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The Section 32 Vendor Statement (“section32 statement”) is provided as a disclosure to Buyers before they sign the contract. There are serious consequences to the Seller for knowingly or recklessly providing false information or failing to supply all required information, including providing you with a potential avenue to validly rescind the contract prior to settlement.
In Victoria, the Sale of Land Act 1962 (Act) allows for the early release of a buyer's deposit to the seller before settlement under Section 27. Here’s how it works:
The buyer has the right to inspect the property before settlement to ensure its condition hasn't changed since the contract date. Cooperate with the buyer to facilitate this inspection.
If you are buying at auction, you should ensure that all of your affairs are in order before you bid at the auction. This is because you will be bound by the Contract upon signing the Contract on auction day. We recommend the following steps:
If you are buying in a Strata or Community Scheme, you should be aware of:
The deposit must be paid to the Deposit Holder as required by the Contract terms which can sometimes be immediately.
When purchasing a property, it is important for Buyers to understand their responsibilities and risks concerning insurance coverage. This overview highlights the key considerations for ensuring proper insurance is in place from the moment a contract is signed until settlement. Additionally, it outlines the insurance obligations for different types of properties, including strata and low-rise developments, to help Buyers navigate their responsibilities effectively.
When purchasing a property, it is important for Buyers to understand their responsibilities and risks concerning insurance coverage. This overview highlights the key considerations for ensuring proper insurance is in place from the moment a contract is signed until settlement. Additionally, it outlines the insurance obligations for different types of properties, including strata and low-rise developments, to help Buyers navigate their responsibilities effectively.
A deposit is a part payment of the purchase price payable by the Purchaser when signing the contract.
Beforesigning a contract, review key details such as price, deposit amount, and settlement period. Ensure any conditions, like finance approval or a buildingand pest inspection, are included. A conveyancer can help identify any hidden risks or unfavourable terms.