance of monies due to you. We will arrange for you to collect the cheque from our office following settlement or we can bank it for you.
The Purchaser is entitled to inspect the property during the week preceding settlement. The Purchaser is entitled to the property in the same condition and state of repair as on the day of sale. The Purchaser will contact the agent who will arrange for them to go through the property at a time that is convenient for you.
You should ensure that you have vacated the property by the scheduled settlement time and leave the keys with the agent for collection by the Purchaser following settlement. We will telephone you and the agent when settlement has gone through and instruct the agent to hand the keys to the Purchaser.
Lexus Conveyancing will advise the council, water authority and body corporate (if applicable) of the change of ownership. It is your responsibility to arrange final readings for electricity, gas and telephone.