After spending countless hours going to open houses you finally found the perfect home! Now time to put in an offer and review the Section 32 to make sure you can make those renos or build that shed. Reviewing each Section 32 with your property lawyer in Geelong ensures you get insight into the state of that specific property and the conditions of the sale.
What is a Section 32?
The Section 32 document is a legal document provided by the vendor (seller) to a potential buyer. Outlined by the Sale of Land Act 1962, this document discloses any information that pertains to the home or land for sale. Also known as a Vendor’s Statement, the document has a lot of legal jargon and unfamiliar real estate terms. Therefore it is always advised that a property lawyer reviews and explains your property paperwork.
Vendor Statement inclusions
Many items are part of Section 32, such as:
Title document – details the type of property and any current mortgages and charges on the property.
Covenants, easements and restrictions – are items that may restrict you from developing or renovating the property or land.
Zoning and permits – a zoning certificate will outline how the property can be used (residential, commercial, or mixed). Additionally included will be any building permits issued in the last seven years.
Leases – Rented or leased properties will include a copy of the most recent lease. A property lawyer will help you understand your legal rights and obligations as the landlord.
Outgoing and Owners Corporate certificates – apartments, units, or townhouses may be part of larger complexes. If a property is part of an Owner Corporation the minutes of the last meeting should be present. The minutes help you understand the property’s current state, including completed works from the previous two years and any planned future work.
Conveyancing for Geelong properties
Each property is unique. Some properties may have a straightforward Section 32, and some may have a ton of extra documentation to sift through. No matter what, it is advisable to engage a property lawyer in Geelong to review the Vendor Statement to understand your rights and obligations when purchasing the property of interest.
For most buyers, a property purchase is a significant financial investment. Therefore, safeguard from any hidden charges or issues with the property before you commit to purchasing it.
Property lawyers in Geelong
Get legal advice from experienced property lawyers in Geelong before signing on the dotted line. Whyte, Just & Moore’s property lawyers are happy to review and advise you on your property documentation. Contact our property team on 5222 2077 or by emailing info@wjmlawyers.com.au.
