Section 32 - minimum time to make avail prior auction?

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tommyben
Member
@tommyben
Join Date: 2007
Post Count: 3
August 9, 2011 - 3:27 am
Hi I was wondering what is the minimum time a section 32/contract must be made available prior to auction? Is it perfectly legal if it's 1 day prior to auction?
I'm interested in a property which is going to auction on Saturday and I've been hassling the agent for 4 weeks now and it still hasn't been made available.
Ashley C
Participant
@ashley-c
Join Date: 2011
Post Count: 36
August 9, 2011 - 4:03 am
Hi,
My understanding is that the Section 32 just needs to be available prior to the commencement of the auction.
The most likely explanations are:
– The vendor hasn't managed to get the contracts and section 32 completed by their lawyer yet; or
– The agent thinks that withholding the section 32 is good strategy.
I suggest that you talk to the agent and ask them why it's not available and when it will be.
It's never a good idea to make bid at auction without having had an opportunity to properly review the contracts and section 32.
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
August 9, 2011 - 4:43 am
I think a property cannot be marketed without a contract of sale and the s32 forms part of the contract.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Ashley C
Participant
@ashley-c
Join Date: 2011
Post Count: 36
August 9, 2011 - 4:53 am
This has got me interested………
I found the following in the Victorian Sale of Land Act.
http://www.austlii.edu.au/au/legis/vic/consol_act/sola1962100/s32.html
It seems to just state that the Section 32 statement must be provided before the purchaser signs the contract. This being the case, to provide the Section 32 on auction day does not appear to be a problem.
Mick C
Participant
@shape
Join Date: 2010
Post Count: 1,099
August 9, 2011 - 5:05 am
From my understanding the property can be marketed …but can’t be sold/auctioned without the section 32.
I seen plenty of sale contract without the section 32 ( most out of date) on the market….just couldn’t sign the contract.
Regards
Michael
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Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
August 9, 2011 - 5:07 am
Shape wrote:
From my understanding the property can be marketed …but can't be sold/auctioned without the section 32. I seen plenty of sale contract without the section 32 ( most out of date) on the market….just couldn't sign the contract. Regards Michael
That's probably right. You might need a contract market, but even if you had an incomplete one it should be still possible
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au