Each state has legislation governing documentation / information which vendors must provide at or prior to execution of the Contract of Sale. Your legal adviser will ensure that all statutory requirements are met.


For example:

In Victoria, a Vendor's Statement must be supplied to the buyer prior to execution of the Contract of Sale. The Vendor's Statement contains essential information about the status of a property. These documents are prepared by your legal adviser.

 

The Vendor Statement includes:

  • Information about planning, developments or restrictions.
  • A copy of the title showing existing easements or covenants and boundary measurements of the land.
  • Details of any mortgage over the property.
  • Details of any outgoings such as rates, body corporate fees, or any other charges that may apply.
  • Details of any permits issued for work carried out.
  • Any outstanding notices affecting the property

 

Both the seller and buyer must sign the Vendor's Statement before the contract is signed. Your legal adviser will assist you with this.

 

If the property is to be sold at auction, a copy of the Vendor's Statement and the Contract of Sale must be available for inspection prior to the auction.

If the Vendor's Statement contains incorrect or insufficient information, a buyer should discuss the implications with their legal adviser.