The Section 32 Statement
Selling real estate may seem a complex process – that’s why you will need the assistance of an experienced property lawyer to represent your interests throughout the entire process. Our conveyancing lawyers we go through the selling process every day. We know what is required from each party and we can anticipate potential issues or disputes, to provide you with the best possible results.
In Victoria, section 32 of the Sale of Land Act 1962 requires that a seller of real estate must give the buyer a signed statement before the buyer signs the contract. The statement includes essential information including statutory warnings to the buyer, details of the seller, particulars of the property including title, mortgages, covenants, easements, zoning, outgoings (for example rates), declaration if located in a bushfire-prone area, building permits, owner-builder warranty insurance, disclosure of notices or orders affecting the property and information on services connected to the property. Buyers should take the time to read the section 32 statement very carefully and where possible, before signing, also seek legal advice on the proposed contract.
Our knowledge in the area of property law allows us to handle every selling process easily and effectively. Selling property does not have to be difficult. Our conveyancing services are delivered on time, ensuring a straight-forward property settlement process.
The Selling Process
When selling a property, do not accept the offer:
- if the buyer has not properly signed all the documentation
- unless you can fulfil all your requirements
- until you make sure that all the property details are correct
However, when you receive an offer, you may:
- accept the offer and sign the contract
- reject the contract and not sign anything
- respond with a counter-offer
The contract may be subject to a three business day statutory cooling off period. If exercised, the buyer is entitled to a refund of all money paid except for $100 or 0.2% of the purchase price (whichever is more).
At Parke Lawyers we specialise in conveyancing in Melbourne and we know how to facilitate the entire selling process so your interests are always protected.