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When you are selling your property, you will need to understand your obligations to disclose sufficient information to your buyers, so that they are kept informed. If you do not fulfil your disclosure obligations, then you will be giving your buyers an opportunity to walk away from the contract even after they have signed it. Your disclosure obligations are largely written down in section 32 of the Sale of Land Act, which is why your vendor’s statement is also known as a “section 32”.
This document is drafted for you by your conveyancing lawyers. It is important that you answer all of their questions as fully as you can remember as a reasonable person so that the document can be properly drafted. If you have any concerns about whether you should disclose a certain fact about the property, you should discuss it with your conveyancing lawyer, but it is always recommended that you err on the side of caution and make the required disclosure. However, you should always consider this in context of your commercial realities. You may want to speak with both your conveyancing lawyers and your real estate agents to find a happy medium between the two advisers.
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