What is a Section 32 Statement?
A Section 32 Statement is a legal disclosure document that sellers in Victoria must provide to potential buyers before signing a contract. It outlines key property details, including title information, zoning, and any restrictions.
What must be included in a Section 32 Statement?
The statement must include information about mortgages, caveats, easements, and zoning regulations. If there are any outstanding council rates or unapproved building works, these must also be disclosed.
What happens if a Section 32 is incorrect or incomplete?
If the statement contains false or missing information, the buyer may have the right to withdraw from the contract or take legal action. This is why both buyers and sellers should have a conveyancer review the document carefully before proceeding.
