Section 32 requires the vendor to disclose a defined list of matters in a statement signed by the vendor or the vendor's agent under section 30 and given to the buyer before the buyer signs. There is no obligation to include a copy in the contract, but the practice of doing so continues to avoid any dispute about whether the buyer received it, and a statement included in the contract would likely excuse a failure to give a separate statement under section 32K.
The statement covers financial matters under section 32A, being any mortgage not to be discharged, any statutory charge such as a land tax charge, and details or a summary of outgoings, which can include an outgoing arising only because of the transfer such as special land tax, and may extend to GST payable by the buyer under a GST clause because section 32 is read widely as consumer protection. It also covers insurance where relevant under section 32B, restrictions including easements, covenants and planning under section 32C, notices under section 32D, building permits for a residence in the recent statutory period under section 32E, an owners corporation certificate under section 32F, growth areas infrastructure contribution under section 32G, services not connected under section 32H, and evidence of title under section 32I. The vendor must also state whether the land is tax reform scheme land under the Commercial and Industrial Property Tax Reform Act 2024 and specify the property classification code.
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A statement that is incomplete or inaccurate can give the buyer a right to end the contract under section 32K, so the content matters more than the format. It is an offence under section 32L to supply false information or to fail to supply required information, and any attempt to contract out of disclosure is void under section 32N.
Law referenced: Sale of Land Act 1962 ss 30, 32, 32A to 32N; Commercial and Industrial Property Tax Reform Act 2024.