What document must be provided to a purchaser under the Sale of Land Act 1962 (Vic) when selling residential property off-the-plan?
Correct Answer
B) A Section 32 statement with the proposed plan of subdivision
In Victoria, a vendor selling off the plan must give the buyer the Section 32 vendor's statement before the contract is signed and, where the lot is on a plan of subdivision that is not yet registered, a copy of the proposed plan of subdivision. The Sale of Land Act 1962 also regulates off-the-plan deposits and sunset clauses. The term 'disclosure statement' is NSW off-the-plan terminology.
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