Attention vendors: is your sale on shaky ground?

Are you aware of the recent changes within the Sale of Land Amendment Act 2014?

Are you aware of the recent changes within the Sale of Land Amendment Act 2014? If not, your sales documentation may not be compliant – and your campaign could be on shaky ground.

From 1 October 2014, all vendors or estate agents must prepare and provide a Due Diligence Checklist to prospective purchasers. You now also need to include a link to this Consumer Affairs Victoria webpage on any website promoting your property.

This checklist is designed to inform prospective purchasers of issues that may affect your property – and of any restrictions or obligations that may affect the purchaser. In other words, you’re now legally obliged to provide greater transparency than ever before.

That’s why you need to contact Steven or Simon before progressing any further with your sale. We’ll ensure your interests are protected – and help you avoid making costly mistakes.

If you already have a property on the market or you are putting it back on the market, you need to know that:

  • If you prepared and signed a Section 32 before 1 October 2014, you can continue using the old form. You can amend or update the statement using the old form, although amendments should be dated and initialled by you as the vendor.
  • If your property was withdrawn from sale after 1 October 2014 and then put back on the market since, you will need to prepare a new Section 32.

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