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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:
- How much it costs to own the property, i.e. rates, taxes, owners corporation fees or other similar outgoings.
- If the vendor has done building work on a residence as an owner-builder, particulars of the required insurance if the total cost of the building work exceeds $12,000.
- Description of any easement, covenant or similar restriction on land use. Disclosure if the land is in a bushfire prone area. Details of the planning scheme.
- Details of any notice, order, declaration, report or recommendation of a public authority or government department or any approved proposal directly and currently affecting the land.
- Particulars of any building permit issued in the last 7 years for building work on a residence.
- If the property is affected by an Owners Corporation that is not inactive, then either a current Owners Corporation certificate must be provided, or the vendor must separately disclose the information that must be provided in such a certificate.
- If applicable, Growth Area Infrastructure Contribution (GAIC) details must be disclosed.
- If any of electricity, gas, water, sewerage or telephone is not connected, this must be disclosed.
- A Register Search Statement showing the vendor’s right to sell, and a copy of the plan.
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.