Consumer Action’s submission to Consumer Affairs Victoria’s review of section 32 of the Sale of Land Act makes the following general points:
- we support efforts to reduce regulatory burden, but cutting red tape is not an end in itself. Government should avoid removing regulation unless there is a clear argument that it is not creating the benefit it was intended to create;
- we argue that prospective purchasers should be able to review the vendors statement as early as possible and, preferably, it should be made available at any time a property is marketed for sale
- the Sale of Land Act should continue to require section 32 statements to disclose any information which a purchaser needs to know to make an informed decision but would be costly or difficult for the purchaser to find themselves. Removing these requirements would not reduce burden but simply shift it from vendor to purchaser; and
- generic warnings (that is, warnings which must be included on all section 32 statements regardless of whether they are relevant to the land being sold) will rarely be useful. Warning statements should be targeted only to relevant statements, contain enough information for purchasers to understand implications and give some guidance on where purchasers can find out more information.
To read our submission, click here: Consumer Affairs Victoria’s review of section 32 of the Sale of Land Act.