In Victoria you are legally required to provide a prospective buyer with a Vendor’s Statement (also known as a 'Section 52 Statement') if the goodwill, plant, equipment or fittings of the business are being sold for a total price of $350,000 or less. Failure to provide this statement or satisfactorily complete it will give the buyer the right to terminate the sale contract. You must give the purchaser or their representative a completed and signed copy of the statement before they either sign the contract or pay the deposit.
The sale of small businesses is regulated by provisions of the Estate Agents Act 1980 and the Estate Agents (General, Accounts and Audit) Regulations 1997.
Your accountant will make sure you have this document is available to prospective purchasers prior marketing the business.
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