Property
What your section 32 vendor statement actually tells you
Before you sign a contract to buy land in Victoria, the vendor must give you a section 32 statement. Here is what it discloses and what to look for.
14 July 2026 · 6 min read
Property
Buying at auction in Victoria: no cooling off, no second chance
CMK Legal2 June 20265 min read
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Buying at auction feels different from a private sale, and legally it is. The single most important thing to understand is that when you buy at auction in Victoria, you have no cooling off period. The moment the hammer falls you are in a binding, unconditional contract.
Where cooling off applies, and where it does not.
Section 31 of the Sale of Land Act 1962 (Vic) gives a buyer in a private sale a short cooling off period after signing. That right does not apply to a sale by public auction. It also does not apply where you buy within three clear business days before or after a publicly advertised auction. In other words, buying the property just before or just after the auction does not hand you a cooling off right through the back door.
What unconditional really means.
Because there is no cooling off, there is also no room to make the purchase subject to finance, to a building and pest inspection, or to the sale of your own home once you are bidding. If your loan later falls through, you are still bound by the contract, and you can lose your deposit and face further claims. The conditions have to be dealt with before the auction, not after.
How to prepare before you bid.
- 01Have the contract of sale and section 32 reviewed before auction day, so any easement, covenant or special condition is known in advance
- 02Confirm your finance is genuinely approved, not just pre approved, for the amount you may need
- 03Arrange building and pest inspections beforehand if you want them
- 04Have your deposit ready to pay on the day, usually immediately after the hammer falls
- 05Ask for any changes to the contract before the auction, because the seller can decline once bidding has started
The practical takeaway.
Auctions reward the buyer who has done the legal and financial work in advance. Treat the days before the auction as the deadline for every question you have about the property, so that on the day you are free to focus on the bidding and not on the fine print.
This article is general information only and not legal advice. For advice about your situation, please contact CMK Legal.
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