From 1 October 2014, vendors of land in Victoria must comply
with new requirements for vendor's statements – and
failing to supply all of the information required may result in the
purchaser being able to end the sale contract.
Vendors may also need to ensure they respond to two other
changes to the Sale of Land Act 1962 (Vic) and to the Estate Agents
(Contracts) Regulations 2008 (Vic): new due diligence checklists,
and prescribed general conditions for use in contracts of sale of
land.
New requirements for vendor's statements in
Victoria: administrative
Some of the amendments are intended to ease the administrative
burden on vendors of land.
For example, a vendor is only required to provide a vendor's
statement to the purchaser before the purchaser signs a contract
for the sale of land. Previously, a vendor was also required to
include a vendor's statement in the sale contract.
