Buying and selling a property is a tough task, we all know that various things must be ensured before buying or selling a property. There are a lot of documents, paperwork, and other things that must be checked thoroughly before making a successful transaction.

One of the most important documents in property transactions is the section 32 vendor statement, but many people don’t know about it or its importance.

That’s why, in this, we are going to discuss why the section 32 vendor statement is important for both buyers and sellers before making property transactions. So make sure to read this till the end as this will help you to make an informed choice whether you are buying or selling a property.

What Is Section 32 Vendor Statement?

This document is made essential by the law under section 32 of the Sale of Land Act of Victoria. It’s a legal document that should be prepared and read by a professional conveyancer for both the seller and the buyer.

Many confuse it with the contract of sale but it’s different from that. It’s a legal document that has all the details about the property which the seller is selling and it must be provided by him/her to all the potential buyers.

Importance of Section 32 Vendor Statement For Sellers

Section 32 vendor statement gives you the right to walk out from the transaction if you find anything defective in the statement. It means that the seller must provide an accurate statement that contains all the information about the property that may affect the buyer’s decision. It’s one of the most important documents that must be prepared by the seller so that every buyer has the proper idea of what they are going to buy.

Importance of Section 32 Vendor Statement For Buyers

The Section 32 Vendor Statement is as important for the sellers as it is for the buyers because as we have discussed the Section 32 vendor statement contains all information about the property such as statutory warnings, mortgages, and more. As a seller, if you fail to provide an accurate vendor statement then you will have to face severe consequences. And it helps the buyer to make an informed choice about buying the right property.

What Does Section 32 Vendor Statement Look Like?

Section 32 vendor statement comprises various documents such as title documents, restrictions on the land, owner-builder warranty insurance, zoning certificate, outstanding debts, and much more. as various technical documents are tough to understand by a layman thus, you must get the help of a professional conveyancer to prepare an accurate vendor statement that covers everything concerned.

Why Is It Important To Hire An Expert Conveyancer For Preparing A Vendor Statement?

Now that we have discussed why the section 32 vendor statement is a must for both the buyers and sellers. And we have also mentioned that various things are in the vendor statement that are tough for a layman to understand. Thus, you must hire a professional conveyancer to prepare a well-drafted vendor statement.

That’s why, Proficient Conveyancing is here to provide you with a professionally drafted vendor statement for sellers and will ensure that everything is correctly mentioned in it for the buyers. So contact us to get expert services for preparing and ensuring a professional section 32 vendor statement.