Section 32 Statements – Avoiding Costly Errors

A Section 32 Vendor Statement is often treated as a standard part of a property transaction but getting it wrong can have significant consequences for both the vendor and the practitioner. A missing document, incorrect disclosure or overlooked issue can leave a vendor exposed, create problems for the purchaser and, in some circumstances, lead to rescission, compensation claims or professional negligence concerns. This practical seminar will focus on the issues that arise in property transactions and the practical steps practitioners can take to identify and manage risk.  

This seminar will discuss:  

• The consequences of failing to provide a Section 32 Vendor Statement. 
• Common issues that can make a Section 32 Vendor Statement defective. 
• Why obtaining current certificates and supporting documents is good practice and how this can help reduce risk. 
• Practical steps practitioners can take to minimise the risk of errors, omissions and defective disclosure. 
• How lawyers should advise vendors about their disclosure obligations under section 32 of the Sale of Land Act 1962 (Vic). 
• What practitioners should look for when reviewing a Section 32 Vendor Statement, particularly where there may be defects or omissions. 
• What constitutes a material fact and the potential ramifications of failing to disclose one.