When it comes to buying or selling a property in Australia, reviewing a Section 32 is an essential part of the process. Also known as a Vendor’s Statement, this document provides essential property details for everyone involved in a property sale. While a Section 32 is loaded with essential information, it’s always advised that a Property Lawyer or Conveyancer reviews it.
Section 32 documents are full of legal and real estate terms that not everyone is familiar with. That’s why it’s so important to have a qualified professional review this information for you. Review a Section 32 with a Property Lawyer and you’ll get more of an insight into the property and the conditions of the sale.
It’s easy to get caught up in the excitement of purchasing a property without fully understanding what you’re getting into. Learn more about a property and you’ll safeguard yourself from making any costly mistakes. Building restrictions, body corporate fees, and easements are just some of the things you might come across when reviewing a Section 32.
Get the right legal advice before signing on the dotted line. Ask the Property Lawyers at P&B Law today.
There are many essential items of a Section 32. These items ensure a potential buyer is aware of all features related to the sale and ownership of the house. Items like an Owners Corporation Certificate are only essential if the property is part of an Owners Corporation.
A qualified and experienced Property Lawyer can help you review all the items included in a Section 32. A Lawyer can help explain what the legal requirements of the Section 32 are and how they affect the condition and sale of a property.
A Section 32 must include a signature from the vendor along with their contact details. These details add further transparency and accountability to the property transfer process. Title documents prove the current seller owns the property and have the authority to sell it.
The Title Document also details what the property is. It could be a block of land, house, or apartment. Any current mortgages and charges should also be displayed to show potential buyers if any debts and liabilities are currently over the property. Mortgages and charges should be listed in order of priority.
Your section 32 should include anything that may restrict you from further developing the property and land. Covenants and easements are two perfect examples that may prevent you from renovating the property in the future. A covenant could include a set of building guidelines that the owner needs to comply with.
An easement often refers to a portion of your property that must always be available to the public or certain parties. It’s common for technicians such as an electrician or plumber to require access to these easements for maintenance work.
Any building permits issued for the property in the last seven years must be included in the Section 32. Permits may include building approvals granted for the property, such as a new bathroom. An inspection report will detail if the owner-builder carried out the work themselves.
A zoning certificate should also be included with the Section 32 documents. This certificate outlines how the property can be used. It reveals whether a property is fit for residential or commercial purposes.
If you’re purchasing an apartment, unit, or townhouse, there’s a good chance it may be part of a complex. It’s common for these properties to have outgoings such as council and water rates. These outgoings must be disclosed by the vendor in the Section 32.
If a property is part of an Owners Corporation, a full certificate of disclosure should be attached to prove it. The minutes of the most recent Owners Corporation meeting should be present too. These minutes can detail what works have been done in the last 2 years, and any future works planned. If there isn’t any funding available for future works then these may come at an extra cost to you after purchasing the property.
Don’t forget that the vendor isn’t always the one living in a property up for sale. The property might already be rented out to someone. If the property you’re buying is rented, then a copy of the current or most recent lease agreement should be included with the Section 32.
For most buyers, a property is one of the biggest financial investments they will ever commit to. When a Section 32 is prepared correctly, all essential details of the property should be included. So it’s in the best interest of a buyer or seller to make sure no detail is overlooked or missed. A Conveyancer or Property Lawyer will have the legal knowledge and skillset to confirm everything about the property’s purchase is legally sound.
Mistakes made during a property transaction can prove to be costly. If a Section 32 is not filled out correctly, a potential buyer has a legal right to pull out of the contract. There’s also a clear advantage to using a Property Lawyer as they are permitted to give you legal advice while Conveyancers are not. So essentially you need a Section 32 to safeguard yourself from any surprises or unknown features of the house before you commit to buying it.
A Section 32 covers all the essential details of a property. But if you’re not willing to invest the time and effort into reviewing it, important details can be overlooked. Hidden charges or issues associated with the property might make you think twice before buying. Alternatively, if you’re a vendor looking to sell, you could end up losing your dream buyer if your Section 32 isn’t up to scratch.
So when it comes to buying or selling property, leave it to the professionals. A Property Lawyer is one of the most qualified professionals you can rely on for reviewing a Section 32. Do you wish to learn more about what a Section 32 is or why you need it? The Property Lawyers at P&B Law are happy to guide you with sound legal advice every step of the way when you buy or sell a property.
Contact the Property Lawyers at P&B Law on 9692 9888 for help reviewing your Section 32.
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