What is a Section 32 Statement?

 

The Section 32 Statement refers to Section 32 of the Sale of Land Act (as amended), which requires the vendor to provide a statement about the financial, legal and planning details of the property, before a Contract of Sale or Contract Note is signed.

It is also known as the Vendor’s Statement.

The Section 32 should include at least the following:

  • A copy of the title showing any existing easements or covenants, boundary measurements of the land and location in relation to nearest street;
  • Information about planning or development restrictions;
  • Details of any mortgage over the property;
  • Outgoings such as rates, body corporate fees and so on that apply;
  • Building restrictions and copies of permits issued for work carried out in the last seven years.

Both the vendor and purchaser must sign the Section 32 before the contract is signed. If the property is being sold at auction, a copy of the Vendor’s Statement and the Contract of Sale will be available before the auction.