Section 32 of the Sale of Land Act 1962 (Vic) prescribes that a vendor must give a signed statement to the purchaser before the purchaser signs the contract. The Vendor Statement must disclose the following matters:
If a vendor fails to supply any or all of the information required or any of the information is false and the purchaser is in a worse position because of this, then the purchaser can end the Contract at any time before settlement. In addition, criminal penalties may be imposed on a vendor who knowingly or recklessly does this.
If you are looking for a Melbourne-based conveyancer, you can contact Glenferrie Conveyancing at Northcote on 03 9815 2351 for more information.