Vendor’s Statement and Property Inspections
The vendor’s statement (or Section 32 Statement) contains information about the land for sale. It does not contain any information about the condition of buildings and fittings. The vendor’s statement is usually prepared by the vendor’s lawyer or conveyancer and will contain information on:
The property’s title
Mortgages, covenants and easements
Zoning permits and planning information
Services connected to the property and rates information
Owners' corporation notices and liabilities
Any notice, order or approval which may affect the land
Building guarantees and permits obtained in the last seven years
The vendor’s statement is a legal document and must contain accurate information. You may be able to withdraw from a contract of sale if it is inaccurate, incomplete or misleading. Have your lawyer review the vendor’s statement and advise you on its contents.
The contract of sale will contain no guarantees about the condition of the building unless you negotiate them with the vendor.
The rule is — buyer beware! Do your own property inspection or hire a professional valuer, builder or architect to do one for you.
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