What Is A Section 32 Vendor’s Statement?

Posted on May 1, 2007 by | 0 Comments

Consumers Beware!A number of recent enquiries through our pre-purchase advice service indicate that consumers tend to confuse the Section 32 Vendors Statement with the Contract of Sale.

The Section 32 Vendors Statement is a document provided by the vendor (seller) of real estate to an intending purchaser.

Its name comes from Section 32 of the Sale of Land Act, which requires a vendor to provide certain information to a purchaser BEFORE a contract of sale is signed.

In general terms, if the vendor fails to provide the information set out in Section 32 of the Sale of Land Act before the contract is signed, the purchaser will be able to cancel the contract. Of course, there are exceptions to this general rule, and purchasers should not assume that any “technicality” will allow them to end the contract.

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