What to look for in a section 32 / Vendor Statement

[Slade]

Just wondering, when you have interest in a property and you receive the Section 32.. what is it you need to be aware of, or look out for prior to putting in an offer?

[JamesGG]

Hiya,

It's important to note that at no point do you ever get to sign anything stating that you understand the s32. The autograph that goes somewhere between page two and five is simply to acknowledge that you've received a copy before signing a contract.

So, if you sign the s32 and a contract, and discover something later on, there may not be a lot of recourse available to you.

Your legal people should point anything of much concern, ideally, before you sign anything. But, I guess some of the things that you might like to look out for could include:

- covenants
- easements
- registered mortgages
- utility connections
- restrictions on title
- council zoning
- anything that looks 'different' to what you might have otherwise expected

Cheers

James.

[iEntrep]

The format of s32s are quite different. It would be a lot easier if we could search for a word in the case of scanned pdfs.

I'd have to look up more on covenant.

Thanks James, go yes2, go houseofwealth!

[iEntrep]

Just searched covenant on wiki:

Title covenants

Title covenants serve as guarantees to the recipient of property, ensuring that the recipient receives what he or she bargained for. The English covenants of title, sometimes included in deeds to real property, are (1) that the grantor is lawfully seized (in fee simple) of the property, (2) that the grantor has the right to convey the property to the grantee, (3) that the property is conveyed without encumbrances (this covenant is frequently modified to allow for certain encumbrances), (4) that the grantor has done no act to encumber the property, (5) that the grantee shall have quiet possession (http://en.wikipedia.org/w/index.php?title=Quiet_possession&action=edit&redlink=1) of the property, and (6) that the grantor will execute such further assurances of the land as may be requisite (Nos. 3 and 4, which overlap significantly, are sometimes treated as one item).[5] (http://en.wikipedia.org/wiki/Covenants#cite_note-4) The English covenants may be described individually, or they may be incorporated by reference, as in a deed granting property "with general warranty and English covenants of title..."

Could a kind person put these points in slightly easier-to-understand format please?



Thanks in advance.

[iEntrep]

By the way, one website that might offer helpful and "official" information - Interactive Map - Land Channel (http://services.land.vic.gov.au/maps/interactive.jsp)

Especially factors such as heritage overlay, special building restrictions etc - it's much clearer on the above website.

Always backup with evidence, rather than always listening to the agent.

[The Y-man]

Could a kind person put these points in slightly easier-to-understand format please?



I think the whole point is "make sure the s32 is talking about the same thing you think you are paying for"

i.e. is the block of land actually what it says on the s32? You might think you are paying for X sqm of land, when according to a physical survey it might only be 80% of X etc.

The Y-man