In Victoria, the Section 32 statement is one of the documents buyers should take seriously before signing a contract. It is often called the vendor statement because it is prepared for the seller and given to prospective buyers. Its purpose is to disclose important information about the property before a buyer commits.

The name comes from section 32 of the Sale of Land Act 1962. While the phrase can sound technical, the idea is simple: a buyer should not have to make a major property decision without being told key facts about the land, title and obligations attached to it.

A Section 32 statement may include information about the title, mortgages, covenants, easements, zoning, planning controls, outgoings such as council rates, services, notices and other matters that may affect the property. For apartments, townhouses or units in an owners corporation, additional owners corporation information can be especially important.

For sellers, the Section 32 should be prepared early. Waiting until the campaign is underway can slow down interested buyers, particularly before auction. If a buyer wants legal advice before bidding or making an offer, delays in documentation can weaken momentum.

Accuracy matters. A Section 32 is not a marketing brochure. It is a legal disclosure document, and incomplete or inaccurate information can create serious problems. Sellers should work with a qualified conveyancer or solicitor and make sure the details reflect the property as it is being sold.

For buyers, the Section 32 should not be skimmed five minutes before signing. It is worth having a conveyancer or solicitor review it, especially if the property has an owners corporation, unusual title details, overlays, building works or anything the buyer does not understand. The cost of advice can be small compared with the risk of discovering an issue too late.

A Section 32 will not answer every question. It may not tell a buyer whether the roof is sound, whether the floorplan suits their life or whether they are paying the right price. It should be read alongside inspections, comparable sales and finance advice.

The best way to think about the Section 32 is as a confidence document. For sellers, it helps serious buyers proceed. For buyers, it helps identify questions before signing. In both cases, clear paperwork supports a smoother transaction.