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PPG_Blog_Novemeber_image 5_vendors statement

Enzo Raimondo, chief executive of the Real Estate Institute of Victoria, has revealed that the state government will conduct a review of the Section 32 of the Sale of Land Act.

Often referred to as the ‘vendor’s statement’, the Section 32 is a file prepared by a vendor’s solicitor or conveyancer. Contained within the document is a range of papers that affect the sale of that land. These usually include such things as building permits, description of an easement, covenant or any other similar restrictions, details of electricity, gas, water, sewerage etc. and any other factors that may affect the sale of land. By law, the Section 32 must be disclosed to any potential purchasers.

Mr Raimondo says that by announcing the review, the government wants to ensure that the requirements for the Section 32 are still relevant and that they do not create any unnecessary red tape or cost to the vendor. The state government has released a discussion paper on the matter, which is available at www.cav.vic.gov.au. Submissions from the public can be made up until December 20 this year. The REIV is also interested in feedback and emails can be sent to reiv@reiv.com.au.

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