Folks
Over the weekend I lost out on a property because I wasn’t prepared to make an offer that I hadn’t seen (not the problem) but the agent didn’t have a section 32 yet, it was a very good deal and I am kicking myself, but, I am wondering how many people will buy without viewing a section 32.
Cheers
leigh K[
]Read, learn, grow but most of all just do it.
Hi Enjo,
Hope things are going well with your wrap.[
]That’s bad luck about missing out.[
] It is very hard to make decisions in that much of a hurry.A purchaser cannot sign a contract without having a current S32, so I guess an offer is just that, an offer, not a sale.
Dont worry, the next one will be better!!!!![
][]Talk to you soon,
Del
** To be successful you need to have a dozen balls in the air at a time, because inevitably 5 or 6 or them fall to the ground!!
Hi Leigh me again,
The more that I think about it, it may be worth ringing the agent again, and asking “has the contract of sale been signed by the vendor yet??”. If the S32 is still not available for some reason, you might still be in with a chance.
The other purchaser could have just said verbally “they will buy it”, which isn’t legal, or they may have paid a holding deposit, but it all means nothing if they haven’t had a contract of sale signed by the vendor.
Just a thought,[
]
DelHi Leigh
Not sure where you’re located, but in Victoria an agent is not allowed to accept an offer prior to the S32 being ready. You are supposed to sign a particular page of the S32 as part of your offer.
Having said that, what agents are supposed to do and what actually happens aren’t always the same thing!
Personally, I always like to sight a S32, because you just never know what surprises might be lurking in there…
Having said that, I suppose you can always make a verbal offer subject to seeing it, but really that doesn’t give you any certainty at all.
And remember, the deal of a lifetime comes around once a week….Keep smiling
FelicityHi Del
Just waiting to hear from the tenant about the wrap. We are renovating the bathroom at home this weekend otherwise we’d come for a visit, so it will probably be at the seminar now.
Hi Flic
Thanks for your comments that was my thought also, I was very surprised when the agent told me the s32 wasn’t availabe still but it had been sold. I do feel better looking at the s32 because I have recent viewed one with a caveat for money attached. It makes me feel better that others think that way also.
And yes the deals are there to be had regularly[
]Cheers
Leigh K[]Read, learn, grow but most of all just do it.
Hi,
Could someone please explain the Section 32?
Thanks.
I am very new at this and would also love to know what a section 32 is.
I got this from Moores Legal website (www.mooreslegal.com.au)
What is a Vendors Statement?Before a Contract is signed for the sale of real estate a Vendor must provide to a Purchaser a Vendors Statement as required by Section 32 of Sale of Land Act. Vendors Statements are also known as Section 32 Statements.
The Vendors Statement gives specific information about the property to a prospective Purchaser. Such information includes the zoning of the property, the current rates and outgoings, the measurements of the land and whether there are any restrictions on the use of the property.
What if the Vendors Statement is not valid?
When selling a property it is important that all required information be included in the Vendors Statement. We recommend relevant information be obtained directly from the various rating and planning authorities.
Vendors should be aware that there are risks in providing a short form Vendors Statement that does not include all relevant information. If the information contained in the Vendors Statement is incorrect or incomplete a Purchaser may be able to withdraw from the Contract of Sale.
Buyers should seek advice on the Vendors Statement before signing a Contract of Sale. A Lawyer will be able to identify any issues of concern relating to the property before a Contract is signed.
Cheers
Stu
Property & Finance News
at http://www.prosolution.com.auHi Leigh
No Section 32 is a common problem for us Victorian property investors. If the deal is good I get around it by telling the Agent that I am prepared to make an offer of $? subject to viewing S32. Have even offered to pay a $100 holding deposit so the Agent won’t sell or take offers from anyone else. If the S32 is not up to scratch then you can get your money back and walk away. But if it is okay then you don’t miss out on a great deal.
Cheers
NessieHi Leigh
No Section 32 is a common problem for us Victorian property investors. If the deal is good I get around it by telling the Agent that I am prepared to make an offer of $? subject to viewing S32. Have even offered to pay a $100 holding deposit so the Agent won’t sell or take offers from anyone else. If the S32 is not up to scratch then you can get your money back and walk away. But if it is okay then you don’t miss out on a great deal.
Cheers
Nessieyeah i’ve bought a house with out viewing the S32 and like everyone has said.. its only an offer and not a legal sale or anything as i found out.. almost lost the property to a higher offer.. thankfully everything turned out fine and when the S32 was ready i signed and now i have a +ve cash flow property!
Thanks Stu.
I assume that the Section 32 is one of the searches carried out by your solicitor?
Hi Folks
Interesting update, I was speaking to another agent today same story different property and he explained that they (the agents in the country) are educating the vendors and vendors solicitors about getting the s32 ready sooner. The reason that it is usually unavailable is because traditionally property in the country areas would take so long to sell that the s32 would go out of date and hence a new one was required. So they didn’t prepare them until the house was sold.
So there you go.
Thanks for your help on this one.
Cheers
Leigh KRead, learn, grow but most of all just do it.
Hi Leigh,
Why not buy the property subject to “the completion of a Section 32 to the purchaser’s satisfaction.”?
On another matter… do I need to contact you about anything? I have so many e-mails at present I’m a little lost. If you’re waiting on me for anything please send again.
Warm regards,
Steve McKnight
**********
Remember that success comes from doing things differently.
**********Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
This maybe a silly question but does the “Section 32” only apply to Victoria?
What is the equivalent for the other states / territories?
Steve
I did put in an offer subject to satisfactory s32 amoungst others on your template and the agent was happy do submit it, just negotiating the dollars game now.
BTW, no I am not waiting on any info from you, all is going well, I spoke with the tenant last night actually and they have been doing their homework seeing a solicitor etc. and look set to be a wrap! Thanks for your help.
Cheers
Leigh K[]Read, learn, grow but most of all just do it.
Section 32 are very important when purchasing a property. It gives you statements from the council giving any clauses against the property, if there are easements on the property which cannot be built over & rate notices. Water Rate & Encumbrance certificates, Rates advised water usuage and what need to be paid out in settlement, Encumbrance certificate advised the purchaser if there any concerns with the property or indemnities. For example no reflux valve was put in, meaning any blockages in the street sewerage will come up through there property internally, toilet, sinks etc. the owners have had plumbing work done but was never completed, a plan to show if the owners have buit over any easements where a copy of the consent will be given, or not if no consent was given, you will also be advise of flooding in the area and if the property is on mains water or truck service. As I’ve worked with the Water industry, actually running the area that produced these certificates, I have had people crying on the phone because they didn’t know that the property didn’t have a reflux valve, and there house is destroyed with sewerage, I actually saw a photo of a old character home that had been restored and renovated to the dismay of the owner who went away and came back to a semi dried brown sewerage floor, her furniture, bedding cupboard were all destroyed. She did state that her solicitor didn’t get a certificate, the only thing we could advise her to do is contact her solicitor and find out why he didn’t get a certificate and get a reflux valve put in by contacting your plumber. What I’m trying to say is that the small cost of getting a section 32 is basically a saviour of heatbreak & headaches that can occur in the future.. Be safe not sorry!!! The real estate not going to tell you the major prolems the house or unit has, the legal documents will!!1
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