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 (if any) and other important and relevant information that affects the land. A Contract to Sale to sell real estate is not legally binding unless the Section 32 is correctly prepared and complied.
To comply with Section 32 document, a Vendor must provide a signed Vendor’s Statement to a Purchaser, prior to entering into any Contract of Sale.
Contracts for the sale of land must be in writing.
Silverthorn Conveyancing prepares forms of contract to suit all sorts of property in Victoria, for the sale or auction of the following types of property:
- Residential Homes
- Investment Homes
- Residential Lands – including Sub Divisions
- Development Sites – Residential & Commercial
- Commercial Freehold – Shops, Industrial & offices
- Off the Plan Sales & Purchases
- Strata Titles
As the Vendor, you have the right to determine the terms of the contract. Silverthorn Conveyancing will ensure that the contract used, is to the seller’s advantage.
Exchange of Contracts – signed by all parties
Upon the contract being signed, Silverthorn Conveyancing shall advise the Vendor’s bank of the sale and request a payout figure and discharge of the bank’s mortgage. Prior to the settlement date our office will make settlement arrangements with the discharging mortgagee.
The settlement date is outlined within the Contract of Sale. We will arrange for settlement with all other parties involved.
At settlement, any mortgage on the property is paid out and we shall collect the balance of monies due to the Vendor.
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 all parties.
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.
Silverthorn 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.