New changes to the Sale of Land Act1962 (Vic) came into effect on 1 October 2014. Some of the changes that will affect the sale of property include:
Vendors need only disclose mortgages that will pass to the purchaser;
An owners corporation certificate does not need to be ordered if the owner of the property can provide all the details required by the Owners Corporation Act;
No disclosure requirement is required for services that are connected, but there must be disclosure if they are not connected;
A due diligence checklist (which is available on the Consumer Affairs Victoria website) must be given by the real estate agent or the lawyer (if there is no agent) of the vendor to potential buyers, but failure to not do it will not entitle the purchaser to rescind the contract of sale.
If you need your section 32 statements updated for properties listed for sale before 1 October 2014 but yet to be sold, please contact Amy Nhan (Lawyer) at amyn@lewisholdway.com.au or on (03) 9629 9629.
