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.