Section 32 - what the heck is it? (part 3) | Home I Own, Aussie Real Estate Blog

This is part 3 (the last one) of Section 32 in plain English for simple folks. You can read Part 1 here and Part 2 here.

Building permit

All the building permits for the house issued 7 years back from the date of contract should be listed here. Also if the house was built by owner builder in the same period of time - a relevant permit should be attached.

Why is that of interest to you? Because, for example, if you see a new pergola or a carport (I mean, if it clearly looks fresh), look for a permit, if there isn’t any - it might become your problem when you purchase the house and city council inspectors appear on your doorstep asking who approved the pergola or the carport.

Another issue to pay attention to - if the vendor had only owned the house for 3 years, they can’t be saying that in the past 7 years there weren’t any building works done.

Insurances

Pretty self-explanatory - details of the policy of insurance of vendor’s in regard to damage/destruction of the house.

Term Sales

Here go all the details of how you pay the vendor before you get the right to transfer the title in your name. Meaning: how many payments, total price, deposit, interest of you submit the payment late, etc.

Mortgages

Any mortgages on the house/ the land, the amounts, interest and principal payable, etc.

If Section 32 still looks scary to you, read this:

It will take all your patience to read through your first Section 32, because interesting reading is one thing it is not. The second Section 32 will take you half the time, and then it will become easier and easier because if you are familiar with the format and know what you’re looking for - it’s just a matter of scanning for the information you need.

Calculators

Resources

Section 32 - what the heck is it? (part 3)