{"id":14376,"date":"2017-10-26T01:00:19","date_gmt":"2017-10-25T14:00:19","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=14376"},"modified":"2017-10-26T01:00:19","modified_gmt":"2017-10-25T14:00:19","slug":"these-common-section-32-mistakes-can-cost-you-dearly","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/these-common-section-32-mistakes-can-cost-you-dearly\/","title":{"rendered":"These common section 32 mistakes can cost you dearly"},"content":{"rendered":"

When selling a home or an investment property, there are a number of expenses that you have to pay, such as marketing costs and commission.
\nSo with a number of costs that you have no choice but to pay, why would you risk outlaying more than you need to?
\nUnfortunately, that is the situation for some sellers who, for some reason known only to them, fail to abide with legislation in Victoria.
\nA\u00a0Section 32, or vendor\u2019s statement<\/a>, is a legal document in Victoria that requires certain legislated information to be disclosed to potential buyers.
\nIf a seller does not disclose the required information it could end up costing them dearly. Let\u2019s take a look, then, at some common Section 32 mistakes and the potential costs involved.<\/p>\n

<\/h3>\n

Failing to disclose all of the necessary info in your vendor\u2019s statement<\/h3>\n

Given its legal importance, a Section 32 should always be prepared by a legal practitioner to ensure that it adheres to the relative legislation.
\nInformation that must be disclosed in a Section 32\u00a0includes any mortgages on the property, the existence of any covenants and easements, council zoning, outgoings such as rates or body corporate fees, as well as any other declarations such as whether the property is located within a bushfire-prone area.
\nA Section 32 must be provided to prospective buyers before any contract of sale is signed.
\nFailure to disclose all the necessary information in the vendor statement can not only give a buyer grounds to walk away from the deal \u2013 it is also a criminal offence.
\nIn addition, failure to comply with some of the rules can attract huge monetary penalties.
\nWho would risk such an outcome by not disclosing all the necessary information?<\/p>\n

<\/h3>\n

Not reading through every detail in the Section 32 form<\/h3>\n

\"sectionAnother common mistake that vendors make with the\u00a0Section 32 form\u00a0is not reading through it in detail.
\nYou may be thinking that it is your lawyer\u2019s responsibility, right?
\nOf course, your legal representative will professionally prepare and review the document, but a Section 32 is only as good as the information that you as the seller are prepared to disclose to them.
\nBy reading through the details of the Section 32 form<\/a>, you can double-check that the information included is correct. It is a seller\u2019s form of\u00a0due diligence.
\nYour legal representative, for example, will check details such as who is legally entitled to sell the property. That is, whose name is listed on the property\u2019s title. If the property is jointly owned, then both party\u2019s names need to be listed and both will need to sign the Section 32 form. Otherwise, it is invalid \u2013 unless a Power of Attorney or similar is in play.
\nYour legal representatives will also identify that what is being sold measures up with the relevant Certificate of Title. The Section 32 form should mirror the property details on the title, including the lot particulars.<\/p>\n

<\/h3>\n

Failing to obtain the best legal and financial advice in advance<\/h3>\n

Too many home buyers and sellers don\u2019t think about obtaining the best legal and financial advice until the last minute.
\nThen they\u2019re left scrambling to find someone to assist them when time is fast running out to close the deal.
\nOne of the other most common mistakes with a Section 32 form is not seeking the right legal and financial advice in advance.
\nWhen you think about it, it makes sense to get all your property ducks in a row\u00a0before\u00a0<\/em>you need them \u2013 and that includes professional legal and financial advice.<\/p>\n","protected":false},"excerpt":{"rendered":"

When selling a home or an investment property, there are a number of expenses that you have to pay, such as marketing costs and commission. 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