What is a Section 32?
A Section 32 is a document provided by the seller of real estate (vendor) to an intending purchaser. It’s name comes from Section 32 of the Sale of Land Act, which requires a vendor to provide certain information to a purchaser BEFORE a contract of sale is signed.
How to get a Section 32 prepared.
When selling your home it’s important to have your Section 32 readily prepared by your legal representative before you go to market. The Section 32 will include all relevant information about the property being sold and provides details regarding financial matters, insurance, land use and notices made in respect of land just to name a few.
The more standard components of a Section 32 include copies of title, plan of subdivision and any required certificates or statements from relative authorities. Speak to your legal practitioner as soon as possible when listing your property so that any prospective buyers have access to the information.
Also, a purchaser cannot sign a contract to purchase the property unless a signed Section 32 has first been received.
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