A Section 32 agreement, also known as a vendor`s statement, is a legal document that is required to be provided by the vendor of a property to the potential buyers before entering into a contract of sale. This document outlines the details of the property being sold, including any recent or ongoing disputes, taxes, rates, and charges. It is essential for potential buyers to understand what a Section 32 agreement is and why it is important in the property buying process.
The purpose of a Section 32 agreement is to ensure that the buyer has all the necessary information about the property before entering into a contract of sale. The agreement is designed to protect the buyer from any potential legal issues or hidden costs associated with the property.
The information contained in a Section 32 agreement can vary from state to state, but typically includes details such as:
1. Title of the property
2. Legal description of the property
3. Zoning information
4. Planning permits and approvals
5. Building permits and approvals
6. Easements and covenants
7. Any potential legal or government actions that may affect the property
8. Any agreements or orders from government authorities
9. Details of any existing mortgages or other loans on the property
By providing this information to potential buyers, vendors can help to reduce the risk of any disputes or legal action arising after the sale has been completed. A Section 32 agreement can also help to speed up the buying process, as buyers can review the details of the property before making an offer.
In addition to the above information, a Section 32 agreement may also include a range of other details that are specific to the property being sold. For example, it could include information about the condition of the property, any defects or damage, or any recent renovations or repairs.
Overall, a Section 32 agreement is an important legal document that should be provided to potential buyers before entering into a contract of sale. Buyers should review this document carefully to ensure that they have a clear understanding of all the information contained within it. If you are considering buying a property, it is important to work with a qualified and experienced real estate agent or lawyer who can help you navigate the buying process and ensure that all the necessary legal requirements are met.