New and refreshed Practical Law resources on vendor disclosure in conveyancing transactions
Content updates
The conveyancing legislation in most states and territories in Australia modifies the caveat emptor (or buyer beware) rule by requiring a vendor (or seller) of real property to disclose information about the property to the purchaser (or buyer) by:
- Including the information in a prescribed statement.
- Attaching specified documents to the contract for sale of land.
- A combination of the above.
However, the scope and extent of disclosures to be provided by a vendor to a purchaser can differ significantly between each jurisdiction.
To assist parties to understand their rights and obligations as part of the sale of different classes of real property across Australia, Practical Law has refreshed and substantially expanded its resources within the Contracts and transfers topic on vendor disclosure in conveyancing transactions. This includes 13 new resources (being a mixture of practice notes, checklists and standard form disclosure documents) such as:
- Practice note, Disclosure requirements in conveyancing transactions in Australia. This note note provides an overview of the statutory disclosure obligations for the sale of real property in each Australian jurisdiction (with links to certain jurisdiction-specific practice notes with more in-depth information), including commercial property, residential property, property sold under an off-the-plan contract and options to purchase commercial or residential property.
- Standard document, Vendor statement under section 32 of the Sale of Land Act 1962 (Vic). This is a form of disclosure statement to be provided by a vendor to a purchaser before entering into a contract for sale of land in Victoria, with detailed drafting notes to assist with a vendor's preparation of the statement.
- Toolkit, Preparing and drafting a contract for sale of land. This toolkit is a guide to Practical Law's resources to assist users through the key steps to prepare and draft a contract for sale of land.