Where To Start
Any Vendor wanting to accept a written offer for the sale of a property is required to produce a Vendors Statement to the proposed Purchaser.
We have very carefully prepared a Vendor Instruction Sheet which is a document we provide to all vendors to complete and send back to our office.
Once we receive this completed Vendor Instruction Sheet we have the instructions to proceed to search the Title on your behalf and prepare the Vendor Statement as per your instructions.
If you wish to complete your VENDOR INSTRUCTION SHEET, please CLICK HERE - Once you have completed the Vendor Instruction Sheet,
Please EMAIL back to our office.
It is crucial that the information you provide is accurate as if any information is incorrect or certain information has been omitted from the Vendor Statement, a purchaser could have the right, in certain circumstances, to avoid the Sale.
If that happens, you may be liable for the Real Estate Agent's Commission on the first sale and on any re-sale.
The Vendor Statement will be prepared on the basis of information supplied by you.
Our office will not be held responsible for any inaccuracies or information which has not been disclosed by you.
If you are not confident as to the accuracy of the information you are providing, we can apply to the various zoning rating and other authorities for certificates which could also be attached to the Vendor Statement.
Should you receive any Notices or information concerning the property, which would alter the information contained in the Vendor Statement after it has been prepared, you MUST contact us immediately.
It is vital that the information contained in the Vendor Statement is correct and current. This relates to any Fencing notices by your neighbours, information relating to possible sewerage connections, any proposals by Council etc.
We have very carefully prepared a Vendor Instruction Sheet which is a document we provide to all vendors to complete and send back to our office.
Once we receive this completed Vendor Instruction Sheet we have the instructions to proceed to search the Title on your behalf and prepare the Vendor Statement as per your instructions.
If you wish to complete your VENDOR INSTRUCTION SHEET, please CLICK HERE - Once you have completed the Vendor Instruction Sheet,
Please EMAIL back to our office.
It is crucial that the information you provide is accurate as if any information is incorrect or certain information has been omitted from the Vendor Statement, a purchaser could have the right, in certain circumstances, to avoid the Sale.
If that happens, you may be liable for the Real Estate Agent's Commission on the first sale and on any re-sale.
The Vendor Statement will be prepared on the basis of information supplied by you.
Our office will not be held responsible for any inaccuracies or information which has not been disclosed by you.
If you are not confident as to the accuracy of the information you are providing, we can apply to the various zoning rating and other authorities for certificates which could also be attached to the Vendor Statement.
Should you receive any Notices or information concerning the property, which would alter the information contained in the Vendor Statement after it has been prepared, you MUST contact us immediately.
It is vital that the information contained in the Vendor Statement is correct and current. This relates to any Fencing notices by your neighbours, information relating to possible sewerage connections, any proposals by Council etc.
Vendors Statement
What is a Vendors Statement?
A Vendors Statement is a document prepared by the person selling a property and must be provided to a prospective purchaser prior to them signing the Contract. A Contract of Sale is not enforceable unless a Vendor’s Statement has been provided to the purchaser.
The function of the Vendors Statement is to inform the purchaser of certain particulars about the property. When a purchaser is deciding whether or not to buy a property, they will be shown a Vendors Statement by the selling agent. The Vendors Statement will include such information relating to rates, zoning, restrictions etc.
Who needs a Vendors Statement?
Any Vendor accepting a written offer for the sale of a property is required to produce a Vendors Statement. So if you are selling your property, you do.
If you wish to complete
If you intend to sell your property, contact Premier Conveyancing or compete your VENDOR INSTRUCTION SHEET, please CLICK HERE
Once you have completed the Vendor Instruction Sheet, Please EMAIL back to our office and we shall commence work on your Vendors statement immediately.
What is the Section 32/Vendors Statement
A Section 32 or Vendors statement is just that, a statement made by the seller of real estate (vendor) to a purchaser.
Section 32 of the Sale of Land Act requires pre-contract disclosure of recognised title defects. If a seller of real estate (vendor) fails to properly make proper disclosures to a purchaser a purchaser may elect to avoid any subsequent contract relying on that vendors statement section 32.
These disclosure requirements are relatively specific and must be complied with by a vendor.
Your Section 32/Vendors Statement should be prepared by a qualified and licensed conveyancing professional.
The vendor is the only person who is required to sign the Section 32. The vendor may sign personally, or through their legal representative.
The Section 32 must be provided to a purchaser BEFORE the contract is signed.
Sometimes an agent will have the purchaser sign a contract first, and include a special condition in the contract stating that the sale is subject to the vendor providing the purchaser with a copy of the Section 32. In such circumstances the sale is fatally flawed, and the purchaser is entitled to cancel it.
Premier Conveyancing generally prepares 6 copies of the Vendors Statements, we will forward 4 copies to the selling agents, 1 copy to yourself and keep a copy for our files.
What is in the Section 32?
The following is a list of the basic information found in a Section 32. Further information may be required -it depends on the property being sold. (Remember, legal advice from a qualified and licensed conveyancing professional should always be sought regarding the information contained in the Section 32, and what information SHOULD be included).
Basic information in the Section 32:
In addition to the above other acts also require certain information to be included in a vendors Section 32 statement these include
Defective Vendors Statement
It is a criminal offence for a vendor to deliberately or recklessly provide false information, or to fail to provide all of the required information.
Where a vendor has failed to comply with the provisions of Section 32, a purchaser may be entitled to end the contract at any time, up until the day of final settlement. This can result in huge costs to a vendor. The vendor may still have to pay a full commission to the estate agent, then a second commission if the property is to be sold again, plus legal costs, plus the cost of the purchaser’s loss.
Of course, there are exceptions. A mere technical breach may not result in cancellation of the contract. Legal advice should be sought before assuming anything with regard to breaches and remedies relating to Section 32 of the Sale of Land Act.
A Vendors Statement is a document prepared by the person selling a property and must be provided to a prospective purchaser prior to them signing the Contract. A Contract of Sale is not enforceable unless a Vendor’s Statement has been provided to the purchaser.
The function of the Vendors Statement is to inform the purchaser of certain particulars about the property. When a purchaser is deciding whether or not to buy a property, they will be shown a Vendors Statement by the selling agent. The Vendors Statement will include such information relating to rates, zoning, restrictions etc.
Who needs a Vendors Statement?
Any Vendor accepting a written offer for the sale of a property is required to produce a Vendors Statement. So if you are selling your property, you do.
If you wish to complete
If you intend to sell your property, contact Premier Conveyancing or compete your VENDOR INSTRUCTION SHEET, please CLICK HERE
Once you have completed the Vendor Instruction Sheet, Please EMAIL back to our office and we shall commence work on your Vendors statement immediately.
What is the Section 32/Vendors Statement
A Section 32 or Vendors statement is just that, a statement made by the seller of real estate (vendor) to a purchaser.
Section 32 of the Sale of Land Act requires pre-contract disclosure of recognised title defects. If a seller of real estate (vendor) fails to properly make proper disclosures to a purchaser a purchaser may elect to avoid any subsequent contract relying on that vendors statement section 32.
These disclosure requirements are relatively specific and must be complied with by a vendor.
Your Section 32/Vendors Statement should be prepared by a qualified and licensed conveyancing professional.
The vendor is the only person who is required to sign the Section 32. The vendor may sign personally, or through their legal representative.
The Section 32 must be provided to a purchaser BEFORE the contract is signed.
Sometimes an agent will have the purchaser sign a contract first, and include a special condition in the contract stating that the sale is subject to the vendor providing the purchaser with a copy of the Section 32. In such circumstances the sale is fatally flawed, and the purchaser is entitled to cancel it.
Premier Conveyancing generally prepares 6 copies of the Vendors Statements, we will forward 4 copies to the selling agents, 1 copy to yourself and keep a copy for our files.
What is in the Section 32?
The following is a list of the basic information found in a Section 32. Further information may be required -it depends on the property being sold. (Remember, legal advice from a qualified and licensed conveyancing professional should always be sought regarding the information contained in the Section 32, and what information SHOULD be included).
Basic information in the Section 32:
- Statutory warnings to the purchaser
- Information regarding building permits issued in the past 7 years Particulars of any mortgages or “charges” over the land
- Information regarding covenants, easements and any other restrictions on title (whether or not they appear on the title)
- Planning information, particularly where zoning restricts land use
- Information regarding rates, Taxes, Charges and Outgoing payable by the owner of the property
- If the property is subject to a Growth Area Infrastructure Contribution
- Particulars of any notice, order, declaration, report or recommendation of a public authority or government department
- Details about services connected to the property
- Whether there is access to the property by road or not
- Additional information regarding the any mortgage or charge if the sale is a terms contract
- Confirmation that the property will or will not remain at the risk of the vendor prior to any settlement
- Details of any agricultural restrictions or notices
- Details and evidence of the vendors and his right to sell the property
In addition to the above other acts also require certain information to be included in a vendors Section 32 statement these include
- If the vendor is the owner-builder who completed building works the required written inspection report (which lists any defects) and if needed Particulars of owner-builder warranty insurance under section 137b of the building act
- Details of any owners corporation and the require disclosures under Section 151 of the owners cooperation Act
Defective Vendors Statement
It is a criminal offence for a vendor to deliberately or recklessly provide false information, or to fail to provide all of the required information.
Where a vendor has failed to comply with the provisions of Section 32, a purchaser may be entitled to end the contract at any time, up until the day of final settlement. This can result in huge costs to a vendor. The vendor may still have to pay a full commission to the estate agent, then a second commission if the property is to be sold again, plus legal costs, plus the cost of the purchaser’s loss.
Of course, there are exceptions. A mere technical breach may not result in cancellation of the contract. Legal advice should be sought before assuming anything with regard to breaches and remedies relating to Section 32 of the Sale of Land Act.
Discharge Of Mortgage
When you sell your property you must provide the Vendor with “Good Title” this means that you must discharge any encumbrance that may be effecting the property. In the case where a Lender has a Mortgage over the property, the Mortgage together with any other charges, liens, caveats or the like are discharged or paid off.
The mortgage will be paid out at settlement from the settlement funds and any balance left over will be paid as you direct.
Some lending institutions will require your signatures on a “Discharge Authority”. This document will be forwarded to you from Premier Conveyancing if required. You must sign this document and complete any other sections where indicated and return the document to Premier Conveyancing without delay.
MOST BANKS WILL NOT SETTLE WITHOUT THIS AUTHORITY.
The mortgage will be paid out at settlement from the settlement funds and any balance left over will be paid as you direct.
Some lending institutions will require your signatures on a “Discharge Authority”. This document will be forwarded to you from Premier Conveyancing if required. You must sign this document and complete any other sections where indicated and return the document to Premier Conveyancing without delay.
MOST BANKS WILL NOT SETTLE WITHOUT THIS AUTHORITY.
Owner Builders
When selling a property that has “Owner Built” works, you must provide a defects report as required under Section 137B of the Building Act, this report must be completed by a person who is authorized under the Act to complete them and the report must not be older than 6 months when the Contract of Sale is signed. If the works are over $12,000.00, you must also provide a 6 year Building Warranty.
Please remember that most building inspectors CANNOT complete a defects report.
Please remember that most building inspectors CANNOT complete a defects report.
Settlement
Settlement
The date for settlement is specified in the Contract of Sale. We will arrange a convenient time for settlement with the other parties involved. At settlement any mortgage is paid out and we will collect a cheque for the balance of monies due to you. We will arrange for you to collect the cheque from our office the business day following settlement or we can bank it for you.
Final Inspection
The Purchaser is entitled to inspect the property during the week preceding settlement. The Purchaser is entitled to the property in the same condition and state of repair as on the day of sale. The Purchaser will contact the agent who will arrange for them to go through the property at a time that is convenient for you.
Keys
You should ensure that you have vacated the property by the scheduled settlement time and leave the keys with the agent for collection by the Purchaser following settlement. We will telephone you and the agent when settlement has gone through and instruct the agent to hand the keys to the Purchaser.
Utilities
Premier Conveyancing will advise the council, water authority and Owners Corporation (if applicable) of the change of ownership. It is your responsibility to arrange final readings for electricity, gas and telephone.
The date for settlement is specified in the Contract of Sale. We will arrange a convenient time for settlement with the other parties involved. At settlement any mortgage is paid out and we will collect a cheque for the balance of monies due to you. We will arrange for you to collect the cheque from our office the business day following settlement or we can bank it for you.
Final Inspection
The Purchaser is entitled to inspect the property during the week preceding settlement. The Purchaser is entitled to the property in the same condition and state of repair as on the day of sale. The Purchaser will contact the agent who will arrange for them to go through the property at a time that is convenient for you.
Keys
You should ensure that you have vacated the property by the scheduled settlement time and leave the keys with the agent for collection by the Purchaser following settlement. We will telephone you and the agent when settlement has gone through and instruct the agent to hand the keys to the Purchaser.
Utilities
Premier Conveyancing will advise the council, water authority and Owners Corporation (if applicable) of the change of ownership. It is your responsibility to arrange final readings for electricity, gas and telephone.
