It is generally advisable to engage a property lawyer or conveyancer to review the contract of sale & section 32 vendor’s statement before purchasing property.
A lawyer can help ensure that the terms of the contract of sale & section 32 vendor’s statement are fair and that there are no hidden issues with the property that could cause problems later on. Additionally, a lawyer can explain any legal jargon or complex terms in the documents and provide advice on how to proceed with the purchase.
What tasks can a property lawyer assist with when purchasing property?
A lawyer can assist with a variety of tasks related to purchasing property, including but not limited to:
- Reviewing and negotiating the terms of the contract of sale, including the purchase price and any contingencies.
- Reviewing the section 32 statement, which contains important information about the property, such as any known defects or encumbrances.
- Conducting due diligence on the property, such as researching zoning regulations and checking for any outstanding liens.
- Assisting with the transfer of the property title and handling the registration of the sale with the relevant authorities.
- Advising on any legal issues that may arise during the purchase process, such as disputes with the seller or issues with the financing.
- Reviewing and drafting any legal documents necessary for the transaction, such as mortgage documents.
- Representing you in court in case of any legal disputes that may arise after the purchase.
It’s also worth noting that a lawyer can also provide legal guidance and advice on different type of transactions such as renting, leasing, selling, etc.
Can a property lawyer also assist in drafting special conditions to the contract of sale & section 32 vendor’s statement?
Yes, a lawyer can assist in drafting special conditions to the contract of sale & section 32 vendor’s statement. Special conditions are additional terms and agreements that are specific to the property and the buyer’s needs. For example, a special condition may state that certain repairs must be made to the property before the sale is final or that the sale is contingent upon the buyer obtaining financing.
A lawyer can help you draft special conditions to the contract of sale & section 32 vendor’s statement that are legally enforceable and protect your interests. They can also review any special conditions proposed by the seller to ensure they are reasonable and acceptable for you.
It’s important to note that special conditions are a way to make the contract more specific to the needs of both parties, and a lawyer can help you to make sure that those conditions are reasonable and legally enforceable. If the special conditions are not reasonable or legally enforceable they can’t be used in the contract and can’t be enforced by the court.
What should a property lawyer look out for when reviewing the section 32 vendor’s statement?
A lawyer should look for a variety of things when reviewing a section 32 statement, which is also known as a vendor’s statement or a statement of disclosure.
The purpose of the statement is to provide potential buyers with important information about the property, such as any known defects or encumbrances. A lawyer should review the statement to ensure that it is complete and accurate. Below are some of the key things that a lawyer should look out for in a section 32 statement:
- Title and zoning issues: The lawyer should check that the property has a clear title and that it is zoned appropriately for the intended use. You can use Land Data to conduct the relevant searches
- Building and structural issues: The statement should disclose any known defects or issues with the property’s structure or building, such as termite damage or a leaky roof.
- Encumbrances: The statement should disclose any outstanding mortgages, liens or other encumbrances on the property that may affect the buyer’s ability to obtain financing or transfer the title.
- Environmental hazards: The statement should disclose any known environmental hazards, such as asbestos or lead-based paint, that could affect the property’s value or the buyer’s ability to use the property.
- Planning and building permits: The statement should disclose any outstanding permits, approvals or planning issues that may affect the buyer’s ability to use the property for its intended purpose.
- Body Corporate information: If the property is part of a body corporate, the statement should disclose the rules and regulations of the body corporate, any outstanding levies, and any disputes.
- Warranty and Insurance: The statement should include any warranties or insurance that the vendor has on the property.
A lawyer can advise on any legal issues that may arise from the content of the contract of sale & section 32 vendor’s statement and inform the buyer if there are any issues with the statement that would make them consider not to proceed with the purchase.
Contact our experienced property lawyers to discuss your spousal property transfer. We will prepare the legal documents, while liaising with your financier to ensure that this is a stress free transaction for you.
Obtaining the right advice is crucial, as spousal property transfers can be technical and if not lodged correctly can become a very expensive process.
Need assistance with your contract of sale & section 32 vendor’s statement review? Contact our team on (03) 8590 8370 to obtain legal advice from our expert property lawyers and conveyancers. We can assist you with the review of contract of sale & section 32 vendor’s statement.
This update does not constitute legal advice and should not be relied upon as such. It is intended only to provide a summary and general overview on matters of interest and it is not intended to be comprehensive. You should seek legal or other professional advice before acting or relying on any of the content.