Acquiring property is an intricate and delicate process, often entailing a series of significant documents that facilitate the transaction. One of these essential documents is the Vendor Statement, also known as a Section 32 Statement. At Shepparton Conveyancing Services, we understand that interpreting this crucial document can appear daunting.
However, the Vendor Statement is key in providing buyers with the knowledge needed to make informed property acquisition decisions. That’s why we’re here to equip you with everything you need to know about Vendor Statements before you begin your property journey.
The Vendor Statement is a comprehensive legal document provided by the property seller, disclosing critical details about the property. The reason it's known as a Section 32 Statement is due to its requirement under Section 32 of the Sale of Land Act in Victoria. This document acts as a safeguard for buyers, ensuring they are thoroughly informed before appending their signature on a property sale contract.
A Vendor Statement typically contains:
- Title Details: Information about the ownership of the property, including any easements, covenants, or mortgages attached to it.
- Zoning Information: Specifies how the land can be used (e.g., residential, commercial, or agricultural).
- Rates and Charges: Disclosure of council rates and other ongoing costs associated with the property.
- Building Permits and Approvals: Details of any permits issued for the property, such as recent renovations or extensions.
- Outgoings: Information on any fees the buyer may need to cover, such as owners’ corporation fees (for units or apartments).
Land Use Restrictions: Details about any restrictions that might affect how the land can be used.
The Vendor Statement serves the vital function of transparency, helping buyers avoid undesirable surprises. For instance, it might highlight that the property is under heritage restrictions, has a shared driveway easement, or unpaid council rates or other debts. With this awareness, buyers can make confident and well-versed decisions before committing to the property acquisition.
Buyers should pay close attention to the following when reviewing a Vendor Statement:
- Easements: These are legal rights that allow others to use part of the property, such as shared driveways or utility access.
- Zoning Restrictions: Make sure the zoning aligns with your intended use of the property.
Unpaid Fees: Look out for any outstanding charges that you may inherit as the buyer.
At Shepparton Conveyancing Services, we view and examine Vendor Statements on your behalf to ensure all details are precise and comprehensive. We'll identify any likely risks, clarify ambiguities, and offer expert counsel so you can proceed with assurance.
It’s best to engage a conveyancer before you make an offer or sign a contract. This way, we can review the Vendor Statement and highlight any concerns before you’re locked into the purchase.
Buying property is one of the biggest decisions you’ll ever make, and having a professional conveyancer by your side can make all the difference. If you’re planning to buy a property, contact Shepparton Conveyancing Services today. We’ll help you navigate every step of the process with ease.