A Section 32 in Victoria is valid until any information within it becomes inaccurate. If the details about the property change, such as new encumbrances or updated council information, the Section 32 must be updated. There is no set expiry date, but accuracy at the time of sale is required.
Is There an Official Expiration Date for a Section 32 Vendor Statement in Victoria?
There is no official expiration date for a Section 32 Vendor Statement in Victoria. It remains valid as long as the information is accurate. If property details change, such as zoning, building permits, or encumbrances, the statement must be updated before sale to comply with legal requirements.
What Factors Can Affect the Validity of a Section 32 Statement?
Several factors can affect the validity of a Section 32 statement in Victoria. Changes in property details, such as zoning, council rates, planning permits, encumbrances, or outstanding notices, require updates. Providing false, incomplete, or outdated information can render the statement invalid and jeopardise the property sale.
What Are the Risks of Providing an Outdated or Inaccurate Section 32 Statement?
Providing an outdated or inaccurate Section 32 statement in Victoria can risk contract cancellation, financial penalties, or legal disputes. Buyers may withdraw from the sale if critical information is missing or false. Sellers could face compensation claims if inaccuracies lead to financial losses for the buyer after settlement.
You can let us take the stress out of your property transaction. Call (03) 9967 2659 or email info@tnslawyers.com.au to speak with our conveyancing experts.