Buying

Section 32 Vendors Statement; what is it?

When buying a property the agent will give you a Section 32 Vendor Statement. The best description of a Section 32 Vendors Statement is a Road Worthy Report for the property. The Section 32 Vendors Statement is a document that declares to a potential purchaser the story of the property. It details information such as the property's Title description, zoning details, local council, utility companies, rates, building permits, notices and much more.

A Section 32 Vendor Statement can be a bit daunting to most people. If you are not sure of what is contained in the Section 32 Vendor Statement you have been given, let Goodman Group review it for you. Goodman Group does this at no charge to our client's. No matter how many properties you look at, we are more than happy to review a Section 32 Vendor Statement for you. How? Just contact us and speak to one of our friendly staff members on 1300 134 072.

Before signing any contract the old rule of "BUYER BEWARE" can not be stressed enough. Be sure you have checked everything out with your future property. Some of these checks include:

Get a building inspection subject to YOUR satisfaction. Not to a major structural defect.
Make sure all the appliances are working and all the fixtures and fittings are in good shape. It is a good idea to write these down.
Measure the properties boundaries as per the planning diagram attached to the Section 32 Vendor Statement.
Make sure the property complies with all the local building regulations.
Arrange for a pest inspection; termites are hard to find.

If in doubt, contact us and we can point you in the right direction BEFORE you sign a contract.

Contract note & Contract of Sale

Once you are ready to give your offer you generally do this via a Contract Note or Contract of Sale. You communicate your terms of your offer to the Vendor and if they accept them you pay a deposit and this document is now generally the final contract for the purchase of your new property.

What's next?

If you haven't contacted Goodman Group yet, now is the time to do so. We will request a copy of the Contract and Section 32 Vendor Statement from the agent (you keep your copy). Once we have these documents we will review them and start working on your file immediately. Our first letter will be prepared and sent to you detailing what will happen leading up to settlement day and what we need you to do. You should always remember that Goodman Group is only phone call away, so if you have any questions please call us on 1300 134 072.

Searches

Goodman Group will conduct the necessary searches involved with your transaction. Should anything be out of the ordinary we will advise you immediately.

Adjustments

Adjustments are the final financial statement of the property transaction. This will show the purchase price, deposit paid, pro-rata adjustment of rates such as council, water, body corporate charges and if applicable rent. Goodman Group will serve these onto the Vendor's Conveyancer or Solicitor prior to settlement and we will confirm all these details with you. Once we confirm all is correct we will liaise with your lender (if applicable) and once we have been given cheque details we will advise you ASAP.

Money for settlement

If you are required to provide money for settlement we will advise you of the cheque payee and amounts in due course. Generally this will be approximately 2-5 days prior to settlement. Ensure you have your money available by this time and you can draw Bank Cheques as we request them. It won't be any good if your money is tied up in shares, term deposits or tucked under your bed for a property settlement. If you have an issue closer to settlement and won't be in a position to get bank cheques prior to settlement, relax. You can park your funds in our trust account. Once settlement is close we will arrange for the cheques to drawn and you can relax.

Before Settlement

Goodman Group always advises clients to conduct a final inspection 2-3 days prior to settlement. This allows you to ensure that everything is OK with the property as you expected when your bought it. If not call Goodman Group immediately on 1300 134 072.

Settlement

Goodman Group attends to settlement on your behalf, you are not required to attend. Settlement is where all stakeholders (or the representatives) attend to exchange documents and money. Once the transaction is complete we will call you to advise you of the good news. If you are moving into your new property you can then go to the real estate agents office to collect the keys or if you are taking over the tenancy welcome to the role of being a landlord or if you bought a block of land, celebrate with a drink and pitch a tent!

After Settlement

Goodman Group will inform council and the water company that you are the new property owners. We also prepare our final summary of the transaction to complete your matter.